It can be nerve-wracking and exciting to count down to retirement. Are you really ready? Are your finances in order? On this episode of Saving the American Dream, we’ll explain what you need in place to make the countdown more peaceful.

Getting healthy

Health and wealth are inseparable because if you have a lot of money but you have bad health, your health issues could rob your balance sheet down the line.

If you’re planning on living a long time, it’s really important to get healthy and stay healthy so that you can have as many quality years as you possibly can. The healthier you are, the less money that you’re going to have to pay toward healthcare expenses. You can then reroute that money to doing things that you enjoy

Planning your free time

What do you want to do with all your free time once you retire? Free time could mean more spending. Depending what you do with your free time is going to determine how much income that you’re going to need each year to fund your retirement.

Realistically, it could be a difference of an additional $30,000 you need each year for your retirement. You definitely need to do some planning around that.

If you’ve been working 40 hours a week for your whole career and don’t have a plan for your free time, you might drive your spouse nuts. Try to fill that free time with things that bring you joy and you feel passionate about.

On today’s show, we also share some mistakes people make in retirement, such as letting your emotions take control. To hear some common mistakes, listen to the full podcast or use the timestamps below to jump to a specific section.

Navigating the Show

[1:50] – Getting healthy

[4:00] – Free time

[5:54] – Work

[7:17] – Save more

[9:26] – Debt

[11:02] – Risk

[14:24] – Emotion

[17:26] – Taxes

[19:31] – Cash

[23:07] – Overthinking

[23:47] – Advice

“Health and wealth are inseparable, because if you have a lot of money but you have bad health, your health issues could rob your balance sheet down the line.”

– Michael Schulte