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The 5 Most Important Years Of Your Retirement

as a parent when you have your first child there's no shortage of people to remind you just how important the first five years are of your child's development unfortunately there's no similar Network there's no similar information source for us as we retire what are the most important five years of your retirement so I'm gonna hope to break that with today's video let's go for a walk and I'll I'll share my thoughts with you with you having been a fee only financial advisor for over 20 years now and I'll I'll cut right to the chase I think the most important years just like with your child are the first five years and I want to share that you know this is a big transition if you're thinking about retiring if you're getting close to retiring this is a big transition you think about like you know a long time ago maybe when you first left home whether you went to college or you developed a trade and you went off on your own to start quote unquote adulting the transition from high school to college where you put everything you own in a couple suitcases and you say goodbye to the the people that have been nurturing you for for your entire life that's a big big transition I'm sorry that background noise is a train you really can't see it but it's there okay so that's a big transition and the transition to retirement is every bit as big right I mean it's it's the whole world that you've known for a long long time and just like with a teenager uh or a young adult heading off to college your identity is about to change as well so you know the it's a big transition but it's important that you jump in with both feet it's important that you start off on the right track and you know one of the keys is is to understand what your goals are what your hope you know what you're going to stand for what you're hoping to do in retirement not that you have to have a to-do list but you know these are the things that are important to me as I retire and you can update them for instance for me um for me I I kind of when my day comes to retire I'm not retired yet but when my day comes to retire the things that I have thought about that are going to be important to me and are important to me now are number one relationships um you know when you work unfortunately you're not able to spend as much time with the people that you love and you care about so I'm hoping to spend more time with my adult children I'm hoping to spend more time with my wife and with with friends that mean a lot to me that unfortunately right now I'm not able to spend a lot of time with so I want to spend a fourth of my time on relationships I want to spend a fourth of my time on my health having your health is really key once you lose your health you know it's a retirement's gonna look very different for you so doing what I can to eat in a healthy way to work out regularly to keep my health is going to be important then I've always been a lifelong Learners so I want to continue to learn so a fourth of my time on relationships a fourth of my time on my health a fourth of my time just learning I just love learning and then a fourth of my time as a teacher and that's part of what this YouTube channel is is is giving back and and sharing with folks I'm fortunate what I've spent my life my life's work is something that uh brings value to a lot of folks it's not it feels like common sense to me because I've been doing it my whole adult life just like whatever you've been doing most of your adult life probably feels like common sense to you so it's important to jump in with both feet it's important not to be frugal you don't have a financial plan and know what your goals are and you know many regular viewers of my channel right we're good Savers um we're good at identifying what our goals are and saving towards those but I don't want you to be frugal and it's natural I'd say well over half of people you know whatever their budget is whatever their plan says that they can spend they end up you know still saving 25 or 30 percent of that and don't do that right it's it your whole life has been a balance between current you and future you and now this is your future your uh the future you so be sure to spend that money and enjoy it these are your healthiest most active years uh I also think it's uh it's it's good to have a financial plan if you don't have a plan boy it's really hard to know how much money you can spend and you know a lot of people are sacrificing unnecessarily you don't want to do that you don't have to do that so have a financial plan and have a plan a time plan um that I already talked about right think about how am I going to spend my time 24 hours a day is a lot of time right a significant part of our life has been spent at work okay other reasons why the first five years are super important there's some big decisions that need to be made in the first five years let's say you're 60 and um and you're retiring early a lot of viewers of my channel are hoping to do that or you're 62 or 63 you know there's some big decisions that need to be made between you know let's the first let's say 60 to 67 60 to 68 even above that but you know Medicare Medicare is not as easy as just raising your hand saying hey government you know I'm 65 years old now I'd like my medic I'd like my medicare right you have to decide do you want your uh traditional Medicare or do you want what's called Medicare Advantage which is a great marketing name uh traditional Medicare is provided by the government Medicare advantages is provided by a private company and you can change your mind on that but if you go with traditional Medicare uh it has a twenty dollar deductible for Medicare Part B and you can you can buy Medicare gap insurance and normally outside of a few exceptions you have to go through medical underwriting to be approved so if you have a pre-existing condition an insurance company can deny you the meta the Medigap insurance but when you first qualify for Medicare I am not a Medicare specialist but you have a six about a six month window where you don't have to go through the medical underwriting you get an exemption for that so that's a big decision also when you're going to start taking Med uh when you're going to start taking social security is a big decision so the first five years are important another reason is because you've got these big decisions that you have to make and then unfortunately this is just a reality that we all face in the first five years we Face what's called sequence of return risk it turns out that having negative returns having bad stock market returns in the early years of our retirement are have some of the biggest impact as to whether our financial plan is successful or not and none of us know what the first five years are going to be like but that's one of the reasons that the first five years is so important another thing that's important if you're interested in this topic is to watch this video up here that talks about five reasons to uh it talks about I'm sorry average income for retirees and this video down here that talks about five reasons to retire as soon as you can thanks for watching bye bye

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