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“Get Ready for Retirement” Top 5 Planning Tips for Those within 5 Year of Retiring”

Updated: Aug 9, 2023


By: George Jameson, CFP®, MBA

Retirement planning is a daunting task, especially for those who are within five years of retirement. With only five short years to go, it’s important to take the right steps to ensure a happy and secure retirement. Here are five retirement planning tips for those within five years of retirement.



1. Create a Retirement Plan: Creating a retirement plan is an important step in ensuring financial security during retirement. It involves making many important decisions, such as budgeting, cash flo


w projections, asset allocation, retirement income plans, and tax projections. Additionally, important considerations such as when to start Social Security and Roth conversions should be taken into account. Having a retirement plan in place helps ensure that all decisions are made with your long-term financial security in mind. This will make the process of retiring less stressful and ensure that your retirement years are more enjoyable.


2. Maximize Retirement Savings: If you’re within five years of retirement, it’s important to maximize your retirement savings. Make sure you’re taking full advantage of any employer-sponsored retirement plans. Also, consider investing in stocks or mutual funds to help increase your retirement savings.


3. Pay Off Debt: High-interest debt can put a serious strain on your budget, so it’s important to pay off as much as possible before you retire. Make a plan to pay off any remaining debt as quickly as possible, so you can free up more of your income for retirement.


4. Consider A Long-Term Care Plan: As you get older, the chances of you needing long-term care increase, so it’s important to consider a long-term care plan. A long-term care plan may include self-insuring, family, and/or LTC insurance to help cover the costs of assisted living or nursing home care, so you don’t have to worry about draining your retirement savings.


5. Create an Estate Plan: It’s never too early to create an estate plan. An estate plan can help ensure that your assets are distributed according to your wishes after you pass away. It can also help your family avoid any costly legal battles.


Retirement planning is a complex process, but these five tips can help you make sure that you’re prepared for retirement. Take the time to create a plan, maximize your retirement savings, pay off debt, consider long-term care plans, and create an estate plan. Doing so will help you enjoy a secure and happy retirement.


Learn more about Capital Wealth Group and George Jameson, CFP®, MBA, a financial advisor based in Columbia, SC, CLICK HERE!

George can be reached at (803) 250-6464 or george@capitalwealthplan.com




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