{"id":6967,"date":"2020-06-10T04:44:10","date_gmt":"2020-06-10T04:44:10","guid":{"rendered":"https:\/\/sallybzhao.com\/?p=6967"},"modified":"2024-01-24T22:41:53","modified_gmt":"2024-01-25T06:41:53","slug":"bpmoney125-ultimate-pre-retirement-checklist","status":"publish","type":"post","link":"https:\/\/sallybzhao.com\/bpmoney125-ultimate-pre-retirement-checklist\/","title":{"rendered":"Ready to Retire: The Ultimate Pre-Retirement Checklist with The Retirement Manifesto"},"content":{"rendered":"\n<div style=\"height:20px\" aria-hidden=\"true\" class=\"wp-block-spacer\"><\/div>\n\n\n\n<h6 class=\"wp-block-heading\"><strong>Notes for BiggerPockets Money Podcast 125<br>Guest: Fritz Gilbert<br>Audio time: 1 hr 29 min<br>Read time: 3 min<\/strong><\/h6>\n\n\n\n<div style=\"height:20px\" aria-hidden=\"true\" class=\"wp-block-spacer\"><\/div>\n\n\n\n<p class=\"\">Fritz Gilbert, of <a href=\"https:\/\/www.theretirementmanifesto.com\/\">Retirement Manifesto<\/a>, has created a <a href=\"https:\/\/www.theretirementmanifesto.com\/the-ultimate-pre-retirement-checklist\/\">pre-retirement checklist<\/a> to guide people in making a smooth transition into retirement. Many people (especially my age) may think of retirement as a faraway concept, something that&#8217;ll eventually happen. They may not realize that there&#8217;s actually a lot of active planning involved. In this podcast, Fritz explains his personal experience with the 5-year checklist and how it may be helpful for others.<\/p>\n\n\n\n<!--more-->\n\n\n\n<h5 class=\"wp-block-heading\">The Grind<\/h5>\n\n\n\n<p class=\"\">This is the time from when you start working, up until you are five years out from retirement. Fritz saved 15-50% of his income during the grind (less so in his early years, higher savings rate as he got older). During this time, you should:<\/p>\n\n\n\n<ul class=\"wp-block-list\">\n<li class=\"\">Cut back expenses<\/li>\n\n\n\n<li class=\"\">Work on career development (raises, promotions)<\/li>\n\n\n\n<li class=\"\">Grow your income<\/li>\n\n\n\n<li class=\"\">Invest in retirement accounts, real estate, etc<\/li>\n<\/ul>\n\n\n\n<div style=\"height:20px\" aria-hidden=\"true\" class=\"wp-block-spacer\"><\/div>\n\n\n\n<h5 class=\"wp-block-heading\">Checkpoint: 5 Years Out<\/h5>\n\n\n\n<ul class=\"wp-block-list\">\n<li class=\"\">Fritz&#8217;s experience\n<ul class=\"wp-block-list\">\n<li class=\"\">Did Roth conversions to get pre-tax money out of 401k<\/li>\n\n\n\n<li class=\"\">Maxed out 401k for the most part. If not maxing out 401k, he has money in mutual funds (dollar cost average)<\/li>\n\n\n\n<li class=\"\">Invested a small percentage of fun money in trading options<\/li>\n<\/ul>\n<\/li>\n\n\n\n<li class=\"\">Crack the numbers: retirement calculators, net worth, asset allocation, rebalancing strategy<\/li>\n\n\n\n<li class=\"\">Think about retirement lifestyle at a high level (if you want to travel in retirement, you might need more money than a minimalist)<\/li>\n<\/ul>\n\n\n\n<div style=\"height:20px\" aria-hidden=\"true\" class=\"wp-block-spacer\"><\/div>\n\n\n\n<h5 class=\"wp-block-heading\">Checkpoint: 3 Years Out<\/h5>\n\n\n\n<ul class=\"wp-block-list\">\n<li class=\"\">Get specific about where you will draw money from<\/li>\n\n\n\n<li class=\"\">Eliminate all debt (including mortgage)\n<ul class=\"wp-block-list\">\n<li class=\"\">There is a real emotional benefit to entering retirement debt-free<\/li>\n\n\n\n<li class=\"\">Some may disagree with this point. There\u2019s no wrong answer here, but you need to think it through for yourself<\/li>\n\n\n\n<li class=\"\">Frtiz&#8217;s experience: Had a house in the city and a second home (cabin). Nearing retirement, he decided to sell the city home to pay off the mortgage on cabin<\/li>\n<\/ul>\n<\/li>\n\n\n\n<li class=\"\">Consider hiring professional help (CFP)<\/li>\n\n\n\n<li class=\"\">Long term care: self-insure or third party service?<\/li>\n<\/ul>\n\n\n\n<div style=\"height:20px\" aria-hidden=\"true\" class=\"wp-block-spacer\"><\/div>\n\n\n\n<h5 class=\"wp-block-heading\">Checkpoint: 2 Years Out<\/h5>\n\n\n\n<ul class=\"wp-block-list\">\n<li class=\"\">Less about numbers, more psychological<\/li>\n\n\n\n<li class=\"\">What are you going to <strong>do<\/strong> in retirement?<\/li>\n\n\n\n<li class=\"\">Try a mini retirement (pretend you\u2019re retired or take the time to imagine what your life would look like if you were retired)<\/li>\n\n\n\n<li class=\"\">Start doing the activities you think you\u2019d like to do in retirement (starting a blog, dog rescue, etc)\n<ul class=\"wp-block-list\">\n<li class=\"\">You don&#8217;t have to wait until you&#8217;re retired to get started<\/li>\n<\/ul>\n<\/li>\n<\/ul>\n\n\n\n<div style=\"height:20px\" aria-hidden=\"true\" class=\"wp-block-spacer\"><\/div>\n\n\n\n<h5 class=\"wp-block-heading\">Checkpoint: 1 Year Out<\/h5>\n\n\n\n<ul class=\"wp-block-list\">\n<li class=\"\">Make sure your \u201cwheel of life\u201d spokes are all the same length\n<ul class=\"wp-block-list\">\n<li class=\"\">Meaning all aspects of your life are balanced (health, relationships, growth)<\/li>\n<\/ul>\n<\/li>\n\n\n\n<li class=\"\">Find more meaningful activities than traveling (perhaps in helping others)<\/li>\n\n\n\n<li class=\"\">Set up a system to move from accumulation to withdrawal (he uses bucket strategy)<\/li>\n\n\n\n<li class=\"\">The difference between a successful retirement vs not is how much time you spend thinking about it<\/li>\n\n\n\n<li class=\"\">Really spend time thinking how you will spend your retirement days. Very likely it\u2019s what you\u2019re doing on the weekends now<\/li>\n\n\n\n<li class=\"\">1 more year syndrome: negotiating to yourself  &#8220;1 more year&#8221; at your job before you&#8217;re ready to retire\n<ul class=\"wp-block-list\">\n<li class=\"\">Caused by assumptions made when forecasting returns<\/li>\n\n\n\n<li class=\"\">Okay to take 1 more year for safe measures, but don&#8217;t procrastinate on your retirement because you&#8217;re afraid to take the leap<\/li>\n<\/ul>\n<\/li>\n<\/ul>\n\n\n\n<div style=\"height:20px\" aria-hidden=\"true\" class=\"wp-block-spacer\"><\/div>\n\n\n\n<h5 class=\"wp-block-heading\">Checkpoint: 6 Months Out<\/h5>\n\n\n\n<ul class=\"wp-block-list\">\n<li class=\"\">Transfer work computer information to personal computer (passwords, documents, etc)<\/li>\n\n\n\n<li class=\"\">Plan your first 6 months of retirement\n<ul class=\"wp-block-list\">\n<li class=\"\">This way you hit the ground running and your first 6 months are busy<\/li>\n<\/ul>\n<\/li>\n\n\n\n<li class=\"\">Make your last big expenses while you\u2019re working (in case you mess up and overspend, you can work for a few more months)<\/li>\n\n\n\n<li class=\"\">Give notice to your workplace of your departure\n<ul class=\"wp-block-list\">\n<li class=\"\">Make sure you notify them early if your position requires more time to fill<\/li>\n<\/ul>\n<\/li>\n<\/ul>\n\n\n\n<div style=\"height:20px\" aria-hidden=\"true\" class=\"wp-block-spacer\"><\/div>\n\n\n\n<h5 class=\"wp-block-heading\">The Starting Line: Final Thoughts<\/h5>\n\n\n\n<ul class=\"wp-block-list\">\n<li class=\"\">60% of people don\u2019t retire on their own terms, they are forced into retirement\n<ul class=\"wp-block-list\">\n<li class=\"\">As a result, they have no time to prepare and it&#8217;s not an easy transition<\/li>\n\n\n\n<li class=\"\">Take control of your own retirement by planning in advance<\/li>\n<\/ul>\n<\/li>\n\n\n\n<li class=\"\">Relationships change in retirement, have a conversation about it<\/li>\n\n\n\n<li class=\"\">It&#8217;s easy to get caught up in counting down the days until retirement \/ FIRE and get lost in thoughts about the future\n<ul class=\"wp-block-list\">\n<li class=\"\">Enjoy and realize the journey&nbsp;you are on. Your independence day will come, so enjoy the process now in getting there<\/li>\n<\/ul>\n<\/li>\n\n\n\n<li class=\"\">Retirement is not a finish line, but the start. The start of your life, lived the way you want<\/li>\n<\/ul>\n\n\n\n<p class=\"\"><\/p>\n","protected":false},"excerpt":{"rendered":"<p>Notes for BiggerPockets Money Podcast 125Guest: Fritz GilbertAudio time: 1 hr 29 minRead time: 3 min Fritz Gilbert, of Retirement&#8230;<\/p>\n","protected":false},"author":2,"featured_media":6968,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"nf_dc_page":"","om_disable_all_campaigns":false,"_monsterinsights_skip_tracking":false,"_monsterinsights_sitenote_active":false,"_monsterinsights_sitenote_note":"","_monsterinsights_sitenote_category":0,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[121],"tags":[],"class_list":["post-6967","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-real-estate"],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v23.9 - https:\/\/yoast.com\/wordpress\/plugins\/seo\/ -->\n<title>Ready to Retire: The Ultimate Pre-Retirement Checklist with The Retirement Manifesto - 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