Retirement can feel like a permanent vacation – as long as you make the right choices and avoid costly mistakes. To make your journey to and through retirement happier and more successful I have demystified and distilled the top 5 habits of happy and highly successful retirees so that you don’t just have an OK retirement…or a mediocre retirement…the goal is so you can have The BEST retirement.
HABIT 1: Retiring On-Time
You may be at the point in your working life that you’re just one bad Monday away from saying – enough is enough…I don’t need this anymore…I’m retiring! I totally get it…we’ve all had jobs like that…but here’s the thing, the people that have the best retirement aren’t making a knee-jerk reaction to retirement. And it’s a whole lot more than knowing that you have saved X amount of dollars in your retirement account.
You don’t want to make the mistake of retiring too soon. Unfortunately, most people spend more time planning for a vacation than they do planning their retirement. The last thing you want is to look back with regret and think, “man…I retired a little too early,” especially when it comes to making absolutely sure you have adequate health care coverage. Highly successful retirees have a fool-proof game plan for retirement. They have proper guidance before making one of the largest financial decisions of their lives.
The key is to work with a retirement dream team that truly specializes in helping people actually retire. Not the run-of-the-mill advisors who help people of all of ages, rather a team that focuses fully on helping people transition into retirement and cover all their bases because retirement is a whole different level of planning…it is its own specialty.
HABIT 2: Fending Off The Tax Man
Taxes in retirement is whole new ballgame when you factor in that taxes can become a lot more complex in retirement with Social Security income, IRA withdrawals, RMDs, etc., so it pays to have pro-active advice. It’s not about how much you make or how much you have…it’s about how much you keep after taxes that counts. One habit of highly successful retirees is they have a plan to address taxes and keep them under control.
There are only two tax that really matter: current taxes and future taxes. And highly successful retirees have a plan that addresses both. They have an investment plan that is tax-efficient too…meaning that it includes tax-free, tax-deferred, tax-sheltered, and tax-advantaged strategies. We have found that the only way that you could have the best tax-efficient plan is if the person you trust for investing advice is…