Your Plan is to Retire in the Next Few Years, What Do You Need to Do Now

As you’re winding down your work career and you’re planning for retirement in the next few years or so, there are plenty of items to consider. Whether you have a confirmed retirement date or just in the beginning stages of your retirement planning, it is smart to set realistic goals and expectations. That way, time is on your side, and you can enjoy the retirement that you have always dreamed of.

Must Have a Plan

It is crucial to plan for the best and worst-case scenarios when it comes to your retirement. Nathan Shelton says, “Plan. Plan. Plan.” A detailed data-driven plan will let you know if you are able to retire on time. This type of plan is not driven by emotions or fear, it is strictly data. It is best to reach out to a Financial Advisor to help you with each step in the retirement planning process.

Something that we like to look at here at Shelton Financial Group is your scorecard. This is something that we help our clients build in that starting phase of the action plan. The scorecard helps us create a plan that is more tailored for you. Brian Nieuwlandt says, “Our scorecard is helpful since we run simulations that will stress-test your plan to see if you will run out of money or have enough for the duration of your retirement.”


One of the biggest factors to consider is debt. Al Lindsten says, “Don’t be incumbered by debt, enjoy that sense of financial freedom.” By lowering your debt, you can reduce the amount of retirement income that will be spent on interest payments. If you are struggling with paying your debt and still want to enjoy retirement, let us help by creating a personal retirement plan for you that allows you to do that.

Also, there are unpredictable life events that may occur while you are retired, such as getting in a car accident. Planning for those events can keep you out of debt and prevent you from getting back into debt. Don’t let debt be that anchor holding you back from enjoying retirement.

Current Financial Structure

Another thing to evaluate is your current financial structure. One area to look at is at how much you have saved for your retirement. One saying that we like to go by is, “We can’t decide where we are going until we know where we are today.” At Shelton Financial Group, we want to help create that bridge to connect those two things. If you cannot answer these questions, reach out to us today for help with your retirement planning process:

  • Have you saved enough?
  • Have you paid off all your debt?
  • Are you confident you will be able to retire on time?
  • What is my best healthcare option?

Saving is a rewarding habit. Sure, you are tucking away that money, but you are saving it for a greater purpose. Breaking down your budget and assessing it would be helpful here as well. Your budget is more than likely to be adjusted for this next phase of your life.

Income During Retirement

An important thing to consider is the income that you are going to have during your retirement. This is a period of your life when you don’t want to go back into the workforce, so you want to ensure that you have a sustainable income. Matt Fry says, “In real estate, it is all about location, location, location. When it comes to retirement, all we think about is income, income, income.”

Once we have figured out the income you need, we can go to work on that financial picture for you. Planning with a Financial Advisor is so important. Having a Financial Advisor guide you during this process can help deal with any financial and emotional stress you have throughout this life-event.

Ask Questions

Don’t be afraid to reach out to your Financial Advisor at any time when you feel stressed, uncomfortable, or just have questions regarding your personal retirement plan. People have this misconception about retirement being the finish line. It is a new stage in life, and sometimes it can be hard for you to answer what that next phase is going to look like.

At Shelton Financial Group, our team is composed of a multi-generational group of advisors, so we can tackle your questions from different perspectives and areas of expertise. Schedule a meeting with us today and let us help you prepare for the next chapter in your life.