CFG Retirement

5 Easy Money Moves to Make Before You Retire

Vince Oldre • Apr 17, 2024

As retirement approaches, it's important to make smart financial decisions that will set you up for success in your golden years. By taking some simple steps now, you can ensure that you have a comfortable retirement without worrying about money. In this blog post, we'll discuss 5 easy money moves that you can make before you retire to secure your financial future.


The first money move to make before retiring is to create a budget and stick to it. Sit down and calculate your monthly expenses, including everything from housing costs to groceries to entertainment. Then, compare that total with your expected retirement income. If there's a gap between the two, consider ways to cut back on spending or increase your income. By creating a budget and sticking to it, you can avoid overspending and ensure that your money lasts throughout retirement.


Next, consider paying off any high-interest debt before retiring. Credit card debt, personal loans, and other forms of debt can eat away at your retirement savings if left unchecked. By paying off these debts now, you can free up more money for savings and investments in the future. Plus, being debt-free will give you peace of mind knowing that you won't have to worry about making monthly payments during retirement.


Another important money move to make before retiring is to maximize your retirement savings accounts. If you have access to a 401(k) or IRA, consider increasing your contributions as much as possible. Take advantage of any employer matching contributions offered through your workplace retirement plan. The more you save now, the more financial security you'll have in retirement. Additionally, consider diversifying your investments to minimize risk and maximize potential returns.


In addition to saving for retirement through traditional accounts like 401(k)s and IRAs, consider investing in other assets such as real estate or stocks. Real estate can provide a steady stream of rental income while also appreciating in value over time. Stocks offer the potential for higher returns but come with greater risk. By diversifying your investment portfolio across different asset classes, you can reduce risk while still achieving solid returns.


Lastly, don't forget about healthcare costs when planning for retirement. Medical expenses can be one of the biggest drains on a retiree's finances, so it's important to be prepared for them. Consider purchasing long-term care insurance to cover the cost of nursing home care or assisted living services in the future. Also, make sure you understand how Medicare works and what out-of-pocket expenses you may incur during retirement.



Making these 5 easy money moves before retiring can help set you up for financial success in your golden years. By creating a budget, paying off debt, maximizing savings accounts, diversifying investments, and preparing for healthcare costs, you can ensure that you have a comfortable and secure retirement ahead of you. Start implementing these money moves today so that you can enjoy a worry-free retirement tomorrow!


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As you approach retirement, one of the key factors that can impact your financial future is taxes. Understanding how taxes work in retirement can help you make informed decisions about your savings and investments. In this blog post, we will explore the basics of taxes in retirement and provide tips on how to minimize your tax burden so you can enjoy a comfortable and financially secure retirement. One of the first things to consider when it comes to taxes in retirement is the different sources of income you may have. Common sources of income for retirees include Social Security benefits, pensions, withdrawals from retirement accounts like 401(k)s and IRAs, as well as investment income. Each of these sources may be taxed differently, so it's important to understand how they will impact your overall tax liability. Another important consideration is the timing of when you withdraw funds from your retirement accounts. If you have a traditional IRA or 401(k), withdrawals are generally subject to income tax at the time of withdrawal. By strategically planning when and how much you withdraw from these accounts, you may be able to lower your taxable income and reduce your overall tax bill. Additionally, consider taking advantage of tax-advantaged savings vehicles like Roth IRAs. Unlike traditional IRAs, withdrawals from Roth IRAs are tax-free as long as certain conditions are met. By diversifying your retirement savings across different types of accounts, you can create a tax-efficient withdrawal strategy that maximizes your after-tax income in retirement. It's also important to stay informed about any changes to tax laws that may affect retirees. For example, recent legislation has made changes to required minimum distribution (RMD) rules for retirement accounts, which may impact how much you are required to withdraw each year once you reach a certain age. Keeping up-to-date with these changes can help you make informed decisions about your finances and minimize any surprises come tax time.  In conclusion, navigating taxes in retirement requires careful planning and consideration of various factors such as sources of income, timing of withdrawals, and changes in tax laws. By understanding how taxes work in retirement and implementing strategies to minimize your tax burden, you can enjoy a financially secure retirement with more money in your pocket. Remember to consult with a financial advisor or tax professional for personalized guidance tailored to your individual situation. With proper planning and knowledge, you can make the most out of your retirement savings while keeping more money in your pocket for the things that matter most to you.
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