I’m About To Retire: Here’s the Money Advice I Wish Someone Had Given Me

Cynthia Measom   Sat, June 24, 2023

Many people view retirement as the day they’ll be able to kiss their job goodbye and live life at a more relaxed pace. However, if you don’t take steps to ensure that your retirement savings and investments are on track with your goals annually, leaving your job behind might come a lot later than you’d like.

Find out what money advice people on the verge of retirement wish someone had given them when they were younger, and see if it makes sense for your situation.

Get Life and Health Insurance Early in Life

Wayne Bechtol is a certified finance professional and board advisor at Fiona who is planning to retire in a few years. He said, “I did not know the benefits of insuring life and health early in life. By the time I realized its importance, I was past 30. Therefore, I lost out on the best years of life when the premiums would have been considerably lower if I had insurance during my 20s.”

Plan for the Unexpected

“Now that I’m about to retire, I realize how illness can become a major expense in later life,” said Karen Hoyt, author of “The Liver Loving Diet.”

She continued, “I certainly didn’t realize how a catastrophic diagnosis could hinder my retirement plans. While battling cancer, I lived on the edge financially for a few years. Thankfully, I was able to transition back into a career that I enjoy. Now, I plan on teaching for a few more years.

I hear from many liver disease patients who get caught in a health crisis. Their retirement may get put on hold, or they are unable to pay for even the most basic medical needs. I wish someone had told me how to plan for a catastrophic illness.”

Understand the Benefits of Compounding Interest

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