Retiring in 2022? Here Are 8 Steps to Take Today

[@charleswatkins6402]

Am 65 and adding " one more year" thinking it will give me more cash and a little more cash flow. Dont want to mess it up at the end!

[@m_waaka]

I'm retiring tomorrow! My partner and I have planned our new life as retiring nomads for a few years. I have created a budget spreadsheet of our annual earnings (superannuation + investments - inflation) less living expenses. We have a generous amount to live off during our nomadic life and beyond. Life is definitely great!

[@PranaWealth]

AWESOME, MARAINA! 🙌 That's wonderful to hear! Best of luck in your new phase of life! 🙏

[@bruceedwards9720]

Yes. I'm planning to retire in 2022. Thanks for the checklist and good videos. I just started listening to your content!

[@skepticalmechanic]

Retirement in 12/30/22!!! I’m 62

[@garyjsimm]

I am retiring in 2022, after 35 years and at 59.

[@PranaWealth]

Congrats, @garyjsimm ! 2022 will be a great year! 🙌

[@barryobee1544]

Hey...I’m also going this year...I’m 60👍

[@PranaWealth]

Nice! Congrats, Barry! 🙌

[@13noman1]

Ah, music to my ears! Yup, definitely plan on 'jumping ship' this coming year and even have it down to the day (FRA!). This was a good review and, yes, I'm quite a fan of checklists, too and did read the "Checklist Manifesto"!

[@PranaWealth]

NICE! Great job, @13noman1 ! Congrats on your upcoming retirement! 🙌 And as a "recovering engineer", I do love a good checklist! 🤣

[@NekonataVirino]

Let’s hear it for recovering engineers!

[@PranaWealth]

YES! Thank you, @Nekonata Virino ! 🙏🤓

[@tedstidham]

Good information! Still a few years away, but want to be able to navigate when the time comes... Always enjoy your videos. Thx.

[@PranaWealth]

Thanks for the kind words, Ted! Glad you're getting prepared now -- it'll be here before you know it! 🙌

[@cato451]

I am retiring in 2022. In fact, I’m resigning on Monday. Yahooooooooo. No more stress, no more traffic and the alarm clock is going in the trash. Great tips. I’m a checklist and spreadsheet maniac too. Lol

[@PranaWealth]

That's awesome, @cato!!!! Congrats on retirement!!! 🙌

[@MagentaOtterTravels]

Hi Patrick! I've been catching up on your videos today. Interesting to see how a couple have really gone viral!! Was that a calculated move, or a total surprise to you? I'm always interested to hear from other creators. Cheers! XX Dara

[@markwilhelm168]

I will be 59 1/2 at the end of 2022. So far that is my goal. I don't know if I can even wait that long.

[@PranaWealth]

Mark, you may want to check last week's video. I went over a way to access your retirement funds before age 59-1/2. If you've saved enough and you're ready, you may be able to access those funds early. Here's hoping that things go smoothly! It sounds like you're ready to go today! 🤞

[@markwilhelm168]

@@PranaWealth I am much aware of the rule of 55. All of my money is in my 401k. Within it I have a self directed brokerage account, pre-tax and Roth funds. I also have it set up with a 65/35 stock to money market ratio as a buffer and bucket strategy. The provider site has given me great tools to invest but gives no info about withdrawals in retirement. When I talked to the provider they told me that if I take a withdrawal I cannot specify where it comes from. They just said it comes from "all sources" and they withhold 20% for taxes. This is way too restrictive and screws up my strategy.

[@PranaWealth]

Oh that's interesting. I would think that they'd help you with the withdrawals if they were already giving you info on bucket strategy, etc. I think there's a lot of liability and compliance issues about giving tax advice, so whoever put the software together probably doesn't want to go there. That's why I have to constantly caveat all this content and add so much disclosure language. Plus, it's hard to find a CPA who will actually work strategically with you to help you determine which accounts to pull from.

[@edcollinge1422]

Thank you for your video, i am planning to retire 2022 anywhere from sept to Dec. i just setup with my IRA/401K provider with a management account. They made me feel good and a relief for managing my moneys for retirement. Yes very important. Like to see your checklist, thanks

[@PranaWealth]

Ed -- congrats on planning out your retirement in 2022! It'll be here before you know it. Here's the link to my free retirement checklist: pranawealth.vipmembervault.com/products/courses/view/15

[@MagentaOtterTravels]

Fun fact: I THOUGHT I was retired, as of mid 2020. But then last week I was drawn out of retirement for a GREAT work project that was too good to pass up. So now I'm back to work as of Monday! So strange that as a self-employed person, it is sometimes very difficult to decide if you are retired. Maybe that is a good idea for a video... ;-)

[@PranaWealth]

So true! You never know what life is going to throw at you. I do love the idea of starting new projects in retirement! Good luck on the new gig! 🙌

[@kebo57]

I will be retiring on Aug 26th, 2022 just two days after my 65th birthday. I just have done about five of the items you listed in your video, prior to watching it, but still lots of good advice in it. Only other comment is go Gamecocks!

[@PranaWealth]

Ha! I have no idea who is going to win today, but I'll be watching the Palmetto Bowl with my family in SC (half of whom are Gamecocks)! Congrats on getting a head start on your retirement plans! I think 65 is a great age to retire -- going straight to Medicare solves a ton of problems.. August will be here before you know it! 🙌

[@Bob-yh7ir]

If my company doesn't have a org change and push me out or offer a buyout in 2022, then I will plan to leave in 2023. Will be early retirement to do just the things you mentioned in this video. We like to travel and realize that life is short and while we have our health, we are going to turn on the GO, GO , GO baby ! Have been checking things off our lists for 2 years now. remodels on the house, stepped up cash reserves for 4 years of expenses now in cash, everything above our expenses goes to investments. Forming relationships with new people that also are well traveled or whatnot to learn from them and also to potentially have some travel buddies when the time comes. Something else I would mention that needs to be taken care of before leaving work is get your health screened. Have that colonoscopy, dermatology, eyes checked out to make sure there are no surprises the first few years of retirement and while you can take advantage of your employee insurance because after leaving the work force, you are paying it all... Cheers.

[@PranaWealth]

Awesome, Bob!!! Sounds like you're really doing this right! I'm excited for you -- sounds like you're going to have a great time! 🙌

[@scottmsilverman2060]

Good advice! Thank you!

[@stacystevens8000]

I have concerns about saving more in the 401k offered through work due to higher fees passed onto employees, (a bit hidden.) I am contributing 6% to match the company contribution.

[@jazzjokesjalopies]

I was planning to end of ‘22, but the market pullback will probably delay it.

[@PranaWealth]

Unless you're dying to be done with work, delaying won't hurt!

[@midlife_minimalist]

Turn 55 the end of June. Planning to retire July 1. Just need to figure out Health Insurance 😕

[@PranaWealth]

Awesome, Hilary! Best of luck! 🙏

[@jorgerojas1576]

Im retiring at the end of June. I get about 3500 in pension and I’m debt free. I’m only 57 years old so I have a few years to get my social security pension. I have about 270 thousand in my deferred compensation but it took a 30 thousand loss. Should I wait to start withdrawing from that till the market goes up again? Thank you

[@geo641]

Great video. Very concise and to the point. Most people do the same video in 20 min, so thanks for keeping it short. U gained a subscriber and someone who is planning to retire in 2022. Thanks

[@PranaWealth]

Thanks for the kind words, @Geo ! 🙏 Good luck on your retirement -- it'll be here before you know it! 🙌

[@claytonspann8032]

Great video, like the checklist. I plan to retire 1st Qtr 2021, ahead of my original schedule

[@PranaWealth]

Awesome, Clayton! I'm guessing you're retiring in 1st quarter 2022? So glad you found the checklist helpful! Here's to a great retirement (soon)! 🙌

[@butopiatoo]

Trying to make last full HSA, SIMPLE IRA annual contributions early in 22. Would love to start drawing SS now at 67 and sock that away too (after tax). Ready to get on to other things. A little scared of losing my routine and regular paycheck.

[@PranaWealth]

@butopiatoo -- Great idea to sock away that last bit, especially the often-overlooked HSA. Any routine change can be difficult, but you'll get the hang of it! Congrats on making those final retirement preparations!

[@scottsinnott2636]

I am planning to retire in 2022 at age 59-1/2. I feel like I have a good plan but I should probably find a "fee for service" consultant to review my plan.

[@PranaWealth]

Scott, maybe check out my Retirement Reality Check and see if that's what you're looking for... www.pranawealth.com/retirement-reality-check/

[@jessefletcher9116]

I'll turn age 55 in 2022 and plan on retiring using Rule of 55, it's my understanding that my employer's 401k administrator will withhold 10% early withdrawal penalty but that the Treasury will refund that 10% to me when I file my tax return?

[@PranaWealth]

Jesse -- I think the withholding is up to your plan administrator. If they do withhold 10%, it'll just be like the withholding on your paycheck. If you owe less that you've withheld all year, you'll get a refund.

[@BashoStrikes]

Now it's 3/2/2022 and the limbo stick is just about underground for many folks who supposedly did the right thing. What are your 8 steps going to do to help the folks who put aside a million, which was supposed to be sufficient a short time ago, only to be evolved into needing almost double that since the pandemic?

[@PranaWealth]

George -- great question. A correction of 10% (or even 20%) is, believe it or not, normal. What is unusual about our situation today is the inflation aspect (along with the pandemic and geopolitical unrest). A million, even adjusting downward for the first part of 2022 we've had so far, could still be enough for many people. I'm curious -- what makes you think you need twice as much a few months later?

[@garysapp1450]

I'm 63, single and I'm retiring in 2022. I only have $500k in my 401/IRA. I still have a mortgage with only $100k in equity. Am I screwed?

[@PranaWealth]

Gary -- I wouldn't say you're screwed at all. You can live off of that, although I'm not sure what kind of level of monthly expenses you want. You could always continue working if you're concerned. If you retire at 65 and can go straight to Medicare insurance coverage, you'll save a lot of money.

[@johngill2853]

Without knowing how much you spend, what your Social Security is and what other income you have coming in such as a pension nobody can answer that but you. If your worried go see a fee only advisor with a fiduciary responsibility. I'm guessing for most people it would be the best $1,000 or so they ever spend in their life.

[@flatbat13]

Sounds like there's someone inflating a balloon between every phrase 😂

[@PranaWealth]

Oh no! Is my audio off again? Or is it just the presenter? 🤣

[@cliffluxion7019]

Thank you for the helpful content! No, we're on a long-term retirement trajectory here, so not retiring in 2022. I am in the process of winding down and liquidating privately held business interests while self-employed. This process should end at or near my FRA in 4 years or thereabouts.

[@PranaWealth]

Anytime, Cliff! I'm thrilled you enjoyed the video! I'm glad you're taking your time with selling your business. Talk about a potentially complicated process. Being a business owner can be incredibly difficult, so congrats on your upcoming retirement! 🙌

[@FIRED13]

3 yrs cash

[@PranaWealth]

@Waren - if that's what makes you sleep well at night!

[@FIRED13]

@@PranaWealth yep, I wouldn't have to sell stocks to fund living expenses for up to three consecutive years during an extended market down draft.

[@topper1958]

23 more weeks.

[@PranaWealth]

Count 'em down, Steven! It'll be here before you know it! 🙌

[@jpsmusicandmore5457]

I am planning to retre in the next 1 or 2 years and my advisor says not to max out my 401k? What do you thinnk?

[@rick_in_texas]

Maybe they mean for you to do a Roth instead? I have that in my plan because I erroneously put all in tax deferred up until now.

[@PranaWealth]

JP, this is a great question and depends on a lot of different factors. First, I'd take a look at your effective tax rate. The higher the rate, the more likely I'd recommend maxing out a 401(k). I'd also take a look at how much you have in each of the three "buckets": tax-deferred, taxable, and Roth. If you have 100% of your savings in your 401(k), it may make more sense to start filling up one of your other "buckets". I'd also take a look at your cash reserves and look at any debt you'd want to pay off before retiring. Lots of potential variables could affect where to save your money, especially right before retirement.

[@PranaWealth]

Rick, there's no perfect way to do all this -- only in hindsight. Better to save too much to your 401(k) than not enough. There might be some good opportunity for you to make some partial Roth IRA conversions those first few years of retirement when your taxable income is lower.🤞

[@NK-gt8ib]

Hi Prana! Can I contribute the whole 401k $25k if I retire mid year, or after couple of months into 2022? Same q RE HSA. Thank you

[@PranaWealth]

Hey NK -- you should be able to max out your 401(k) contributions over however many number of months it takes you to get there. For example, if you can max it out in 6 months, that's okay. Any excess contributions would be non-deductible, so if it were me, I'd stop and save to my taxable account after I'd maxed it out. Each situation is different, though. For HSAs, I don't think you can make non-deductible contributions after you've already maxed it out for the year. However -- please confirm all of this with your plan administrator! Each plan can be different, so it's always a great idea to call and confirm first. Great question! 🙏

[@NK-gt8ib]

@@PranaWealth thank you!

[@PranaWealth]

Anytime, @N K !

[@carolturner7419]

From England but your info is still very good n easily applicable to my situation. I’m retiring in 2yrs. It was a very well presented, easily understandable presentation. Keep it up 👏🏻

[@PranaWealth]

Thank you, Carol! I'm glad you enjoyed it! 🙏

[@davidsiemer7578]

Considering the unchecked outrageous inflation that the current administration is causing, it’s unlikely I’ll be able to retire for many years- I’m 60 now 😩

[@PranaWealth]

Inflation is certainly going to be a challenge in the near term. Fortunately (or unfortunately, depending on the outcome), this level of inflation can't last for very long without causing some big changes. We'll see how it plays out over the next couple of years...

[@traymer]

This Administration is so bad they caused inflation to go up Globally 😂

[@Cingearth]

Sell all the your stocks immediately !

[@PranaWealth]

Who knows what can happen when the market opens on Monday. It may bounce back -- it seems that "buy the dip" has been the theme song of 2021. Are stocks way overvalued? Absolutely. However, history shows that they can hang out there for a long time.

[@johngill2853]

I'd say invest in stocks through an index immediately if it's long term money