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Here, previous podcast guest Fritz Gilbert highlights his 10-step process for preparing financially for retirement. Several key points include:

📌 Start Building Cash: Accumulate a cash reserve to defend your assets against emergencies and reduce dependence on selling stocks during downturns

📌 Determine Retirement Income: Calculate income from pensions, Social Security, and portfolio withdrawals, and assess safe withdrawal rates

📌 Quantify “The Gap”: Identify the difference between retirement expenses and known income sources, accounting for changes over time

📌 Design a Retirement Paycheck: Implement a sustainable income strategy, such as the Bucket Strategy, to manage cash flow effectively

📌 Modify Asset Allocation: Adjust investments to align with your reduced risk tolerance in retirement, considering the loss of income from work

📌 Optimize Tax Strategies: Plan Roth conversions, manage tax-efficient withdrawals, and allocate investments to minimize taxes

📌 Review and Refine Regularly: Reassess your strategy periodically to ensure alignment with changing circumstances and market conditions.

Key Takeaways: Beyond following a list of steps, a comprehensive retirement framework – plus partnering with a professional – can help you alleviate financial anxiety and ensure a smooth transition into the retirement you deserve.