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May 14th, 2024

How to Prepare for Retirement Within 5 Years: 401k, Savings & Investment Changes

  1. How to Prepare for Retirement Within 5 Years: 401k, Savings & Investment Changes James Conole, CFP® 30:28

Graham and his wife are in their early 50s and plan to retire in 5 years. He wonders if they should continue maxing out their 401ks, how their investments should change, and what they should do with savings accounts to best prepare for their Retirement goals. 

James addresses these questions, Graham’s biggest risk as he nears Retirement, and potential tax strategies for him to employ.

Questions answered:
Which is a better tax strategy – tax gain harvesting or Roth conversions?
Do I need to have a dedicated emergency fund in cash? 

0:00 – Graham’s question
3:16 – The move from single position
5:43 – Identify biggest risk
8:00 – Tax gain harvesting and Roth conversions
12:14 – Tax strategy
15:14 – Two variables to consider
20:44 – Max out 401k plans?
22:07 – A question of tax
24:52 – Tax plan in action
26:44 – Concern about emergency savings

Create Your Custom Strategy ⬇️

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James Conole CFP®, Podcaster

James Conole is the founder of Root Financial and the host of the Ready For Retirement podcast and YouTube channel.

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