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Cash Flow Planning When Approaching Retirement

Published on July 8, 2022

Cash Flow Planning When Approaching Retirement

Pre-retirement planning is one of the most challenging stages of the financial journey.

You’re still fully engaged in your career, but you’re also looking ahead to a big transition that will see you shift from accumulating to spending your retirement savings.

The key to figuring this out? Cash flow planning. It can help you use the income you are making in the last few years to make good choices around when to retire and how to shift your income.

There are a few important steps to take when it comes to cash flow planning.

First, understanding the planning mindset.

Cash flow planning is different than budgeting. Budgeting is about planning for scarcity. Cash flow planning looks at the short-term and the long-term, and helps you make choices that are about abundance.

Next, you want to mark your expenses.

This includes everything: Debt, Basic monthly expenses, discretionary expenses, insurance, and more.

The goal is to get it all down on paper or in a spreadsheet, whichever you prefer.

Spend some time identifying short- and long-term goals, and your progress, between now and when you want to retire.

When deploying your cash flow planning strategy, it’s important to do check-ins against your goals and tactics to get you there.

Your planning needs to match your life stage to keep growing wealth and staying on track as you move forward.


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