Leah McMahon gives practical financial tips on what to consider before retirement.
Before retiring in 2025, consider your financial situation by assessing state pension income, private pension options, and tax implications of withdrawals. Evaluate fixed and discretionary expenditures, aim to be debt-free (including mortgage payoff), and maintain an emergency fund. Rebalance your portfolio, explore annuities or Approved Retirement Funds, and consider downsizing your home. Seek advice from financial and tax advisors.