5 Things You Must Do Before You Retire

Adam Del Duca
9 min readJan 28, 2022

The word “retirement” means different things for different people. For some, being retired means spending the rest of their lives on a beach in Mexico. For others, retiring means spending more time with family and friends and for others it may mean spending 10 hours a day playing World of Warcraft. I’m not here to tell you what to do with your post-work years but what I can tell you is that your desired retirement life may never come if you fail to attend to certain financial demands, five of which I will get into right now!

Number 1: Set your retirement target

Asking people how much they need to retire is like asking people what the meaning of life is. Simply put, most have no idea and while I don’t blame them for lacking a response to the latter question, this is an inexcusable answer for that pertaining to retirement. As I already mentioned, just about everyone has aspirations of retiring. For some, they would be happy quitting their jobs tomorrow while others look forward to completing their working career and moving into the next chapter of their life sometime down the road. Either path is fine, that is if you actually have a path to follow. Well, the first step in forming this path is to determine how much you’ll need to make your retirement dreams become a reality and we do this by calculating your retirement target.

So, first off, what is a retirement target? Simply put, it is the second most important number in your life, after your girlfriend’s phone number of course and due to its importance, you must have it locked down. Now, I won’t lie, getting to this financial figure is easier said than done but here’s an approach that you can use to get as close to this golden figure as you can.

To begin determining your retirement target, you must first ask yourself what you plan to spend per year during retirement. I know this is like asking what the weather will be exactly 6 months from now but it’s important to know what this figure could look like en route to actually amassing it. For instance, if you think that your lifestyle will remain the same then your retirement budget, when adjusted for inflation, will look similar to what it does now. Alternatively, if you plan to jet set in your golden years then you’re either going to have to become a pilot in…