Go-Go, Slow-Go, No-Go: Navigating Every Stage of Retirement with Confidence

When it comes to retirement planning, the final months of the year are often the most important. Deadlines for taxes, Medicare, and required minimum distributions all come into play, and missing just one of them can have a lasting impact on your finances. In this episode of The Own Your Retirement Show, Josh Bretl and Mark Elliott mix humor with real-world financial wisdom to help retirees and pre-retirees tackle the fourth quarter with confidence.

A Sweet Start: The Ice Cream Museum Story

Before diving into financial planning, Josh shares a family adventure to the Museum of Ice Cream in Chicago. Complete with pink walls, sprinkle pools, and even a Chicago-style hot dog flavored ice cream, the visit was both fun and unforgettable. The takeaway? Retirement should leave room for experiences that bring joy and laughter, even if some choices (like hot dog ice cream) don’t turn out as planned.

Why Year-End Planning Matters

The end of the year is a critical checkpoint for retirees. Taxes, Medicare enrollment, charitable giving, and portfolio adjustments often come with hard deadlines. Josh reminds listeners that it’s far better to prepare in advance than scramble in December. As he puts it, “the best time to replace a roof is not when it’s raining.” The same logic applies to your retirement plan.

Top Fourth-Quarter Retirement Moves

So what should retirees and pre-retirees be focusing on before the calendar flips? Josh and Mark break down a clear checklist of priorities.

• Review your tax return: This year’s changes could open new opportunities, from itemizing deductions to executing Roth conversions.
• Consider Roth conversions: Converting before December 31 allows you to lock in today’s historically low tax rates and set yourself up for tax-free income later.
• Take your RMDs: If you’re over 73, required minimum distributions are mandatory. Miss them and you face a steep penalty, now 25 percent.
• Plan charitable giving: Qualified charitable distributions (QCDs) let you use RMDs to support causes you care about while reducing taxable income.
• Evaluate Medicare: Open enrollment runs October 15 to December 7. It’s the perfect time to review your coverage and costs.

Each of these steps requires action before year-end, and waiting until the last minute can create unnecessary stress—or worse, missed opportunities.

Planning for Every Stage of Retirement

Beyond year-end deadlines, Josh and Mark explore the three stages of retirement: go-go, slow-go, and no-go years. These phases highlight how spending, lifestyle, and priorities change over time.

The Go-Go Years

The go-go years are filled with energy, adventure, and bucket-list experiences. Clients often travel the world, remodel homes, or help fund grandkids’ education. Josh shares the story of a couple who dreamed of paying for their grandchildren’s private school tuition. Careful analysis revealed they could make it happen without jeopardizing their retirement. That clarity brought tears of joy and underscored why planning matters.

The Slow-Go Years

Eventually, activity slows. Travel becomes less frequent, but expenses don’t disappear. Instead, money shifts toward healthcare and lifestyle adjustments. Retirement communities, for example, may introduce large new costs. Josh points out that these years often surprise people: expenses decline less than expected, and healthcare becomes a growing factor.

The No-Go Years

In the no-go stage, mobility and health concerns dominate. Assisted living, long-term care, and medical needs can cost thousands each month. Planning ahead for this phase, whether through savings, insurance, or community support, is essential. Without preparation, the financial burden can overwhelm families.

Why Planning Ahead Is Essential

Josh emphasizes that no matter your situation, whether you’re a careful planner, a do-it-yourself saver, or someone just starting to think about retirement, having a flexible, comprehensive plan is key. Life rarely unfolds in a straight line. A good strategy adapts to new laws, market shifts, and personal health changes, ensuring you can enjoy today while preparing for tomorrow.

Take Control of Your Retirement

Retirement isn’t about hitting a single target, it’s about navigating evolving stages with confidence. Year-end planning, tax-smart strategies, and a clear understanding of your spending all contribute to peace of mind. Most importantly, retirement should also include joy, fun, and meaningful experiences—whether that’s international travel, gardening, or simply enjoying a scoop of ice cream with family.

📞 Ready to talk? Call (630) 478-9599 to schedule your private 15-minute call with an FSR advisor.