So, You Want to Retire Soon?
If you’re starting to feel like retirement is just around the corner, you’re not alone. Whether it’s a plan to retire in 2026 or just a growing itch to enjoy more freedom, that “next chapter” feeling can be exciting—but it also comes with a lot of questions.
The truth is, preparing for retirement isn’t just about setting a date. It’s about making sure you’re ready financially, emotionally and strategically for what’s next. At Olive Branch Wealth Management, I’ve worked with a lot of people at this very stage. And while everyone’s situation is different, there are a few key things that tend to come up repeatedly.
Retirement Isn’t Just a Lifestyle Shift — It’s a Financial One
You’ve spent decades contributing to your accounts, building up a nest egg. But once retirement begins, the flow of money changes direction. Now you’re withdrawing, not contributing and that changes everything.
This is why your investment strategy may need to evolve. Retirement is about finding the right balance between income, growth, and risk. For some, that means adjusting their portfolio to reduce volatility. For others, it might mean creating more flexibility with how and when they withdraw from certain accounts.
Even those with sizable savings often need to revisit how their accounts are structured and taxed. The way you manage your money now can affect how long it lasts and how much of it you get to keep.
The 4% Rule… and Why It’s Not a Rule at All
One of the most common retirement questions I hear is: How much can I safely withdraw every year?
The old standby answer has long been the “4% rule” — the idea that if you withdraw 4% of your savings in the first year of retirement (and adjust for inflation), your money should last around 30 years. But while this may be a decent starting point, it’s far from a one-size-fits-all solution.
Markets fluctuate. Life changes. Inflation happens. That’s why I often talk to clients about a more flexible strategy, like using guardrails that allow you to adjust based on market performance. When times are good, you might take a little more. When things slow down, you scale back. It’s not rigid, and that’s the point.
The goal is simple: build a plan that lets you enjoy retirement without second-guessing every dollar you spend.
Don’t Forget About Taxes (They’re Not Retiring With You)
Just because your career winds down doesn’t mean the IRS backs off. In fact, taxes can often become one of your biggest expenses in retirement, especially if you don’t plan ahead.
One often-overlooked expense is IRMAA, a surcharge on Medicare premiums that can sneak up on you if your income crosses certain thresholds. Then there are taxes on capital gains, dividends, interest income… and of course, the taxes on traditional IRA or 401(k) withdrawals.
This is where proactive planning can really pay off. Working with a tax professional and a financial services professional (like me) can help you make smarter decisions about which accounts to draw from when, how to minimize taxes, and how to avoid unnecessary penalties or surcharges.
Saving Smart — Not Just Saving More
Another question I hear often: How much should I be saving right now?
And the answer? It depends. It depends on your age, how far out retirement is, your lifestyle goals, your risk tolerance, and more.
But here’s a rule of thumb worth considering: aim to save 15%–20% of your income. If you can save more, great. If not, that’s okay too. The most important thing is consistency. Saving something, even if it doesn’t feel like much, is far better than waiting for the “perfect” time to start.
Also, where you save matters. Tax-advantaged accounts like 401(k)s and IRAs can help your money grow more efficiently. And Roth accounts, while not right for everyone, can offer tax-free income in retirement, which may be especially helpful if you’re worried about rising tax rates.
Maxing Out? Here's What That Looks Like in 2025
If you’re getting close to retirement and have the ability to supercharge your savings, here are the IRS contribution limits for 2025:
401(k)
$23,500 if you’re under 50
$31,000 if you’re 50+
$34,750 if you’re ages 60–63
IRA
$7,000 if you’re under 50
$8,000 if you’re 50+
Even if you can’t max out your accounts, contribute what you can and one of the best ways to boost your retirement savings is to take full advantage of your employer’s 401(k) match, if one is offered. That’s essentially free money and it can make a significant difference over time.
Also, if you receive extra income throughout the year, such as a bonus, tax refund, gift or even a small inheritance — consider putting some or all of that money toward your retirement accounts. These one-time windfalls are excellent opportunities to close the gap without adjusting your monthly budget.
The bottom line? Don't let perfection keep you from progress. Even small, regular contributions, especially when paired with a smart savings strategy, can grow into something powerful over time.
Getting Retirement-Ready, One Step at a Time
There’s no doubt that preparing for retirement comes with a lot to think about, but you don’t have to figure it all out on your own.
At Olive Branch Wealth Management, I help clients across Oklahoma and beyond create personalized retirement strategies that are clear, flexible, and built for real life. Whether you're a few years away or just starting to think seriously about the future, let’s have a conversation.
You can visit www.OBWMLLC.com or give my office a call at (405) 993-6296 to schedule a time to talk. Let’s make sure you’re ready — because retirement should be something you look forward to, not stress over.
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Disclosure:
All content discussed in this article is for informational and educational purposes only and does not constitute financial, legal, tax, or investment advice. Opinions expressed are solely those of Olive Branch Wealth Management, LLC and its staff. The information presented is believed to be from reliable sources; however, Olive Branch Wealth Management, LLC makes no representations as to its accuracy or completeness. This article shall not be construed as an offer to sell or a solicitation to purchase any insurance product in any jurisdiction in which the agent is not licensed. Topics should be discussed with a licensed insurance agent, tax professional, or financial adviser before implementation. Olive Branch Wealth Management, LLC is not affiliated with or endorsed by the Social Security Administration or any government agency.
