Do These 5 Things Before You Retire if You’ve Saved Over $1 Million
You have built an incredible career. You have worked long shifts, held it together in high-stress rooms, and poured yourself into your patients. Now, you are likely wondering: When can I get my life back?
Many CRNAs hit the $1 million savings mark and assume that means they are automatically ready to retire.
While $1 million CAN open the door to new opportunities, it also brings new dangers. Retiring well isn’t just about the balance in your accounts. It is about timing, flexibility, and protecting yourself from the hidden risks that show up in the final decade before retirement.
Here are five powerful moves you should make before you retire if you have saved over $1 million.
Step One: Run Your Retirement Numbers Early
Most people don’t run their retirement numbers until they are emotionally done (exhausted, frustrated, and ready to walk out). But if you have saved a million dollars, you are in the “fine-tuning” stage. This is where small decisions create large outcomes.
You need to account for the Sequence of Returns Risk (SORR). Two retirees with the exact same portfolio can have completely different results based solely on the year they leave work.
For example, a retiree who left work in 2000 with $1.5 million and withdrew 5% a year ran out of money in 16 years. Another retiree who started in 2010 with the same amount and same plan ended the decade wealthier than when they started.
Running your numbers early allows you to stress-test your plan against bad market timing so you can retire with confidence, not hope.
Step Two: Build a Brokerage Account for Flexibility
CRNAs are excellent savers, but often in the wrong buckets. Most of your wealth likely sits in pre-tax 401(k)s or 403(b)s. While powerful, these accounts generally lock up your money until age 59½.
If you want to retire at 55 or 56, a taxable brokerage account becomes your “Freedom Account.”
It bridges the gap between when you stop working and when you can access retirement funds without penalty. This account allows you to control your tax bracket, avoid early withdrawal penalties, and potentially retire years earlier than you thought possible.
Step Three: Lock in Liquidity Before You Retire
Once you stop earning W2 income, you may look wealthy on paper, but to a bank, you look “income-less.”
Banks care about predictable income, not just net worth. If you wait until after you retire to open a Home Equity Line of Credit (HELOC), you may not qualify.
We recommend locking in liquidity while you are still working. You don’t necessarily need to use the debt, but having a HELOC available gives you options. If the market drops 20% right after you retire and your roof leaks, you can draw from the line of credit rather than selling your investments at a loss.
Step Four: Tackle Big Expenses Now
The first ten years of retirement are often called the “Fragile Decade.” Your portfolio is most at risk from market volatility and early spending during this time.
Do not retire with big expenses looming.
If you need a new roof, a new car, updated flooring, or major dental work, handle it while you still have your W2 income. Tackling these expenses now gives your retirement plan breathing room. Your retirement should feel like freedom, not a time to catch up on postponed maintenance.
Step Five: Guard Against Lifestyle Inflation
Retiring often feels like the biggest exhale of your life. That relief can lead to spending more freely than expected—a little upgrade here, a bigger trip there.
Your early retirement years, or “go-go years,” are naturally your most expensive. You have energy, freedom, and time. But without guardrails, lifestyle inflation can drain your portfolio too quickly.
You don’t need to restrict your life; you need to design it. Create intentional spending guardrails, such as travel buckets or caps on discretionary spending. Freedom comes not from saying “no,” but from saying “yes” with intention.
Retirement Planning for CRNAs: Take Care of Your Future Self
You have spent your entire career taking care of everyone else (your team, your patients, and your family). It’s time to take steps towards setting your future self up for success. A financial advisor can provide insight and clarity for your situation.
Ready to see how Oak Capital Advisors can help? Schedule a meeting.
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