In honor of the holiday weekend, a top 10 list for you:
Here are the top 10 things you should know before retiring:
- Wipe Out All Your Debt: Entering retirement debt-free can significantly reduce financial stress.
- Understand Your Social Security Benefits: Know when and how to claim your benefits to maximize your income.
- Assess Your Income Sources and Expenses: Ensure you have a clear picture of your retirement income and how it matches up with your expected expenses.
- Determine a Safe Withdrawal Rate: Figure out how much you can withdraw from your retirement savings each year without running out of money.
- Consider Health Care Costs: Plan for Medicare, Medigap, and other health-related expenses.
- Plan for Long-Term Care: Consider the potential need for long-term care and how you will cover these costs.
- Simplify Your Financial Life: Consolidate accounts and simplify your financial management to make it easier to handle.
- Plan to Retire TO Something, Not FROM Something: Have a plan for how you will spend your time and stay engaged in retirement.
- Understand Tax Implications: Be aware of how your retirement income will be taxed and plan accordingly.
- Stay Informed About Your Investments: Keep track of your investments and adjust them as needed to ensure they align with your retirement goals.
Is there anything specific you’d like to dive deeper into? If so, feel free to reach out, I’m happy to talk.
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