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Countdown to Retirement

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Title: Countdown to Retirement


1
Retirement Insurance
2
Countdown to Retirement
3
Introduction
s your retirement approaches, you're bound to
have concerns about the changes ahead. Why not
put your mind at ease by taking steps to take
charge of your new financial reality? In addition
to working with a financial advisor to manage
your financial affairs, be proactive with the
tasks that are within your control to help make a
smooth transition to retirement. Here are three
recommended activities to complete over the
course of the year leading up to your last day in
the workforce Your retirement spending habits
will go a long way toward determining whether you
have enough to be comfortable for years to come,
and your lifestyle after you leave the workforce
should be in line with your retirement income.
Pull out your calculator and carefully list your
projected expenses. Identify predictable,
recurring costs for housing, utilities, food and
other necessities. Factor in fun money and plan
for the unexpected as well. Consider "practicing"
retirement by following your projected retirement
budget for several months and make adjustments as
needed. It's typically most realistic to assume
your essential and discretionary expenses won't
change drastically in retirement.
4
Make a date with Social Security. If you want
your Social Security benefits to kick in right
away, plan accordingly. The Social Security
Administration suggests that you apply for your
benefits three months before you wish to begin
receiving them. This includes your Medicare
benefits, which will influence your healthcare
costs. Do some research and meet with your
financial professional to understand how your
retirement age will affect the benefits you will
receive so that you may make an informed
decision. Also consider how your Social Security
check may be impacted by other income, taxes and
a working or nonworking spouse. Remember that, in
most circumstances, it makes sense to wait until
age 70 to draw benefits. Rebalance your
investments. Evaluate your asset allocation and
rebalance your portfolio if you wish to reduce
risk and preserve capital. Depending upon your
goals and your comfort with potential volatility,
you may want to divest of high-risk stocks and
divert assets to more secure, slow-growing
investment vehicles. Liquidity can be more
important in retirement, so consider moving your
money into more liquid savings. Work closely with
your financial professional to determine your
risk tolerance and to discuss what's right for
your personal financial goals and situation.
5
Start on track to stay on track. Begin your
retirement with the smart habit of carefully
monitoring your spending and income. Thanks to
electronic banking, investing and bill paying,
it's easier than ever to keep tabs on your
dollars. Most banks offer online banking with
budgeting tools that can help you see where your
monthly expenditures go at a glance. Update
your will and insurances. Now that your life
circumstances have changed, revisit your will and
insurance policies. Are your beneficiaries
current across these contracts? Is your will
complete? You may find that the type and amounts
of insurance you've had are different from what
you now need. For example, if you've retired from
a high-risk job, you may be able to reduce or
eliminate excess accidental death insurance. At
the same time, you may decide to purchase a
Medicare supplement plan, long-term care
insurance or even burial insurance.
6
Enjoy the retirement you've earned. Don't wait to
get started on this exciting new phase of life.
While retirement means your days are free, your
calendar should never be empty. Now that you have
more free time, follow through on your plans to
reconnect with old friends, try a new hobby, join
a club, volunteer, travel or do whatever it is
you enjoy. Maintaining a full schedule of
activities will help you stay mentally and
physically alert for a more rewarding retirement.
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