Seniors: How Near Are You to Retirement?

Jan 7th, 2010 | By | Category: Senior Moments Blog

Is 2010 your expected year to retire?  Note we say “expected.”  Plans and expectations have had to undergo revision.  Knowing what the steps are to try to be in the best situation to proceed with retirement is priority one.

Here are a few:

  • Have a clear picture of your investment and income portfolio upon retirement.  Review the rules, some now obsolete, about what your minimum needs are for retirement.  How will your economic condition contribute to  your desired lifestyle?  How realistic are you being about your expense to income ratio? Is your mortgage paid? How is your credit picture? How many pre- retirement expenses will you continue? 
  • What are your plans for retirement?  How do you expect to spend your time?  How is your health and that of your partner?  If planning to travel, have you accounted for the costs and ability to do so?
  • Do you presently own 2 or more vehicles?  Is that expense one you expect to sustain?
  • Are your children (if any) in a position to care for their own needs?  Do you have any one, child, parent, etc., you may be expected to assist in supporting?
  • Are you eligible for social security/medicare upon retirement or will that be delayed until you reach the required age?
  • Are you expecting income from any source other than that generated by your retirement package and plans?
  • Have you created a trust or other plan which will address and protect your assets?
  • Will you continue to live in your present location or do you expect to relocate?  Have you carefully calculated those costs?

These are among the essential retirement issues to address with candor and transparency.  There are many others.  Approaching retirement requires doing your own homework based on your own individual circumstances.    If you are in a partnership, it is absolutely necessary that you take into account the implications of that relationship in your devising your overall retirement strategy.  Cover all the bases, personal, economic, medical, emotional, etc. Leave nothing out.  Be honest and straight forward.  This will enable developing the best program and the most stable situation which will follow you into your  retirement future.

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