CNN – 5 things to do before you retire

  • Assess savings
    • Consider the yearly % withdraw rate on things like your 401k or other savings. What appears to be a large savings may turn out to be less than what you think when applying standard 3-4% yearly withdraw rates
    • Factor in inflation too
  • Map out retirement budget
    • Track how you currently spend money (pre-retirement)
    • Detail expenses post retirement (health, taxes, etc)
  • Study healthcare costs
    • Look up average costs for seniors (men and woman…they’re different)
    • Factor in long term care and associated insurance
  • Map out strategy for claiming Social Security
    • Benefits calculated based on how much you earn thru your career, age you start to claim
  • Determine what to do with your time
    • All the extra time may seem wonderful at first, but can get very boring
      • Can lead to depression
    • Might also investigate whether to company you work for will allow a conversation from full time to more and more part time

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