In the fifth phase of retirement you need to plan for the inevitable. During this phase we must all deal with the things that we frequently put off: Wills Trusts Durable Power of Attorney for Financial Affairs Advance Directives Durable Power of Attorney for Medical...
The retirement models that we may be familiar with — our parents, already retired coworkers, retired friends — may not work for us. Why? Many of us are the first group to reach retirement and live in retirement as long or longer than we worked. As such we enjoy...
No matter how much time you initially spent putting your financial plan together, make sure you review it annually. Make sure you do it at about the same time each year so you have a comparison without accounting for seasonal fluctuations. Evaluate your progress...
2nd Through 15th Year Once you have transitioned into retirement and gotten accustomed to your retirement spending routine, the issue of how to deal with debt becomes important. First, short-term debt should have been retired, whether it is credit card debt, auto...
Know How Much You Are Spending Most people assume that when they are retired they will spend much less than when they are working-no commuting costs, no lunches out, no office gifts, lower dry cleaning bills, possibly even less cost for clothing. In actuality most...
Phase 2 Approximately six years before retirement, do a reality check as to the amount of money you are likely to need in retirement. First, gather information from your human resources, Social Security and Thrift Savings Plan on the benefits you are entitled to, plus...
