I’ve been helping people retire successfully for over 35 years, and in that time I’ve learned there are a handful of things people need to be aware of and prepare for in advance to really set themselves up for retirement success.
Failure to plan for cognitive and physical decline in the later years of retirement often creates problems that could have easily been avoided. Fortunately, you can prevent a lot of issues by taking a few simple steps to prepare for this phase of life before you get there.
I often hear rules of thumb that someone my age should save 10-12% of their income to fund their retirement. I don’t doubt that this is a good starting point, but rules of thumb like this simply can’t apply to everyone. But if you can’t trust a rule of thumb like this, how do you know how much to save?
When planning for retirement, people always tend to focus on the financial side. However, financial preparedness is only half the battle when it comes to planning a fulfilling retirement. Equally important, if not even more important, is a plan for how you will spend your time.
Choosing when to claim Social Security is something that can have a material impact on a couple’s lifestyle in retirement. With so many options and trade-offs when claiming, how can people possibly know which one is right for them?
You always maxed out your 401k and contributed to an IRA when possible. Now you are in your 50’s and you think you are ready to retire early. But before you retire you should be aware that there are several challenges facing those who decide to retire early.