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Planning for retirement involves asking the big questions, such as: How do I protect and grow my savings? Or, do I have enough? Beyond this, however, you have other factors to consider, both financial and non-financial.READ THE ARTICLE
Here are several key areas:
📌 Work: You may benefit from continuing to work part-time to maintain structure, socialization or future employment options.
📌 Activities: Consider how you'll spend your time in retirement. Plan for pursuits that bring joy and fulfillment.
📌 Timing: Coordinating retirement dates with your spouse can enhance your experience and allow for shared activities and travel.
📌 Housing: Think about the crucial aspects of housing decisions, including mortgage status and proximity to family and friends.
📌 Cash flow: Establish a consistent withdrawal plan from your investments to create a "retirement paycheck" for better budgeting.
📌 Taxes: You have more control over your tax bill in retirement, so be intentional with tax planning, including timing Social Security benefits and capital gains realization.
📌 Levers: Plan for potential financial challenges by identifying levers you can use to adjust your financial situation, such as part-time work or a home equity line of credit.
You need a checklist for retirement preparedness that goes beyond the finances, which requires significant planning prior to your retirement date.