Summary
If you're starting to think about retirement, here's a checklist to help you think through the key variables. Consider your retirement date. Assess your in-retirement income needs.Quantify and maximize pension and Social Security benefits.Evaluate the appropriateness of annuities.
As valuable as it is to set a goal date for retirement, you may end up deviating from it for one reason or another. Assess your income needs by looking at your expected outlays line item by line item. Quantify and Maximize Pension and Social Security Benefits.
Once you've determined your spending plan, the next step is to structure your portfolio to support it. Long gone are the days when retirees can subsist on the income from their cash and bonds. Today's retirees also need the long-term growth potential from stocks. Most retirees hold their assets in a variety of tax silos.
Medicare adds a new wrinkle to healthcare coverage for retirees. It’s also worthwhile to consider other types of coverage, notably long-term-care insurance. The decision about how to cover long- term-care outlays if they arise is a complicated one.
