One thing I have learned more than two years to my retirement is to deal with legal and financial matters can be a full-time job. Dealing with medical insurance, apply for social security, monitor your investment, reduce taxes, find the minimum distribution required to update your estate plan, and ended the aspirations of life … yikes!

Fortunately, Kipling is around to help. But I was interested recently when I received an invitation smart money to retire Expo, presented by Edelman financial engine of investment management companies, fund our Alliance for the Future in Washington, DC radio station WMAL, DC It sounds like a good opportunity to ensure I checked the box on the right to see what needs attention. There are so many useful reminder when I Atten of particular interest to people already retired and DED sessions leave.

For example, in the meeting to produce retirement income, based on an observation on the occasion, a jolt. Even if you have, say, $ 1 million in savings, you may have to pay taxes after withdrawal than much less. Part of your Social Security income may also be taxed.

About account for taxes and inflation, Edelman consultants believe that about 5% return on your needs, but the income effect can be generated from traditional investment income at or near historic lows. The answer is: a globally diversified portfolio. “After retirement your first inclination is to become more conservative, so chances are you do not because you have SH as much money in the stock Ould,” company founder Rich Edelman said. “This may be from 30 to 40%, instead of 10%.”

Future shock . If I had to choose a keyword from the discussion of estate planning, it will be the beneficiaries. You say you do not have a relationship, yielding assets, such as insurance and retirement accounts always go to your designated beneficiary. Therefore, make sure that you have named to the named person. If you have, for instance, named the main beneficiaries of life insurance for your adult children, you want your grandchildren to inherit the money, if you are a child should die than you do?

Review of the entire real estate plans, if there has been more than five years, because you see the file. Make sure your digital assets heirs have the password, SUCH for your photos or your e-bookLibrary (make sure you see your spouse’s password). It’s also a good idea to check your medical instructions every few years to account for medical advances.

Would pay in premiums when it comes to long-term care insurance, even if you are over 50, it may make sense to self -insure and save your money. If you decide to purchase coverage, consider a comprehensive policy that will provide death benefits to your heirs if you do not use the money. And couples can purchase, you can use the benefits of the pool by either party.

Has been rising premiums in its policy? This may change by a protective inflation buying fewer features or shorten the period of insurance, to reduce costs, for example. You might be able to use the money to pay long-term care insurance in your health savings account. Whatever you decide, talk about it with your family members, (see obstacles to avoid long-term care claims) If you have a walk in terms of policy.

I feel Xieaideman give advice man in his audience, when asked to select financial adviser: “Let your spouse in mind,” he said. According to statistics, the wife is likely to survive their husbands, so “make sure this is a family affair.”

Change work? You may not know (k) account is available in your 401 to your choice for the money.

People often think that when they leave work, you must leave the money with them. This common misconception is often from financial advisers, brokers and fund companies, all of whom are often incentives to encourage you to your 401 (k) to move to a higher potential cost of issuing individual retirement account.

Fortunately, such behavior is not all financial planners. Many people committed to helping customers take full advantage of their retirement savings. Therefore, it is certain that, when access to information, your 401 (k), you get advice from a financial adviser who acts as a trustee – which means they serve the best interests of (not their own).

Ordinary Thee sconceptions can spend your money

The recent financial engine survey found that many Americans do not know that they may be able to put money in a former employer’s 401 (k) plan. In fact, 35 and 65 years of age, they have a 401 (k) between individuals who leave a job, nearly half (42%) do not know it. So, it is no surprise that many of these surveys also do not know the consequences of their decisions rollover.

That is why it is so important that you understand your options, so you can choose the most suitable for you. The following is provided to you choose when you leave your employer:

Withdrawals, spend cash

Yes, you are allowed to liquidate your 401 (k), but you should not. ” T. in fact, more respondents (34%) of one-third of the t hey did before retirement. younger baby boomers (38%) are most likely to do so, relative to the X generation (39-54 years old) 31% or more of Millennials (35-38 years old) of 36%.

Unless you are faced with a terrible situation, withdraw cash from your 401 (k) It is a bad idea, but only as a last resort should not only take the money – always available to your retirement – you owe income taxes plus a 10% IRS penalty if you are a minor 59½

Roll over the money to the IRA

Some employees to do the “Rollover”- moving money to the IRA. Many financial advisers, brokers and fund companies encourage this option, so they can earn a commission or transaction fee by assets under management. You have to answer the question wheth uh to a rollover IRA is in your best interest. And, sometimes, it is: IRA may provide your 401 (k) you do not provide investment opportunities. And through the transfer of assets to a consultant, you might get what you otherwise would not receive services. Therefore, understanding the costs and benefits, so you can make an informed decision is very important.

Transfer to the new employer’s 401 (k) plan.

Not all employers provide their employees with such a choice, but it is worth considering if not. Consolidated accounts in one place makes it easier to manage your money. If you are satisfied with your new employer’s 401 (k) plan investment choices offered this option is probably the best.

Where it is leaving.

It is often the best option is to ignore the many employees who: leave the money can be in your former employer’s 401 (k) plan. Many plans offer low costs and good investment choices, so consider this option before you act. The greatest benefit of the rest of the former employer’s plan is institutional purchasing power and high-quality planning and design accessible, many leading employers. The result could be potentially much lower costs, which in the long-term increase in the conversion of saving for retirement, and more diverse and higher quality investment options.

Although you may need the old employer, if you leave the 401 (k) to keep track of multiple accounts, and open your current job in a new, benefit is that you can have more savings.

And when you evaluate your options, you will likely find it easier to make the best choice by credible, independent financial consultant. Those financial engine of the survey, nearly 80 percent said they believe that from a financial adviser who is recommended to get the trust is very important.

Bottom line

By the time of departure to understand your retirement savings options, you can be more confident, you can achieve your financial goals.

Planing their retirement has been interesting, because my day job is teaching financial advisor retirement plan. At this planning is done, and the end of my full-time job is on the horizon.

There are three things through my retirement planning process, and I’ve learned.

1. Planning is important – even if the future is not clear

I find that the establishment of a pension plan, we asked people the question is really difficult to answer. You can retire it? You will live? The work is part of the retirement of it? These are all the questions I have struggled, the answer is constantly changing. For me (probably for most busy workers), it is difficult to calculate a lot of this until you really need to retire a second time it enough attention. It must be

The decision addressing the early retirement date is selected. This one has retirement protection, it needs to be carefully considered so much influence. At the same time, you may look forward to retirement – I know me. I look forward to joining my spouse, who has been retired for several years, to try something new, different way of contribution to the world, but just have some unstructured time breathing during the day.

What I did, I would encourage you to do: Take your time, do not let short-term decisions reaction conditions, and carefully made the decision to retire before, to find finance.

So, how would you do, if you do not know exactlŸ know what you will do after retirement, but you need to answer these key questions, in order to complete the planning process? I’ve learned is that you do not need to plan the final answer – , you only need to start somewhere . If you are not sure, then make a guess.

A good start is to assume that your retirement will cost the same before retirement. An easy way to determine how much after-tax income, you need to look at the site is your take-home pay – for most people who live in this kind. Similarly, the choice of your meaningful retirement date, and start planning. You may find numbers of them does not work, you may need to adjust the plan, or you have to make adjustments and changes in circumstances.

Retirement income planning is rarely linear, there are always several adjustments on the road to progress.

2. What it means to risk entirely different retirement

When you retire, this relates to the forefront of the risk is that your resources will not last as long as your retirement yet. This means that decisions need to be at the forefront of this concern. One thing which means that most retirees, although they need to be considered safe investments, they still need to take some of their investment portfolio and investment risk. (A lot of research to see whether the resource will last more than 30 years of retirement period assume the configuration of at least a 50/50 stock / bond.) At the same time, look at your retirement portfolio rise and fall, when you can not use Longer salaried terrible .

One way to deal with is what is commonly referred to as the floor of Use – in such a safe investment or annuity product is used to establish a minimum income and other assets more aggressive investments to cover basic expenses, and portfolio withdrawals to meet the additional expenditure. This is what I’m doing. I am very comfortable in the risk of a portfolio, but I do not have to worry about the intention to pay bills at the end.

The simplest way, I use the building have a pension, social insurance and lifetime income annuity products, while maintaining a diversified portfolio consists of stocks.

3. His plan – by both sides of the brain

Joe Jordan, who talked a lot about behavioral finance, there is an important statement: retirement income plan has appeal to both sides of the brain. What he means is that it’s not only important that the digital work, but the plan has attracted the emotional side of the brain. I have accepted this approach in my own plan – I know I need to feel, I picked a good way – I put to sleep this night test.

Do not underestimate this idea, it’s not just numbers. Respect your sense of security (which involves a happy retirement) is an important number. I know enough about the numbers, know that there are many reasonable ways of working. The plan also means it has insisted it’s a better chance after retirement.

Conclusion

If there is a unifying theme, it all so pre-retirement planning is essential, but it should be personal. And it definitely is a journey, not a destination. So here we go. I’m ready to retire one stage, I look forward to reporting, we look at how it was.

During the holiday season, you might spend more than usual, to buy gifts for family and friends, pay for travel and dining out. But among all the joy, remember that you can also use credit cards to pay back some of their own expenses and softening holiday financial hit.

Cash back credit cards can be used at any time of year, but the festival is a good time to pick a card, we will reward you with cash for the return of the proportion of dollar you spend CreditCards .com industry analyst Ted Rothman said. Card shop that specializes in providing incentives in the fourth quarter shopping, for example, you can get as much time on your gift buying 5%, he said, citing chapter and found it to ASE freedom Visa cash back card.

Cash back card is not as complex as some of the travel rewards cards, Rothman said. The elderly, in fact, tend to cash back cards many young people do, according to a study by the CreditCards.com. “It’s not that hard to get a good deal,” he said.

Of course, it’s ideal for your credit card balance in full each month. If you can not, you may be hit with interest rates as high as 17% ~ 25%, far beyond any cash back earnings. When choosing the best cash back cards give you, carefully compare discount. Think about how you actually spend your money. If your card does not provide consumer of your most frequent category cash back, then your return will not add up to much. “When the selection of suitable Crediton T card, you know, you want something out,” In the CompareCards.com chief industry analyst Matt Schultz said.

Consider cash back card is a “super simple,” Rothman said. Citigroup double cash MasterCard, for example, to -12% of your everything back%, ​​and 1% when you buy, when you pay off, and no annual fee. Alternatively, you can juggle multiple cards may provide specific categories, such as catering or tourism, but get everything back to 2 per cent higher pay less complex, still an attractive return.

Can not find your card

Beginning through the website, such as CreditCards.com, CompareCards.com, Bankrate.com and point review of GuyCredit card information.

There are some outstanding when it comes to cash back cards to consider. To Do uble cash card like Citigroup, Fidelity’s Visa Signature bonus payment of 2% flat on all purchases. Please note that you must deposit your card incentives for Fidelity account, such as your IRA or 529 college savings accounts.

PayPal online payment is increasingly accepted, and many brick and mortar stores, and everywhere use Paypal MasterCard to pay a 2% cash back, Rothman said. The capital of a mercury visas to everything you 1.5% cash back. If you usually during the holidays, when dining out, you can add to your shopping and enjoy the company Capital One MasterCard reward incentives. You can earn 4% in restaurants, and $ 95 annual fee the first year was abandoned.

Find registration bonus, if you do a lot of holiday shopping, it may be very easy trap. Chase Free DOM, for example, offer signup bonus of $ 150, if you spend $ 500 within 90 days. “A lot of this comes down to just maximize the money you would spend anyway,” Rothman said.

Regardless of card you choose, be sure to carefully read the fine print. This finding it card, for example, cash back when you buy online at Walmart.com, rather than if you buy from Wal-Mart Stores, Rothman said. Other cards may only waive the annual fee the first year, or restricted cash back.

Pcking a big trip? Do not forget travel insurance. It can protect you if unforeseen circumstances force you to cancel or interrupt the trip, or if you are sick, and on the road.

John Murtagh said retirement, medical insurance for his travel insurance is an important reason earlier this year. He knows that Medicare will not begin before the offer from Miami to Southampton, England two weeks to sail as we covered in May, in addition, 66-year-old bought it from the design of a WaveCare Berkshire Travel Cruises Travel Insurance protection about $ 500. “I travel a lot,” Murtagh said. “It is essential coverage.”

In order to maximize the benefits of travel policy, “the number one thing to remember is to buy travel insurance Carol Mueller, Berkshire tourism after the vice president of security do down payment “of the trip. After the first payment within 14 days of purchase of insurance typically range ensures that you will get the existing condition coverage, experts say, and reduce not covered, if it starts before the hurricane, terrorist attack or other disaster ruins your stroke risk.

Policy premium depends on the age and the time and cost of travel of tourists. “You have to pay anything in advance, or reclaim,” InsureMyTrip.com Eli Gavan insurance products, analysts say. If you have a $ 1,200 non-refundable transportation costs and hotel reservations for the refund of $ 2,000, to buy coverage only for transportation costs. In general, Gavin said, is willing to buy electronic health premiums rose 4% to 10% of the running costs of the trip.

Selection policy

You can sites such as InsureMyTrip.com or SquareMouth.com, allowing you to compare multiple carriers of policy features and prices policy shop. “A higher price tag does not mean more benefits or better service,” Jenna Hummer, director of public relations for SquareMouth said.

You can buy a separate health insurance, but in many cases, it makes sense to buy, including trip cancellation, trip interruption and comprehensive health care policy. Let you cancel for any reason to give you maximum flexibility, but also the higher cost of the policy. It should be weighed against the cost of frequent flyer with the way policyThe annual travel policy. “You buy it once, and have to cover all trips T ravel you may face an emergency situation within a year,” said Daniel Durazo, Allianz is the market and communications director, said the US partners. Allianz provides for the $ 135 annual policy.

Whether you have private health insurance or medical insurance, check to see if the insurance will cover you in your journey, especially if you lead overseas. Traditional Medicare does not usually include medical care outside the United States and its territories. But some Medigap supplemental insurance plans provide coverage for emergency medical services abroad. Medicare Advantage beneficiaries may experience coverage problems, and plan to study abroad in the US advantage, and even tourism generally have a limited network of services, and travel outside the local area network can be thrown out, making the need to be careful COStlier.

Ensure that your travel schedule activities are not excluded. Active boomers rock climbing or heli-skiing vacation seeking thrills can buy the specific introduction of these more dangerous activity travel insurance. Berkshire Travel Protection offers a movement called for active travelers AdrenalineCare policy, SquareMouth.com recently launched the “Adventure and Sports Travel Insurance” section allows you to search for specific strategies and effective.

You can also buy travel insurance for cruise ships, as Murtagh as moving. Such a policy might come in handy, port range of doctors miss the boat if you call or need medical treatment beyond the ship. Before buying strategies, checking medical evacuation coverage. UT uncovered it, you might hook tens of thousands of dollars in transportation costs, if you want to fly to the nearest hospital or home because of medical emergencies.

What is the status of the financial situation of the social security system? And to support what may be the best way for future generations of the program? Actuarial estimates and analysis with the Social Security Administration’s chief actuary Stephen Gauss is responsible for production, we can help answer these questions. In this lightly edited conversation with a senior editor Eleanor Laise, Goss reflects his 46 years of social security and old-age and survivors ‘insurance discussion (OASI) Trust Fund, which pay pensions and survivors’ benefits and disability insurance reimbursement capacity (DI) Trust Fund, which pay disability benefits. (This is a legally independent entity, but the Social Security trustees see an imaginary joint trust fund, to assess the overall stability of the program’s official FINAN.)

According to the latest trustee report, the Social Security trust fund the OASI and DI Trust Fund hypothetical combination will be exhausted in 2035, scheduled earnings at this point, they will be able to pay only 80%. What are the main factor driving the depletion of the trust fund is? This is mainly due to demographic changes, we are moving towards spending more speed than we take in. In the baby boom, the birth rate over a lifetime per woman 3.3 children. In 1965, shortly after we dropped to an average of two children per woman, which is a big change.

Low birth rate of change in population age distribution. Back in the day, we have three children of a couple, and now we have two children each control ibuting a retired couple. Both the children’s work will have to pay more to cover the two parents or both parents receive less income. This is what we face Yes.

Because of declining birth rate in the future, we need to reduce or 20-25%, or one-third increase in the magnitude of welfare income by 2035, if not, there are still a lot more children .

Next year, for the first time since 1982, the total social security costs will exceed the total income, and the program must start to draw down assets, salary and benefits. What is the current and future beneficiaries should be concerned about this? This is not an accident. In the past few years, IWe are expected to occur sooner this little turning point. But the economy has been relatively atively good, and our disability applications have declined significantly, and therefore, we regard the cost of disability is much less.

Trust fund is explicitly to provide a buffer. The purpose of the reserve of the Trust Fund in the cost of the program exceeds the revenue to pay for our time. The program has been around since 1940, monthly subsidy paid Social Security has never missed a payment, never reached a point where it can not run out of reserves and timely payment of full benefits. One of the six Americans, in any month, receive social security benefit. If all this is to reduce from 20%, there will be a lot of unhappy people. Congress understand this.

The last time this happened, in the early 1980s, the bipartisan National Commission on the reform of the social security system was established to address this issue. Do you think the question today is how enough attention in Washington? This is clearly get enough attention. Now before Congress by Rep. Larsen d-CT, recommended that the current Chairman of the House Subcommittee on Social Security fund-raising. He has a lot of sponsors omnibus bill. Earlier, former Texas Rep. Sam Johnson had a comprehensive bill in Congress. They took a very different approach. Rep. Larsen will bring more revenue to a large extent. Sam Johnson will reduce the level of benefits. History shows that when we have comprehensive legislation, there will be a compromise. This is just one congressional they get to decide now is the problem of time. We ho PE office to do our actuaries service. If Congress who put forward a proposal comes, we work with their estimates.

Social Security disability application you mentioned decline. Can you tell us what does that mean? It is quite remarkable. The number of people apply for Social Security disability rises to just over two million, the year 2010, we understand that this number is to have a bad push economic recession high. Any of us would have done. If you lose your job and think you might have to determine the damage on a medicine, you have to apply.

In 2018 and 2019, our total disability application will be less than 1.4 million per year. That is the biggest driver of economic change in the nature of our work. We’vË moving from high-riskPhysical jobs in the service economy jobs and work in the production of which workers to monitor the machine to do the production. We bodily injury to someone and hurt a lot less risk than in the past.

At the latest trustee report, we trust fund is projected salary and benefits of full and timely solvent for the disability insurance until 2052 DI two funds are to be healthy at this moment.

Whom you are about to retire, would like to request your Social Security benefits as soon as possible, because they fear future cuts in benefits what people say? is not worried about how, after writing your congressman, and a letter saying, “Let’s get this in.” Remember, a crease in the normal retirement age enacted in 1983, but normal retirement Age age, did not even start to rise until 17 years later, in 2000, was not even affected by someone older than 46 years of age. There are rare cases, people want the law change will have a negative impact on the interests of the people about to retire.

What is reality achieved in the short term, the most effective measures to support the social security? changes may be immediately issued regulations, will not enter the implementation until 2035, but what if we enacted changes are now either start generating more revenue earlier than 2035 or from what is now planning to reduce the level of benefits? There is a chance, if we set some things to raise taxes as Chairman Larson will. You can apply to have good people before 2035, more people have to pay additional taxes. Sooner or later there is a clear change of its promulgation, and let them early and effective an advantage, because it means that no matter involved more offspring.

Obviously, we paid for the accuracy of your predictions. 2015 paper, researchers at Harvard and Dartmouth that since 2000, the forecast of social security systems tend to imply that the program was a better financial situation than is really the case, in part because the life expectancy of retirees underestimated. What is your forecast accuracy you say? We’ll try to predict what happened in the future, we never refer to predict their occurrence. We worked out a set of assumptions, and these assumptions, made a prediction of what happened. We tend to develop a good path to the center of what is most looking forward toAssumptions on. In the real world, things are not sports center on a good track. We have not banned the economic cycle yet, sometimes we entered a recession, as we did at the end of 2007, sometimes we have a recovery that was stronger than expected, we also have. Therefore, we do have volatility and fluctuations, we do not cast among us assume that those fluctuations.

Since about 2011 – 2012 has been demonstrated

It is consistent with our forecast of the pessimistic side, because experience economic and programs than we had expected. We hope that these projections will be not just the first two or three years of the projection will happen on the basis of what happens, but in the longer term assessment.

Your Social Security Administration is now working for 46 years. Are you still learning new things about the social security system? one that is in my office, “any day, when you do not learn two new things a go is a terrible day.” And I do not have this in 46 years, many terrible day. After that, we finally trustee report, we talk about the area and we will pretend you a question: Do you have insight as to why the decline in disability application? We hear of jobs, not only the nature of change, but from the Regional Commissioner, there has been compliance with Amir bill icans increase the sense of people with disabilities. More and more employers to provide accommodation at work. Given the level of impairment will be excluded workers from the past to find a job, there are more jobs, let them stay in employment. This is a wonderful way throughout the story.

Have you ever had a nagging feeling, a lot more to retirement than your financial professional to provide?

Maybe you hear on the radio or seen someone recommend a Sunday morning TV show to retire. Or maybe you attend a free retirement seminar at a local restaurant or see an article on the Internet. And now there’s this alarming problem, check around your brain: Why does not my advisers have been talking about any of this stuff with me?

Concerns may include maximizing social security, choosing the right health insurance plan if you get sick or something, when you die your family will experience how to do it. And, most significantly, make sure that your money at least as long as you continue.

If your financial professionals have not touched on THESE and other related topics, the answer is simple: you may not work with someone who is retired experts. Although your advisor may have to make your great work, retired , you will need different types of assistance, so you through retirement .

Your retirement plan will be required to pay

If you are in or close to retirement, you should seek recommendations:

• Transitional investment. Yes, you will still need help investment. There is no shocking. But in retirement, keep in mind, rather than put money into your account, you will want to take out. If you do not adjust their investment style, in order to better protect your nest egg – giant ocean VATION shift from accumulation to preser – a bad year, the market could mean a devastating loss, which will affect your retirement rest of life. If you are 5-10 years from retirement, your advisor should re-evaluate your risk tolerance and reduce vulnerability to market fluctuations.
• Create a written plan of income. you will have to produce their own retirement salary, which means together, as long as you do it, and continued throughout the growing period of stable income. This ratio is all out to grow a very different target, it may take a different set of tools. You may find, together with the social security and pension insurance products need to be pre-you needMeasured in revenue. Trust is a retired consultant who can help you compare those STrategies and products in an objective manner.
• The efficiency of tax on. taxes can be one of the greatest threats to your nest egg – especially if you made a tax deferred account preservation (of a 401 (k), IRA, 403 (B), etc.) is a good job. You may have to plan after you retire had a tremendous impact future financial obligations. Do not confuse tax planning (It’s all about reducing the cost of the tax year) and tax planning (which can help you to hold their own hard-earned money year after year). You should fully understand the tax consultant, tax brackets, social security taxes, how to take the necessary minimum distribution (RMD to), and so on.
• Medical expenses, you may need to prepare long-term care. When you retire, you may lose your health benefits provided by employers. If you retire, you put before 65, you need to figure out coverage until you are eligible for Medicare. When you enjoy Medicare, you will need help again, to assess how the various plans to the maximum to meet your needs. Retirement consultant should also guarantee long-term care options, including annuities and insurance policies and long-term care rider, it can help those who do not belong to the Medicare payment proficient.
• Protect your estate. Most people want their assets distributed to their loved ones quickly, easily and privately they go after. They would rather leave the IRS less the better. Retirement consultant should inform Abu regressed wills, trusts and impact of the pros and cons of your property and beneficiaries and other policies.

Your financial professional is qualified for the job?

How can you judge who is handling your financial situation people are retired experts? It is not always easy. If you ask a consultant if he or she can work with you on the issues listed above, you may hear “Sure.”

With that in mind, here are questions that can help determine the people the technical level:

• • Can you tell me a copy of a written retirement income plan? (If the offer is limited to the investment account every year to take the money example, you may not care and retirementQ work. )
  • Helping others copy your customers use when you manage accounts and annuities, if it is to what extent? (If the advisor said, “No, I have never used an annuity,” you’ll know that he or she is not a retirement consultant like them or hate them, do not generate revenue, as well as annuities. They are not for everyone, but they are many of the retirees.)
  • Can you share some of my IRA exit strategy? (If you experience consultant and “bracket management” is limited to predict the NCAA tournament, you can a ticking time bomb after tax retirement find themselves. A retirement expert should be able to provide strategies to help control your income and income tax.)

how long we will be dedicated to tax planning to meet? (If someone tells you, “We have our recommended list of registered accountants,” you might want to consider looking elsewhere. Tax planning should be a by your advisor, led the annual event.)

• How will you protect my family the cost of long-term care? (Similarly, if the answer is the person who sent you outside the office, “specifically in this regard,” you may not get what you need comprehensive planning.)

The biggest red flag, of course, you will have to ask in the first place retirement planning strategy. If you have a real professional job, you do not have to ask these questions; the consultant will discuss these issues early and often throughout the planning process.

Therefore, perhaps the most important question is this:

Your retirement may be more than 20-30 years of unemployment. Do you want to worry about whether it will get all the recommendations you need to do?  

BEV Bachel, 62, the size of an attempt to retire. Over the years, Bachel, a free communications professional in Minneapolis, assumed the high demand, usually lasts more than a year of contract work. She took a long time, often managed by other writers, had available on the spot.

“A friend of mine said that when you are self-employed, you never really retire just after you wake up and realize that all the customers are gone,” she said. . “I thought, Oh, my God, I need to exert control, rather than experiencing a slow down to nothing of.”

Then, two years ago, Bachel decided to cut large projects, travel extensively, including a long journey Minnesota Panama during the winter and the work undertaken anywhere she can do, any time.

She also watched her savings to reduce, rather than increase. “I have 40 years of ingrained patterns and be rewarded compared to save money,” she said. “Now I have to make a change idea.”

How to do it right

Idea whether through retirement test drive in a potential reduction of cost of living, for several weeks retirement destination or hang at home a week without meaningful work a lot of people. But this is not easy.

“Retirement test drive to get more attention than it did with the client reporters,” Mari Adam, president of Adam Financial Associates in Boca Raton, Florida, said: “I have someone do it bit by bit. ”

A couple with two incomes classic way is to try to start a full count on a retirement iNCOME, Adam said. She suggested they practice living in the money. “People are ready to retire often do not know their real flowers,” Adam said. “They did some in their heads.” Figure out what you will have in the future a reality, going out, including social security and pension or retirement account withdrawals.

The past two years, Fritz Gilbert and his wife, Jackie, live in their incomes are expected to retire. Gilbert retired from his young side 55 of the work is global commodities trader in a Atlanta. Jackie never worked outside the house, before adding their daughter, her mother, who from AlzheimerFarmer’s disease suffer care.

“We have increased our savings, basically let our net take-home pay is expected to drop to our retirement,” Gilbert, who wrote the Declaration of retirement blog said. And retired the previous year, the couple decided to “track every penny we spend to obtain baseline consumption level,” he said. “We’ve never done that before, this is a pain.”

Gilbert, who said he may be more far-sighted than most, has developed the best possible what their expenses, from medical to health and travel look like in the next 40 years, increasing year by year.

He and his wife stayed at home to practice for about 10 days. “Everyone is focused on finances. However, once in place, non-financial things, the key is to get it right. The more we can do want to retire gentle side, the better will be our retirement. ”

Retired to rest at home

Qiaokai Xi, managing partner of retired intelligence, retired Princeton, New Jersey coach service, has a number of customers taking a month long holiday week trying to stay home retirement. “You need to slow down,” Casey said. “People must set the correct test drive their expectations.”

The idea is not just plop down on the sofa in front of the television, but began to figure out how to build your life if you are not a full-time job. For example, you should get up? How much time alone there, and how much time to do things with others?

Of course, this is only a week. But at that time, some of his clients have realized they want to pursue interests that they currently do not have time, such as audit classes. T hey all and leaves more time to admit you do not work to exercise and take care of themselves. Retirement rehearsal, Casey said, helping his clients to “look forward to from fear.”

Try a new position

If your retirement picture involves a warm place to live or a quiet, first, we do not promise not to leave the area in time event than a few weeks, maybe choose Airbnb, VRBO or other short-term rental.

Terry Feinberg and his wife, Carla Ruigh, this lesson the hard way. Both are 62 years old. Her as a municipal employee from her jobRetirement; he is from a marketing career semi-retirement. They live in Gilroy, Calif., Two and a half acre, while five years ago, they faced a small disaster: the main water lines from their happiness bankruptcy.

“We believe that when we get where we are no longer able or want to keep this attribute what point will happen?” Feinberg said. “We decided that we need to consider an exit strategy.”

He and Ruigh loved the desert, southwest China, so when he came across an ad in Mesquite, Nevada, more than 55 a new retirement community. It seems ideal. They go out and see where the “zero intention of purchasing,” Feinberg said. However, they really like what they see, after a few days, a new house in their quarter-acre of land proud owner.

They rented their new house the first three years, then moved to Mesquite in March 2018, they rented the place of Gilroy. This time, they realize that they should spend a little time desert, do some more research.

“I looked at the historical weather data, but did not go deep enough to how it will affect our way of life,” Feinberg said. “It hit 110 degrees in June and did not drop until late September. Usually, it is not less than 90 nights.”

It is so hot during the day, they had to start riding their own bike and play tennis around 5:00 in the evening it was too hot, with their beautiful patio or terrace.

To find health care, too

The couple also worry about their health care. Their HMO recently changed the rules after they can no longer use it, they moved to Nevada. In addition, they began to care about the shortage of doctors in the community and lack of access to Mesquite, if they need professional care.

So they put on their new home market, reached an agreement with their tenants Gilroy, they moved out and moved back to California. Finally, they came to a financial penalty, Feinberg said. But psychologically, the mobile effort paid the price. They have no plans to move again in the near future.

“If I want someone to make a significant geographic initiatives to make recommendations, which will be temporary to do this, if availableCan, then you can really understand it’s like to live here, “he said.” Prior experience is completely pulled root of weather and lifestyle. “