If you’re 60, or approaching that milestone, you’ve most likely started to think about retirement. Exciting as that may be, there are many things to consider before setting the official date. Chances are you’ve been working with your Financial Advisor and have been preparing financially for this moment for several years. If you’ve set a date to retire this year, or are seriously considering it, this list is for you! In the realm of Money & Health: · Compile a list of all your retirement accounts, pensions, money markets, brokerage accounts, etc. along with their total values. Work with your Financial Advisor to create the most effective withdrawal strategy, making those hard-earned dollars last as long as possible. · Sign up with the Social Security Administration to figure out what you’ll accrue monthly · Pay off as much of your debt pre-retirement as possible, while remaining liquid. · Consider your Health Insurance options. If you’re 65 or older Medicare will be available, but if you’re younger than that you’ll need to join a spouse or partner’s plan, purchase it through the Affordable Care Act on the open market, or using the federal law COBRA, stay on your current employers plan for up to 18 months (although this can be very expensive!). · Don’t put off Doctor’s visits until you retire. Going back to health insurance, there may be a gap period where you aren’t covered, and it may be much less expensive to use your current employer’s plan. · Ditch the Disability Insurance (it only covers lost income) and decide if you want to keep your life insurance plan; if you and your partner are both retired with enough money in savings and have no dependents, it might not be worth the cost. Don’t neglect your Social & Emotional well-being: · Mentally prepare yourself for ‘The Four Phases of Retirement’: Vacation, Boredom, Figuring Out What You Like to Do (by trial and error), and Finding a Meaningful Purpose. · Make a game plan of how you’ll spend your time. many new retirees find they miss the social emotional element of the workplace, so start doing the hobbies or activities you’ve been planning to do in retirement several months ahead of time – that way not everything will be completely new. · Shift your mindset about aging and retiring; they don’t automatically mean a decline like pop-culture would have us believe. Try thinking “I’m 65 years young!” instead of “I’m 65 years old!” and just watch the positive results this has on you overall! Remember - You do You: · So you’ve made a plan and shifted your mindset from ‘retirement is a decline’, to ‘retirement is just the beginning.’ All this said – go easy on yourself! Give yourself permission to extend that vacation period for as long as you need. Lean into your personality whether it’s a super structured calendar full of activities or just taking your sweet time figuring out how you want your retirement to look, because it’s just that… Yours! · When it comes to making the big announcement at work and to your friends and family – make that work for you too! Obviously, if your employer has a required minimum notice you’ll need to comply, but some retirees feel the need to give much more notice so they can help fill their role. As for family and friends, when you tell them, let them know what your initial plans are so they can’t make plans for you. To read the full article “A Checklist for Retiring in 2025” click here. Do you need help assessing if you’re financially ready to retire? Call our office to schedule a meeting, and we’ll help you decide! (518) 584-2555 | 
