2. Create a retirement plan.
This might sounds like common sense, but I’m amazed at how many people don’t do this.
Decide what age you plan to retire at and determine how much you will need to save in order to live a comfortable lifestyle once you do retire. This is something you will want to reevaluate throughout the years.
Many times as we age our living standards go up and you will want to make sure you are saving enough to continue your same lifestyle once you retire.
Many people don’t this because they think this takes way too long. Not true.
3. Determine your retirement income.
Look at what sources of income you will have during your retirement. This may include a pension, social security and more.
You’ll have to plan for the unexpected. Sudden medical bills or a drop in the market can significantly affect your retirement income needs.
If you haven’t started drawing social security yet, you’ll want to review your options and verify you’ve selected the best option for you and your spouse. Not taking some time to do some research and contacting your local social security office could cost you thousands.