Broker Check

Retirement Transition - Reality Check

3 Years from Retirement:

Retirement is around the corner. Are you ready? This is your opportunity to adjust your plans with a few years left. Also, to confirm that you have your ducks in a row.

Learn the process. Start to familiarize yourself with the general process of transitioning into retirement. Acquaint yourself with the key components of a successful retirement income plan (e.g., budget, asset allocation strategy, withdrawal strategy) and what makes them successful. Know what actions need to be taken, and what resources are available to provide support and guidance. Your employer can be a valuable resource for this information; be sure to seek out any income planning guides and retirement planning seminars offered.

Review your benefits. Understand which benefits you will continue to receive in retirement from your employer, and familiarize yourself with how they will work. Consult with your employer to get answers to any outstanding questions. Be sure to factor in your spouse's benefits as well, where applicable.

Assess future health care needs. Get to know Medicare and how any employer-sponsored health benefits will work with Medicare in retirement. Maximize savings specifically intended to meet future health care costs. 

Understand Social Security. Work with the U.S. Social Security Administration ( to familiarize yourself with how Social Security works, the benefits due to you, and the steps you need to take to activate your payments upon retirement. Determine your optimal age to begin taking payments; you may want to consider delaying the age at which you collect in order to increase your monthly payment. If you decide to retire prior to age 62, you should contact the Social Security Administration to order a revised statement with the new retirement date to determine any changes in your payment.

Actionable Items: 

Review Income plan outline.

What has changed in the last few years that could impact your retirement? 

What goals, wants, needs changed?