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Its all about the details. Work with your employer to clarify the details of your benefits and the decisions that you need to make, including your payout options. Keep in mind that some decisions are irrevocable, and cannot be changed once you have retired.
Review your budget. By this time you should have a detailed plan of your estimated expenses in retirement. They will determine your lifestyle. Be sure to factor in inflation. You may find that the lifestyle you want will cost more than you expect. You may need to consider working part-time in retirement, reducing expenses, or postponing your retirement date to meet your goals.
Understand your income stream(s). Have your income strategy in place to cover your expenses in retirement.
Know what your Social Security payments and pension and survivor benefits will be.
Revisit your asset allocation. Check the asset allocation of all savings and investment accounts you expect to use to generate retirement income. Workers nearing retirement who are still investing in a 401k or IRA may want to consider maintaining a diversified portfolio with a mix of investments.
Reexamine long-term care and health care coverage as it can have a devastating impact on your retirement income plan.
Create your retirement "paycheck." Finalize your withdrawal strategy and how much income will be drawn down from assets each month to cover your expenses.
Determine which sources you will withdraw from first for retirement income. For most individuals entering retirement, it is best to withdraw from taxable accounts first and keep tax-deferred accounts growing.