From CNN Money, here’s what you should be doing as you get within 5 years of retirement.
- See if you need a course correction.
- Are you on track toward the retirement you had planned? If not, you have time to reconsider.
- Examine health care costs.
- How are your health care costs going to be covered for you and your spouse? This is especially true of your and your spouse are under 65 and not eligible for medicare.
- Plan for LTC — ASAP.
- Long term care costs are becoming an increasingly large concern as people live longer. This may be the time to take out a LTC policy.
- Make plans to get out of the house.
- Do you still need the big house you bought when your kids lived at home? Will you be able to take care if the house and the yard as you get older? Who will take care of it if you begin to travel during retirement?
- Practice your retirement job.
- Want to do some consulting after retirement? Now is the time to begin laying the groundwork.
One major issue that you face as your head into retirement: do you have well thought-out plan? If not, contact a financial planner, if only to get a professional opinion on the plan you developed on your own. A related question is who will help your spouse if you have been making the family investment decisions? If you don’t know, don’t leave it to chance; this is the time to establish a relationship with a trusted advisor.