September 2, 2013
5 Considerations for Retirement Planning
Before you retire, consider the following key details.
Even when couples can afford to retire at the same time, it may not be in their best interest.
Before you retire, make sure you still agree on a few key details. Ask yourselves where you'll retire. Should you downsize, sell the house or move to an area with a nicer climate? Will you live in a retirement community? Open a side business for extra cash?
Also, make sure you can afford healthcare premiums after retirement and that you've saved enough money to cover living expenses. Social Security has a helpful Retirement Income Estimator at ssa.gov.
Some couples only live on one salary as an experiment and others hire a financial planner to create an investment and savings plan.
Bottom line: Make sure you and your spouse are on the same page before retiring.
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