This is based on an article “10 Retirement Resolutions for 2016” in December 2015 by Emily Brandon in US News and World Report.
1. Consider how long you (and your spouse) expect to live after retirement. If you have a long life expectancy, you can likely afford riskier investments. You should plan based on different scenarios.
2. Don’t be afraid to get rid of a losing investment. Getting rid of one investment gives you available funds to buy something else that may do better.
3. Have a contingency plan. Things aren’t always what we plan. You may be forced into early retirement or have unexpected financial needs.
4. Pay off as much debt as you can. When the unexpected happens or you retire and have a fixed income, you don’t want the burden of a mortgage payment.
5. When making investments, take the advice of someone you trust. You may not want an investment advisor that’s actions are based on how much he or she is earning.
6. Pay attention. Set up an account on www.ssa.gov/myacount to view your historical earnings and estimated benefits on various situations.
7. Don’t forget health insurance. Medical costs for the uninsured are extraordinarily high. Make sure you always have coverage. You can sign up for Medicare beginning three months before your 65th birthday.
8. Delaying retirement. If you are healthy and continue working, you will have more current income, keep adding to your 401(k) account and increase your social security earnings.