What should I be considering when I am retiring?

As you approach retirement, there are several important factors to evaluate and decisions to make. The following topics outline the essential considerations for planning a successful and secure retirement:

• The Retirement Landscape: Understanding the overall environment in which you will retire is crucial. This includes the current economic climate, potential changes to retirement policies, and the state of healthcare and housing. These factors can influence your financial security and lifestyle in retirement.
• Your Retirement Equation: Assessing your retirement equation involves evaluating your income sources, expenses, and savings. It’s important to balance your expected income with your anticipated spending over the course of your retirement years.
• Social Security Timing Tradeoffs: Deciding when to begin receiving Social Security benefits is a key consideration. The timing of your claim can affect the amount you receive each month, so it’s important to weigh the tradeoffs between claiming benefits earlier or later.
• Maximizing Your Social Security Benefits: To make the most of your Social Security, consider strategies to maximize your benefits. This may include delaying your claim, coordinating benefits with a spouse, or understanding how your work history impacts your payments.
• Retirement Spending and Inflation: Planning for spending in retirement requires anticipating future expenses and accounting for the impact of inflation. Ensuring your savings and income keep pace with rising costs is essential for maintaining your lifestyle throughout retirement.