Critter Corner: I Am Nearing Retirement- What to Consider

Dear Angel,

The day I have been dreaming about for most of my adult life is almost here. In fact, at work yesterday, I met with human resources and my boss and started planning for my last days at work. With all this excitement comes some stress. As I near retirement, what are some things I should be considering? I want to make sure I didn’t miss anything.


Sue N. Imoutahere


Dear Sue,

As your retirement date draws closer, you have probably spent some time thinking about how life will change once the day has come. If you are wondering where to begin with this part of your retirement picture, here are a few points that may help you focus:

  1. Review your living expenses: Your living expenses will probably change after you retire. Some areas, such as commuting and dry cleaning costs will decrease, and others such as travel and health care costs may go up. If you haven’t done so, it’s a good time to estimate your monthly budget and revisit it periodically, both before and after retirement.
  2. Consider your income sources: What amount of income will your IRA or employer-sponsored retirement plan provide for you? Do you have a pension? If so, what amount of income is it expected to provide? Does it provide an income stream to your survivor if you die? Social Security income and a strategy for claiming benefits need to be determined. You can obtain an estimate at the Social Security Administration’s website,
  3. Consider health care and long-term care costs: As you age, health care costs often increase. Medicare will cover some of these costs but be prepared to pay deductibles, co-pays and co-insurance. Long-term care expenses may also be part of the picture at some point and can be very expensive. A review of the long-term costs in your area and how to pay for it is a must. It would be prudent to set up an appointment with Mr. Farr to discuss planning for long-term care.

Congrats on your impending retirement. I look forward to seeing you in the office!



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