What to do when retirement is right around corner

If you’re like many people, the majority of your retirement strategy has been putting money in your 401(k) or IRA and maybe doing a little forecasting. But what aboutwhen you’re almost ready to retire? Here are a few top-of-mind things to address. When it comes to organizing your healthcare right before you retire, it’s also critical to have a thorough understanding of Medicare, because there are plenty of options and nuances. Part A, Part B, C, D….on top of supplemental options. It can be overwhelming. Healthcare, especially Medicare, is a reason to meet with an experienced financial services professional. Another thing to make sure you’re considering before you retire is inflation. You want to make sure to factor inflation into your savings and income goal to ensure your money is working just as hard for you 10 years into your retirement as it was on the day you retired. Like it or not, inflation is a normal piece of the economic cycle – just be sure to account for it in your budget. Finally, it’s no secret that Social Security is an essential part of retirement for millions of Americans. Therefore, it’s important to understand what you’re likely to receive, when you should file, and ways to maximize your retirement benefits. Your benefits, spousal options, and last but not least, survivorship benefits should all be considered when contemplating how and when to elect your benefits. The Social Security formula used to tabulate your monthly check considers your 35 highest-earning years. That means if you’re currently earning more than you ever have, and you like your job, you may want to consider working for another year or two to drive up your eventual Social Security payment. Visit SSA.gov to see your options. There are many factors to consider before making the leap into retirement. A financial services professional can help you. But most of all — congratulations! You have worked for years to reach this moment. Enjoy it.