According to the U.S. Census Bureau, the average marriage lasts about eight years. And, according to Forbes magazine, a typical job lasts about five years. The Social Security Administration reports the average American is retired for more than 20 years.
Based on these statistics, one of the most important decisions of your life is deciding when and where to retire. Do not retire without completing this retirement checklist:
- Decide what you want to do in retirement – define your lifestyle.
- Define your target date for retirement.
- Do you want or need to work?
- Decide where you will live.
- Figure out your health insurance and health care costs.
- Take inventory of your assets.
- Determine from where your retirement income will come.
- Decide when to sign up for Social Security.
- Consider long-term care / assisted living.
- Plan for unexpected expenses.
- Consult and communicate with your spouse.
- Make a plan.