Think about how you’ll pay for it.
Now that you’ve thought about life after your career, it’s time to think about how you’ll pay for it all to ensure it lasts as long as you need it to.
- Determine your living expenses and decide if it is a “need” or a “want.” Don’t forget about those minor expenses that can add up.
- Research healthcare costs. Determine which Medicare and long-term care options would work best for you.
- Estimate your income. Coming up short? If so, decide where adjustments are needed to cover this shortfall.
- Manage your cash flow. Consolidate accounts and set up a smart withdrawal strategy while maintaining your emergency fund.
- Reduce or eliminate debt before you retire, especially “bad” debt like credit cards or car loans.