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People in this stage are usually in their 60s. They have their eye on benefits such as Medicare and Social Security along with other potential sources of income. People can start to become anxious as they know retirement will bring some big change in their lives.

In order to have a smooth transition to retirement, there are certain questions you need to find answers to. You want to be confident that you are ready. It is almost time for the next phase in life! Here are some questions you should be asking yourself:

I need to make sure I have adequate income for the rest of my life. Can I afford to retire?

  • There are many things to consider such as your age, your spending habits, the amount of assets you have accumulated, your debt, and also the sources and amounts of income you have or will have. You have to run the numbers and do some income planning. To find out more, click here: Income Planning.
  • Income planning can help you learn where to pull money from and in what order. Part of that decision lies in the types of accounts you own and how they are taxed. Learn more here: Tax Diversification.

How do I know that I will not run out of money?

  • To get a good idea of whether or not you may run out of money, you must fully understand your numbers. In our blog, #1 Rule of Retirement - Do Not Run Out of Money, we mention the 4% rule of thumb when it comes to withdrawal rates. 
  • So many people do not know how much they really spend. When you apply inflation and other factors, you begin to realize that you probably need a comprehensive plan for retirement. Learn more about the planning process here: Our Process.

When should I start drawing my Social Security?

  • To help you understand your Social Security benefits based on your date of birth and different start dates, we’ve included a chart here: Social Security Timing.
  • The Social Security Administration can give you facts about your Social Security benefits, however they cannot give you recommendations.
  • You need to use a tool to help you understand your unique situation. We demonstrate how we help our clients make this important decision in our video here.