- Money and worries about money affect most people as they approach retirement from the workplace. The U.S. Department of Labor estimates that approximately half of private sector employers offer no retirement plan to their workers. Private sector employers with retirement plans increasingly prefer to offer matching contributions to a 401k account rather than a guaranteed pension plan. The Center for Retirement Planning at Boston College estimates that 51 percent of households face not having enough money to fund their retirement. The responsibility to save for retirement rests on your shoulders. You should begin working with a certified financial planner at least 15 to 20 years before retirement to build savings and eliminate debts.
- Retaining your health and energy are essential to experiencing an enjoyable and stimulating retirement. Although no guarantees exist with health and illness, lifestyle choices that include physical exercise will help maintain your ability to engage in activities after you retire. As you age, doctors recommend getting medical tests, such as colonoscopies, mammograms, prostrate screening and bone density exams, to assure early identification of treatable conditions. Maintaining a healthy weight and the right blood pressure, blood sugar and cholesterol levels reduces the risk of having common age-related health problems.
- Because of the amount of time spent in the workplace, social activities often center on work and workplace friendships, which become less accessible after retirement. Counselor Elizabeth Holtzman, formerly of the University of Massachusetts, suggests you think about matters that you care about --- politics, the environment, education, gardening --- and join organizations with like-minded goals. Use the time leading up to your separation from the workplace to build new friendships and affiliations.
- A year before retirement, talk to your financial planner and corporate benefits officer about the amount of Social Security you can expect and the process of taking distributions from your retirement savings. If you choose to retire at 65, consider the possible need for supplemental health care insurance. About one month before you leave the workplace, find out what paperwork needs completion to close out your employment.
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