Retiring Right

There’s retiring, and then there’s retiring.

It’s a simple (if not easy) enough matter to quit your job and live off your savings. But there’s much more to the equation.

When do you travel? When do you take Social Security? What do you do about getting older?

The closer it gets, the more attention I pay. “It,” in this case, is retirement. In January, I’ll celebrate my 60th birthday. I have no intention of fully retiring, but I am thinking about how to work less, travel more and prep my finances for the years ahead.

Seven Lessons I’m Taking to Heart

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There’s a moment—probably in our 70s—when international travel will simply seem too arduous. On top of that, the risk grows that we may have a medical issue that either derails our plans or necessitates getting medical help abroad.

#1: Travel Early in Retirement

The upshot: Before our 70s are done, we might find we’re less inclined to head abroad and instead our travel focus may turn to trips within the U.S.

Plan for long-term care (LTC), but don’t necessarily buy traditional LTC insurance. James McGlynn has written about his preference for hybrid LTC policies. 

#2: Plan for Long-Term Care

Thinking of self-insuring? If you delay claiming Social Security benefits, you can lock in a healthy stream of regular income that might cover perhaps half of potential nursing home costs.

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