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each year you have worked. It also tells you approximately how much Social Security you would receive if you retired at various ages and continued to earn what you are currently earning until that age. This is valuable information and you should make sure you review it each time the statement arrives. If there are any discrepancies between what you have earned and what the statement says you have earned, be sure to contact the Social Security Administration right away.
7 . Include Your Spouse and Your Family When You Make Your Retirement Plans . Your spouse might have different retirement goals in mind and the two of you will need to come to some kind of agree- ment about how those important years will be spent. Your family should also be aware of any long-range plans you have that might affect them. If you plan to spend a year touring the country in an RV, your family will want to know.
8 . Think about How You Will Spend Your Time . You might be thinking about working part-time, volunteering for a favorite cause or organization, traveling to far-off lands, or taking up painting or photography class you’ve always wanted to try. It’s important to think about what you might want to do before your last day at work.
9 . Decide whether You Need Life Insurance . You might not, but you better know for sure before you cancel it. This is especially true if you have a family who would be left with no income or large debts to pay off if you were to die. A life insurance policy can also be used to pay the taxes on retirement funds you leave to your spouse or children.
10 . Consider Long-term Care Insurance . Nobody wants to think about needing special care but as we age, this is a possibility that could wipe out your retirement savings if you are not prepared.
These are just some of the things to think about when you are making your retirement plan. Hopefully they will give you ideas about other things to consider. Your FFEF counselor can help you decide what else
Financial Planning for Retirement 55