10... 9... 8... Countdown to Retirement

It is extremely important to plan for retirement. If you are age 60 or over, you need to accelerate your preparations.

Hopefully by this time, you have already accumulated savings and/or retirement. If not, be very aggressive in setting aside some emergency funds.

As you count down to retirement, consider some of the following suggestions:

Replace old appliances such as your washer, dryer, refrigerator, dishwasher, hot water heater, etc. Buy quality replacements.

Consider upgrading your family car. Select a car that should give you years of service.

Make repairs to your house.

If you plan to remodel your house before retiring, consider colors and furniture which are timeless rather than trendy.

Check with the local Social Security office for a projection as to the amount of income you can count on.

At least 2 years before retiring, compare prices of supplemental medical insurance. Prices vary, so shop around. (There is a 6-month window after your 65th birthday when insurance companies have to insure you regardless of your health. Don't let this window pass you by.)

In addition to Medicare and supplemental medical insurance, you may want to consider long-term care insurance. The younger you are, the less it costs per month. Of course, you may pay for a longer period of time. (This is an especially good idea if you are not in good health or if you have no immediate family.)

Plan your retirement activities such as hobbies, social interactions, club memberships, or work as a volunteer. Some retirees choose to work part-time.

Track your expenses for at least 2 years in order to set up a working budget for retirement. Include everything from tithes and offerings, food, and clothing to "fun" money for golf, fishing, crafts, etc.

Pay off your credit cards. Keep one major card for emergencies and pay the full amount each month if at all possible.

Remember, the great thing about retirement is that you can do what you want when you want or do nothing at all.

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