Here's what to consider as you think about your retirement: 


At what age do you want to retire? Delaying retirement-even just a few years-provides an opportunity for your nest egg to grow and can make a significant financial difference.


Plan for how do you want to spend your time in retirement. Do you want to travel? Take classes? Devote time to your favorite hobby? Volunteer?

Don't give up if your finances don't support the retirement lifestyle of your dreams. The Frugal Retirement Living website suggest retires consider alternative, less expensive lifestyles, such as living aboard a sailboat or in an RV, relocating overseas, or simply moving into a smaller living space.

Where to Live

Many retirees want to stay in their home as long as possible. With some basic modifications to accommodate potential age-related limitations, this may be feasible. If, instead, you'd rather be free from home maintenance responsibilities, you may want to consider a continuing care retirement community, which provides independent living with onsite, progressive care, should you need it.


Social security. You can begin withdrawing social security at 62; however, payouts increase for each year you delay collecting until age 70.

Long-term care (LTC) insurance. LTC insurance covers some or all of the costs of help when you have difficulty with ADLs (activities of daily living): bathing, dressing, toileting, transferring, incontinence, or eating. It may also help with related activities such as housework or shopping. LTC is relatively expensive. The earlier you enroll, the lower the premiums. Discuss long-term care insurance with your financial planner to see if it makes sense for you.

Your home. Do you want your home to help finance your retirement? A reverse mortgage is a special type of loan that allows homeowners 62 and older to convert a portion of their equity into cash. You do not need to repay it until the home is no longer your primary residence. There are many requirements and limitations on reverse mortgages; talk to your financial planner.

Savings withdrawals. You must determine when you should (and can) begin withdrawing your retirement savings and how much can you spend each year so you do not outlive your money.


Maintaining your health is the key to a happy, fulfilling retirement and should be your number one priority. What steps can you take to improve your chances of staying healthy?



U.S. Department of Housing and Urban Development. "Frequently Asked Questions about HUD's Reverse Mortgages." Web.

Frugal Retirement Living. "What frugal living lifestyle will you choose for retirement?" Web.

Planning for Retirement. "Retirement Lifestyle Planning Helps You Enjoy Life After Retirement!" Web.

AAPR. "Retirement Roadmap." Web.

AARP. "Medicare and You: Getting Started." Web. 1 January 2011.

U.S. News & World Report. "The growing challenge of funding retirement." Web. 1 February 2012.

Brandon, Emily. "The 10 Most Difficult Retirement Decisions." U.S. News & World  Report. Web. 29 August 2011.

U.S. Department of Health and Human Services, Administration on Aging. "Home Modification." Web.