The 10 commandments of Retirement

Many people have ideas and suggestions on how to “solve” the retirement crisis in America, but at the root of it each person (or couple) should focus on their individual plan. The author lays out 10 commandments for your own retirement:

1. If you believe that your lifestyle can be sustained after you retire, you are probably right on track. If you have your doubts, you may need to cut back on expenses.
2. Keep in mind that Social Security is designed to replace no more than 40% of preretirement income, and this statistic is skewed towards those with a lower income bracket.
3. Have an estate plan that provides for your spouse and dependents that will likely outlive you.
4. Never forget the nonfinancial aspects of your retirement are important, too, such as leisure time and a potential relocation.
5. Put retirement savings above other financial goals such as college and that fancy beach house.
6. Save as much as possible as soon as you can, and you can cut back how much you squirrel away at a later date.

More commandments can be found at the article.

See Richard Quinn, The 10 commandments of Retirement, Market Watch, August 22, 2018.

Special thanks to Jim Hillhouse (Professional Legal Marketing (PLM, Inc.) for bringing this article to my attention.