Opinion: The 10 commandments of Retirement

Retirement is about you. Taking care of you and your needs, wants, and wishes. Here is a list of 10 “commandments” of how to live in retirement comfortably.

1. Set a sustainable lifestyle.
2. Remember that Social Security is meant to replace no more that 40% of your income.
3. Have an estate plan that provides for your spouse and loved ones in case they outlive you.
4. Never forget the nonfinancial aspects of your retirement are important, too, such as relocation and leisure time.
5. Pay attention to communications and deadlines from financial institutions, Social Security, and your employer.
6. Put retirement savings goals in front of other financial goals.
7. Save as much as possible as soon as possible.
8. Remember that your taxes may remain as they are during retirement.
9. Health care should be placed high on your list of fixed expenses.
10. You want a steady flow of income, so invest in ways that will do just that.

See Richard Quinn, Opinion: The 10 commandments of Retirement, Market Watch, September 12, 2018.

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