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Ready to Retire? 7 Things You Need to Do Now

May 31, 2013

You’ve worked hard over many years and finally your retirement finish line is 3-to-6 months away.


But don’t start exhaling just yet—there’s still plenty of race left to run. Before you take one of the biggest steps of your life, make sure you read this list to understand what you need to do and why:

1. Do the math.

When you first thought of retirement years back, you probably had a vague idea of what your spending would amount to by the time you actually took this step. But at this point, you should have a much clearer picture of your monthly budget. Be sure to laser in on your fixed expenses as well as on your lifestyle expenses to determine your financial needs.


“Potentially the most important decisions baby boomers make before entering retirement are about income planning. I often recommend waiting to begin drawing Social Security as long as possible—and using 401(k) or other accounts first—to maximize the monthly income,” says Dan White, founder and president of Daniel A. White & Associates, based in Glen Mills, Pennsylvania. “The volatile economy is pointing many toward the value and stability of defined benefit programs, such as Social Security, pensions and annuities, that give retirees piece of mind. Avoiding these decisions until it’s too late can mean worrying about running out of income later in life.”


While you can start taking Social Security benefits at age 62, your payments will be reduced based on the number of months you take those benefits before you reach full retirement age. And if you take a part-time job in retirement, that could reduce your Social Security payments, says Katie Libbe, vice president of consumer insights at Allianz Life.


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Pennsylvania Office

P (610) 358-8942

F (610) 358-8943

Delaware Office

P (302) 449-0111

F (302) 449-1888


51 Woodland Drive
Glen Mills, PA  19342

291A Carter Drive
Middletown, DE 19709



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This material has been prepared for informational and educational purposes only. It is not intended to provide, and should not be relied upon for, accounting, legal, tax or investment advice. Please consult with a professional specializing in these areas regarding the applicability of this information to your situation.

Andrew Wood, Dan Simon and Alison Slezak are Investment Advisor Representatives. Advisory services are offered through CoreCap Advisors, LLC., a Registered Investment Advisor. CoreCap Advisors, LLC and Daniel A. White & Associates, LLC are separate & unaffiliated entities. 

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PA OFFICE: (610) 358-8942
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