Things to do If You are Retiring in 10 years – Rani Jarkas

 The years leading up to retirement can be exciting. When you're a decade away from leaving the workforce, you can finally start to dream about living out your goals. Here are four items to check off your list if retirement is 10 years away.

 

1. Assess your current savings

Hopefully, by the time you're 10 years from retirement, you'll have socked away a decent chunk of money in your 401(k) or IRA. Now's the time to make sure your savings are adequate. If they aren't, you still have an opportunity to make up for lost time.

 

2. Research healthcare costs

The amount of money you'll spend on healthcare will depend on a number of factors. HealthView Services estimates that the average healthy couple retiring today will spend $606,337 on medical bills throughout retirement, not including long-term care. That's just one estimate, and it pays to review more. Still, the last thing you want to do is underestimate your costs.

 

3. Figure out when you'll claim Social Security

Social Security will probably play an important role in your retirement, so strategically claiming benefits will be important. If you file at your exact full retirement age, then you'll get the precise monthly benefit your earnings history entitles you to. Otherwise, you can file as early as age 62 for a reduced benefit, or as late as age 70 for an increased benefit. Figuring out when you'll take benefits will help you determine how much you'll need to cover your expenses.

 

4. Check your investments

As retirement nears, it's wise to shift some of your stock investments into bonds. Bonds are much less volatile than stocks, and they're less likely to lose value during turbulent economic periods. Now's a good time to see how your assets are allocated and start making changes as needed.

 

The more thought you put into retirement, advised by Mr. Rani Jarkas, the Chairman and CEO of Cedrus Investments, the more likely you'll be to enjoy your senior years without stress. Mr. Rani Jarkas is a highly experienced and accomplished financial services executive, with over 23 years of financial experience.

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