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Creating a Retirement Action Plan

Actions Speak Louder Than Words

This article presents optimistic perspectives of specific things to do and when to do them to prepare for retirement. Since everyone is unique, it is recommended to take the information with a grain of salt and consider this a general starting point for formulating your own plan that fits your circumstances and needs.

“If you do what you’ve always done, you’ll get what you’ve always gotten.”
-- Tony Robbins

The concepts presented in this chapter are discussed in greater detail in other chapters in this book or other books in this series.
These are actions you must, need or should do are various ages.

Age 59

Consider rolling your 401(k) into another product that builds value more quickly. This is a perk that the IRS allows, take advantage of it.

Age 62

For most people there should not be any actions when turning 62; however, this is a good time to review your situation and verify that no life events have impacted your situation.
Unless you have a compelling reason to start drawing Social Security before your Full Retirement age, it is best to wait. Starting Social Security early WILL result in reduced payments for life.

Age 65

Failure to sign up for the appropriate Medicare option(s) when you become eligible WILL result in penalties in the future.

Must Do

• Sign up for Medicare Part A (even if you DO have existing insurance)
• Sign up for Medicare Part B (If you DO NOT have existing insurance)
• Sign up for Medicare Part D (If you DO NOT have existing insurance)

Need to Do

• Gather all investment information.

Should Do

• Consider drawing Social Security.

You may be eligible to draw monthly Social Security payments if you are no longer earning wages and require income and these conditions are met.

• Paid into Social Security
• Born before 1960 (otherwise Full Social Security benefits are not available until you are 67)

If you have Pension benefits, rollover options may exist, if so consider the available options. Examples are TRS for those where we employed by school districts, Railroad employees.

Age 67

You should have already signed for the required parts of Medicare. Full Social Security benefits are now available to you.

Age 70

If you are not already taking Social Security, this is a good time to start. Maximum benefits are now available.

Age 73-75 (depending on your birth year)

You may be required to start taking RMDs.

 

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