Meet with a financial advisor to determine the best way to start spending your retirement savings.
Things like life expectancy, lifestyle, health, available retirement resources (taxable and tax-free),
and what you plan to leave to family members should all be considered before final recommendations
Make a budget based on how much you have to spend. Be sure to set aside two to three years worth of
living expenses in a reserve account for unexpected situations.
If applying for social security benefits, apply at least three months before you'd like to receive
your first payment.
Continue investing at least a portion of your retirement savings. You'll most likely want to invest
very conservatively to ensure longevity of funds.
Analyze your health insurance options, and apply for Medicare before your 65th birthday, even if you
don't think you'll need it. If you wait until you're older, premiums could cost considerably more.
Update your will, powers of attorney, and beneficiary information on all necessary accounts and
If you haven't already done so, document your contact information, account numbers, beneficiaries,
and passwords on all insurance policies, financial/investment accounts, retirement plans, mortgages,
etc, in one central notebook or binder. Keep this document in a safe place, like a fire-proof box or
safe deposit box. If you
have a safe deposit box, be sure the key to the box and any information necessary to open it are
safe, yet readily accessible to your beneficiaries.
Prepare or refine your estate plan.
Consider making funeral arrangements. This is a topic many people would like to avoid, especially as
they begin a new chapter in their lives. However, it's important, and getting it over with now will
leave you with peace of mind for the rest of your life and will make life much more bearable for
your surviving family and friends whenever the time comes.