The 10 Commandments of Retirement

Americans are unprepared for retirement, you’ve heard. We tell you here on Retirement News Today all the time. But, that doesn’t mean you have to be like everyone else.

Here are the 10 commandments of retirement from MarketWatch writer Richard Quinn:

1) Set your preretirement style

2) Remember Social Security is only intended to be a minor part of your income. It is designed to replace no more than 40 percent of preretirement income.

3) Have a financial and estate plan in place.

4) Don’t forget the non-financial aspects of your retirement.  If you’re going to relocate plan for that and consider trying it out first.

5) Pay attention to retirement deadlines. Be aware of deadlines with Social Security, Medicare, personal advisers and others.

6) Make retirement savings a priority. Put retirement savings ahead of other goals that aren’t as important, like a vacation home.

7) Save as much as possible as soon as possible.

8) Taxes may not be lower during retirement. In the future, everyone will likely face higher taxes.

9) Place health care high on your list of fixed expenses. Medicare, prescription drugs and out-of-pocket expenses all add up.

10) Find ways to provide a steady income stream in retirement.