Before deciding on when to retire, take the time to find out how much money you will need monthly after taxes and insurance to enjoy a comfortable retirement. A well thought out plan that incorporates legal considerations, tax implications, as well as asset maximization for beneficiaries is an important first step. Ideally, it should be “quarterbacked” by a knowledgeable professional, and reviewed for changes annually, or if a meaningful event occurs. While every member of your team of professionals may be well meaning, make sure there is an “experienced quarterback” that not only works with your other professionals, but makes sure what needs to be accomplished on your behalf is executed professionally and cost effectively.
There is no substitute for being prepared and planning ahead. Retirement can be a stressful time. Heirs can lose a substantial amount of your retirement assets due to improper planning.