Basics of Retirement Planning

Jan 27, 2024

21 Min Read

1. What is retirement planning and why is it important?

Retirement planning is the process of preparing for a comfortable and secure retirement. It involves setting financial goals, creating a budget, saving and investing for retirement, and making decisions about healthcare and other forms of insurance.

Retirement planning is important because it ensures that you have enough money to maintain your desired standard of living during your retirement years. With proper planning, you can avoid running out of money or having to rely on others for financial support. It also allows you to enjoy your retirement without having to worry about financial stress.

2. Why should people start planning for their retirement as early as possible?

People should start planning for their retirement as early as possible because the earlier you start saving and investing, the more time you have to grow your money. Compound interest works in your favor when investing over long periods of time, so starting early allows you to take advantage of this powerful tool.

Moreover, life is unpredictable, and starting early provides a buffer for unexpected events such as job loss or health issues that may affect your ability to save for retirement later on.

Lastly, with longer lifespans and rising costs of living, it’s becoming increasingly important to save more for retirement. Starting early gives you more time to save an adequate amount for a comfortable and secure retirement.

2. How can an individual know if they are financially ready to retire?


There are a few things an individual should consider when determining if they are financially ready to retire, including:

1. Assessing their retirement savings: The first step in determining if someone is financially ready to retire is to assess whether they have enough money saved up to support themselves for the remainder of their retirement years. This includes factoring in any potential sources of income, such as Social Security or a pension, as well as any outstanding debts or expenses that may need to be paid off.

2. Estimating future expenses: It’s important for individuals to have a clear understanding of their expected living expenses in retirement. This can include necessities like housing, food, healthcare, and transportation, as well as discretionary spending on hobbies and travel. By budgeting these expenses and comparing them to available income sources, someone can determine if they have enough saved up to cover their lifestyle in retirement.

3. Considering longevity: With advancements in medical technology and overall health and wellness improvements, people are living longer than ever before. Individuals should take into account their family history and personal health factors when estimating how long they will need their retirement savings to last.

4. Factoring in inflation: Inflation can erode the purchasing power of money over time, so it’s important for individuals to factor this into their retirement planning. This means estimating how much expenses may increase over time and adjusting savings goals accordingly.

5. Consulting with a financial advisor: It can be helpful for individuals approaching retirement age to seek guidance from a financial advisor who can provide personalized advice based on the individual’s specific financial situation and goals.

Ultimately, there is no one-size-fits-all answer for when someone is financially ready to retire. It depends on individual circumstances and preferences. However, by carefully considering these key factors and seeking professional advice if needed, an individual can gain a better understanding of whether they are financially prepared for retirement or what steps they may need to take in order to get there.

3. What are the key components of a retirement plan?


1. Savings and investments: This includes any type of account or asset that is used to save money for retirement, such as a 401(k), IRA, stocks, bonds, real estate, or other investments.

2. Pension plan: This is a form of retirement income provided by the employer based on an employee’s length of service and salary.

3. Social Security benefits: These are government-provided benefits paid to retirees based on their earnings history.

4. Annuities: These are insurance products that provide guaranteed income payments during retirement.

5. Healthcare coverage: Medicare is a federal health insurance program for people aged 65 and older, while retiree healthcare benefits may also be offered by some employers.

6. Estate planning: This includes creating a will, establishing trusts and setting up power of attorney to ensure financial security for loved ones in case of incapacity or death.

7. Investment strategy: A well-defined investment strategy helps ensure that retirement savings last through retirement by balancing risk with potential returns.

8. Long-term care planning: This includes creating a plan to cover the costs of nursing homes, assisted living facilities or in-home care if needed in the future.

9. Tax planning: Develop strategies to minimize taxes during retirement and avoid unexpected tax consequences when withdrawing from retirement accounts.

10. Budgeting and expense management: Creating a budget and managing expenses can help retirees maintain their desired lifestyle while staying within their means.

4. How does one determine their desired retirement lifestyle and associated expenses?


There are several factors to consider when determining your desired retirement lifestyle and associated expenses. Here are some steps you can take:

1. Start by thinking about the activities, hobbies, and interests you want to pursue in retirement. This can include things like travel, pursuing a new hobby or passion, or spending more time with family.

2. Estimate your basic living expenses such as housing costs including mortgage or rent, utility bills, groceries, transportation costs, healthcare expenses, and any other necessary expenses.

3. Consider any potential changes in your lifestyle that may affect your expenses in retirement. For example, you may have paid off your mortgage or had children who are now financially independent.

4. Create a budget for each category of spending to get an idea of how much money you will need per month and year.

5. Assess any potential sources of income during retirement such as Social Security benefits, pensions, rental income from property, and investments.

6. Factor in inflation and unexpected expenses like medical emergencies or home repairs.

7. Seek advice from a financial advisor or use online tools to help estimate the amount of savings you will need to cover your desired retirement lifestyle and associated expenses.

Overall, determining your desired retirement lifestyle and associated expenses requires careful planning and consideration of various factors such as your current lifestyle, future goals, income sources, and potential expenses. It is important to regularly reassess these factors as they may change over time.

5. How can someone create a realistic timeline for retirement planning?

1. Determine your expected retirement age: The first step in creating a realistic timeline for retirement planning is to determine at what age you want to retire. This will give you an idea of how many years you have left to save and plan.

2. Calculate your desired retirement income: Figure out how much money you will need in retirement to maintain your desired lifestyle. This will help you determine how much you need to save each year leading up to retirement.

3. Evaluate your current savings and investments: Take stock of your current savings and investments, including any employer-sponsored retirement plans or individual accounts. This will give you a starting point for your retirement savings.

4. Consider future sources of income: Think about any potential sources of income in retirement, such as Social Security benefits or pension plans.

5. Estimate potential healthcare costs: Healthcare expenses can be a major factor in retirement planning. Research the average costs for medical care and insurance in retirement and factor this into your budget.

6. Account for inflation: Remember that the cost of living will increase over time due to inflation. Consider this when estimating your retirement income needs.

7. Set achievable saving goals: Based on all of the above factors, set realistic goals for how much you should save each year leading up to retirement.

8. Re-evaluate periodically: Keep track of your progress towards your goals and adjust them if necessary based on changes in your financial situation or goals for retirement.

9. Seek professional guidance: Seek advice from a financial advisor who can help create a personalized plan for your specific situation and provide guidance along the way.

10. Be flexible: Life is unpredictable, so it’s important to be flexible with your timeline and adjust it as needed based on any unexpected events or changes in circumstances.

6. What role do Social Security benefits play in retirement planning?

Social Security benefits are an important source of income for many retirees. For most people, Social Security benefits will make up a significant portion of their retirement income. The amount of your benefit is based on your earnings over your lifetime, so it’s important to have a solid understanding of what you can expect to receive in retirement.

Additionally, Social Security benefits are adjusted for inflation each year, meaning they can help protect you against rising costs of living during retirement. They also offer valuable survivor and disability benefits for eligible individuals and their families.

When planning for retirement, it’s important to consider how much income you will receive from Social Security and how it can fit into your overall financial plan. This may include strategies like delaying claiming benefits to maximize the amount you receive, or incorporating other sources of income such as investments or pensions.

7. How does one factor in healthcare costs when budgeting for retirement?


1. Understand your current health status: The first step in factoring healthcare costs into your retirement budget is to understand your current health status. This includes both physical and mental health conditions, any ongoing medical treatments or medications, and potential future expenses related to these conditions.

2. Estimate future healthcare costs: It’s difficult to predict exactly how much you will spend on healthcare in retirement, but there are some estimates that can help guide your budgeting. According to Fidelity, a 65-year-old couple retiring today can expect to spend approximately $300,000 on healthcare expenses throughout their retirement.

3. Consider Medicare coverage: Medicare is the federal health insurance program for people over 65 and may cover a portion of your healthcare costs in retirement. However, there are still out-of-pocket expenses such as deductibles and co-pays that need to be factored into your budget.

4. Plan for long-term care: Long-term care, such as nursing home or home health care, is not covered by Medicare and can be a significant expense in retirement. Consider purchasing long-term care insurance or setting aside funds specifically for this potential cost.

5. Include other potential expenses: In addition to medical expenses, there are other related costs such as dental and vision care that should also be considered when budgeting for healthcare in retirement.

6. Re-evaluate your budget periodically: As you age, your healthcare needs and expenses may change. It’s important to regularly review and adjust your budget accordingly.

7. Consult with a financial advisor: If you’re unsure about how much to budget for healthcare in retirement or need help creating a comprehensive retirement plan, consider consulting with a financial advisor who specializes in retirement planning. They can help you create a personalized plan based on your individual financial situation and goals.

8. Are there different types of retirement plans available and which one is the most suitable for an individual’s needs?


Yes, there are different types of retirement plans available, and the most suitable plan for an individual’s needs will depend on their specific financial goals and circumstances.

1. 401(k) Plan: This is a retirement savings plan offered by employers to their employees. The employee can contribute a portion of their salary to the plan, up to a certain limit. The contributions are tax-deferred, meaning they are deducted from the employee’s taxable income, and any investment gains within the plan are also tax-deferred until withdrawn in retirement.

2. Traditional IRA: Individual Retirement Accounts (IRAs) allow individuals to save for retirement on a tax-advantaged basis. Contributions to traditional IRAs may be tax-deductible depending on income level and filing status. Withdrawals from traditional IRAs are taxed as regular income in retirement.

3. Roth IRA: Similar to traditional IRAs, Roth IRAs also offer tax benefits for retirement savings. However, contributions to Roth IRAs are made with after-tax dollars, meaning withdrawals in retirement are tax-free.

4. Simplified Employee Pension (SEP) IRA: A SEP IRA is a type of traditional IRA designed for self-employed individuals or small business owners. Employers can make tax-deductible contributions on behalf of eligible employees and themselves.

5. SIMPLE IRA: Savings Incentive Match Plans for Employees (SIMPLE) IRAs are employer-sponsored retirement plans that allow both the employer and employee to contribute money toward the employee’s retirement savings. It is similar to a 401(k) but with lower contribution limits.

6. Defined Benefit Plan: This type of plan is typically offered by large companies or government agencies and guarantees a certain benefit amount at retirement based on factors such as salary and years of service.

7. Cash Balance Plan: This is another type of defined benefit plan where the employer contributes a percentage of each employee’s annual salary into an account that earns interest. This type of plan works well for those who want a guaranteed retirement income.

The most suitable retirement plan for an individual will depend on factors such as their age, income level, employer offerings (if applicable), and risk tolerance. It is recommended to speak with a financial advisor to determine the best retirement plan for your specific needs.

9. What are the potential risks or uncertainties that could impact a retirement plan?


1. Market volatility: The performance of financial markets, such as the stock market, can have a significant impact on retirement plans. A sudden drop in stock prices can lead to a reduction in retirement savings and affect the ability to retire.

2. Inflation: Rising inflation can erode the value of retirement savings over time, making it more difficult to maintain a desired standard of living during retirement.

3. Changes in interest rates: Changes in interest rates can affect the returns on investment vehicles like bonds and certificates of deposit, potentially impacting retirement income.

4. Longevity risk: With improvements in healthcare and medical technology, people are living longer than ever before. This means that retirement savings may need to support individuals for a longer period of time, increasing the risk of outliving their money.

5. Healthcare costs: As people age, healthcare expenses tend to increase. These costs, which may not be fully covered by Medicare or other insurance plans, can significantly impact retirement savings.

6. Asset allocation risk: The allocation of assets within a retirement plan determines its overall risk profile. If investments are too risky or too conservative, it could greatly affect the potential return and sustainability of the plan.

7. Pension shortfall risk: Many traditional pension plans are underfunded due to poor investment performance or poor management decisions. If this trend continues, retirees may face cuts in promised benefits or outright failure of their pensions.

8. Legislation changes: Changes in tax laws or government regulations related to retirement accounts can impact how much individuals contribute to their plans and how they withdraw funds during retirement.

9. Personal risks: Unexpected events such as job loss or illness can significantly impact an individual’s ability to save for retirement and may require early withdrawal from retirement accounts.

10. Social Security uncertainty: With concerns about funding levels and potential changes to Social Security programs, there is uncertainty about how much income these benefits will provide in the future.

10. Can someone start saving for retirement later in life and still have a successful plan?


Yes, it is possible to start saving for retirement later in life and still have a successful plan. While starting earlier may give individuals more time to save and potentially accumulate more wealth, saving later in life can still lead to a comfortable retirement. It may require setting aside a higher percentage of income or making larger contributions, but with proper planning and investment strategies, it is possible to build a sufficient retirement fund even when starting later in life. Additionally, there are ways to increase income in retirement, such as working part-time or tapping into other sources of savings like home equity or social security benefits. Seeking advice from a financial advisor can also help individuals develop a personalized plan that takes into account their unique circumstances and goals.

11. Does inflation affect retirement planning and if so, how should it be taken into account?


Yes, inflation can have a significant impact on retirement planning. Inflation is the general increase in prices of goods and services over time, which reduces the purchasing power of money. This means that the same amount of money will buy fewer goods and services in the future than it does today.

When planning for retirement, individuals need to take into account the impact of inflation on their expenses. If they do not adequately account for inflation, they may find themselves with insufficient funds to cover their expenses during their retirement years.

To factor in inflation when planning for retirement, individuals should consider investing in assets that have historically provided higher returns than inflation, such as stocks or real estate. They may also want to ensure that their retirement income sources, such as Social Security or pension plans, are adjusted for inflation.

Additionally, retirees should regularly review and adjust their investment portfolio to maintain a mix of assets that can keep pace with inflation over time. This may involve rebalancing their portfolio periodically to ensure they are not overly exposed to low-yielding investments like cash or bonds.

In summary, it is important for individuals to consider the impact of inflation when planning for retirement and make adjustments accordingly to ensure they have enough funds to sustain a comfortable lifestyle during their golden years.

12. Are there any tax implications associated with savings and withdrawals from a retirement plan?

There can be tax implications associated with savings and withdrawals from a retirement plan, depending on the type of account and the circumstances of the withdrawal.

Traditional 401(k) or IRA contributions are typically made with pre-tax dollars, meaning that they are not taxed when contributed but are subject to taxes when withdrawn during retirement. However, if you withdraw funds from these accounts before age 59 ½, you may also incur early withdrawal penalties in addition to income taxes.

Roth 401(k) or IRA contributions are made with after-tax dollars, so withdrawals in retirement are typically tax-free. However, there may be penalties for early withdrawals before age 59 ½.

Inherited IRAs and 401(k)s may be subject to different tax rules depending on various factors such as whether it was inherited by a spouse or non-spouse beneficiary.

Additionally, certain types of contributions and withdrawals may have different tax implications. For example, employer matching contributions to a traditional 401(k) are subject to taxes and penalties if withdrawn before age 59 ½, while Roth 401(k) employer contributions can be withdrawn tax-free in retirement.

It is important to consult with a financial advisor or accountant for personalized advice on the potential tax implications of your specific retirement plan contributions and withdrawals.

13. Can someone continue working after retiring from their primary career and how does this affect their overall plan?


Yes, someone can continue working after retiring from their primary career. This is commonly known as “semi-retirement” or “phased retirement.” This allows individuals to gradually reduce their work hours or take on a part-time job, while still receiving some retirement benefits.

Continuing to work in some capacity after retiring from a primary career may affect an individual’s overall plan in several ways:

1. Financial benefits: Depending on the individual’s new job, they may still receive a salary, which can supplement their retirement income. Additionally, they may be able to continue saving for retirement through contributions to a workplace retirement account or IRA.

2. Social Security benefits: If the individual has reached full retirement age (typically 66-67), they can continue working without any reduction in their Social Security benefits. However, if they are younger than full retirement age and earn above a certain limit, their Social Security benefits may be reduced temporarily.

3. Retirement timeline: Continuing to work after retiring from a primary career may allow an individual to delay fully retiring and drawing down on their savings. This can give them more financial stability in the long term, especially if they have not saved enough for retirement.

4. Health insurance: Some employers offer health insurance benefits to part-time employees, which can help alleviate one of the biggest expenses for retirees.

However, there are also potential drawbacks to continuing to work after retiring from a primary career:

1. Burnout: If the person is already burnt out from their previous career and continues working without taking time for themselves, it can lead to exhaustion and stress.

2. Reduced pension or retirement benefits: Some pensions have specific limitations on how much an individual can earn through other employment before facing penalties or reduced benefits.

3. Uncertainty about future income: While planning to continue working in semi-retirement can provide an added layer of financial security, there is no guarantee that job opportunities will be available as needed.

In summary, continuing to work after retiring can have both positive and negative impacts on an individual’s overall retirement plan. It is important to carefully consider the potential benefits and drawbacks before making a decision.

14. Is it necessary to seek professional advice when creating a retirement plan?


It is not necessary to seek professional advice when creating a retirement plan, but it can be beneficial. A financial advisor or retirement specialist can provide valuable insights and expertise on creating a personalized plan that takes into account your unique goals, risk tolerance, and financial situation. They can also help you navigate complex financial products and make recommendations for investments that align with your objectives. Seeking professional advice may also give you peace of mind knowing that your retirement plan is well-informed and designed to meet your needs.

15. Are there any government programs or incentives available to help with retirement planning?


Yes, there are several government programs and incentives available to help with retirement planning:

1. Social Security: This is a federal program that provides income for retirees, disabled individuals, and survivors of deceased workers.

2. 401(k) plans: Many employers offer 401(k) plans, which allow employees to contribute a portion of their salary towards their retirement savings on a tax-deferred basis.

3. Individual Retirement Accounts (IRAs): These are individual retirement accounts that allow individuals to save money for retirement on a tax-deferred or tax-free basis. There are different types of IRAs available, such as traditional IRAs, Roth IRAs, and SEP IRAs.

4. Pension plans: Some employers offer pension plans, which are defined benefit plans that provide retirees with a guaranteed stream of income for life.

5. Medicare: This is a federal health insurance program for people aged 65 and over or those with certain disabilities. It can help reduce healthcare costs in retirement.

6. Medicaid: This is a joint federal and state program that provides healthcare coverage to low-income individuals and families, including some retirees.

7. Tax credits: The government offers various tax credits for retirement savings, such as the Savers Credit, which can help low- to moderate-income individuals save for retirement.

8. Senior discounts: Many organizations and businesses offer discounts to seniors on various products and services, which can help reduce expenses in retirement.

It is important to research and understand these programs and incentives to determine which ones may be beneficial for your individual retirement planning needs.

16. What factors should be considered when choosing investments for a retirement portfolio?

There are several factors to consider when choosing investments for a retirement portfolio. These include:

1. Risk tolerance: Your risk tolerance is an important factor to consider when choosing investments for your retirement portfolio. This refers to how much volatility and potential loss you are comfortable with. Generally, as you near retirement age, it’s advisable to reduce your exposure to high-risk investments and opt for more stable options.

2. Time horizon: Your time horizon, or the length of time you have until retirement, will also play a role in determining your investment strategy. If you have a longer time horizon, you may be able to take on more risk and potentially earn higher returns. If you are closer to retirement age, it may be wise to focus on preserving your capital.

3. Diversification: It is important to diversify your portfolio by investing in a variety of different asset classes such as stocks, bonds, real estate, and cash equivalents. This can help reduce risks and potentially improve returns over time.

4. Fees and expenses: When choosing investments for your retirement portfolio, it’s essential to consider the fees and expenses associated with each investment option. High fees can eat into your returns over time so it’s crucial to choose low-cost investment opportunities.

5. Income requirements: One of the primary purposes of a retirement portfolio is to generate income during retirement. Therefore, it’s essential to consider how much income you will need in retirement when choosing investments for your portfolio.

6.Performance track record: Consider the past performance of different investments before making any decisions. While past performance does not guarantee future results, it can give you an idea of how an investment has performed over time.

7.Tax implications: The type of account where you hold your investments can have tax implications on your overall retirement income. For example, contributions made to traditional IRAs are tax-deductible in the year they are made while withdrawals from Roth IRAs are tax-free in retirement. Consider consulting with a financial advisor or tax professional to understand the potential tax implications of your investments.

8. Long-term goals: Your long-term goals, such as leaving an inheritance for your children or funding a large purchase in retirement, should also be considered when choosing investments for your retirement portfolio. These goals can help shape your investment strategy and determine the level of risk you are willing to take on.

9. Market conditions: The current economic climate and market conditions should also be factored into investment decisions. Past performance is not always indicative of future results, so it’s essential to assess the current market environment before making any investment decisions.

10. Personal circumstances: Lastly, consider your personal circumstances such as job stability, health, and family obligations when choosing investments for your retirement portfolio. These factors may affect your risk tolerance and overall investment strategy.

17. How much should be saved for unexpected expenses during retirement?


Financial experts generally recommend keeping between three to six months worth of living expenses saved for unexpected expenses during retirement. This can provide a cushion for unforeseen medical costs, home or car repairs, and other unexpected emergencies. However, the exact amount may vary based on individual circumstances and risk tolerance. It is always best to work with a financial advisor to determine the appropriate savings plan for your specific situation.

18. Can someone make adjustments to their retirement plan as they get closer to their desired age of retiring?


Yes, it is important to regularly review and adjust your retirement plan as you get closer to your desired age of retiring. This can involve reassessing your financial goals, making changes to your investment portfolio, and adjusting your savings rate if necessary. It is also a good idea to seek the advice of a financial advisor or planner who can help guide you through this process and ensure that your retirement plan is on track to meet your goals.

19. Is it possible to retire early and still maintain financial stability throughout one’s Retirement years?


Yes, it is possible to retire early and maintain financial stability throughout one’s retirement years. However, it requires careful planning and preparation.

Firstly, a person must save enough money to cover their expenses for the duration of their retirement. This may involve living below their means and cutting unnecessary expenses in order to save more money.

Secondly, it is important to invest wisely in order to generate passive income during retirement. This can include investing in stocks, bonds, real estate, or other income-generating assets.

Furthermore, individuals should also consider health care costs and potential unexpected expenses in their retirement planning. It may be wise to set aside additional funds for potential medical emergencies or unexpected expenses.

Lastly, having a well-diversified portfolio can help protect against market fluctuations and provide a stable source of income during retirement.

Overall, retiring early and maintaining financial stability requires careful planning and disciplined saving and investing habits. It is important to regularly review and adjust your financial plan as needed throughout your retirement years.

20.Most importantly, what steps should someone take now to ensure a comfortable and stress-free Retirement from business operations in the future?


1. Start planning early: Retirement planning should start as early as possible, ideally in your 20s or 30s. The earlier you start, the more time you have to save and invest for your retirement.

2. Set clear retirement goals: Define what you want to achieve in your retirement, whether it’s traveling, spending time with family, or pursuing a hobby. This will help you determine how much money you’ll need to retire comfortably.

3. Create a retirement budget: Calculate your estimated expenses in retirement and create a budget that will cover them. Be realistic about your expenses and consider any potential healthcare costs.

4. Maximize your savings: Contribute the maximum amount allowed to your retirement accounts, such as 401(k) plans or individual retirement accounts (IRAs). You can also consider investing in other avenues like real estate or stocks to diversify your portfolio.

5. Consider working longer: Delaying your retirement can give you more time to save and reduce the number of years you’ll have to rely on retirement funds.

6. Pay off debt: Try to pay off any outstanding debt before you retire. This will decrease the amount of money needed for monthly payments and free up more cash for other expenses.

7. Plan for healthcare costs: Healthcare is often one of the biggest expenses in retirement, so make sure you have a plan in place to cover these costs.

8. Think about Social Security: Understand when and how much of Social Security benefits you are entitled to receive so that you can incorporate it into your overall retirement income strategy.

9. Establish an emergency fund: Set aside some cash that can be easily accessed to cover unexpected expenses or emergencies during retirement.

10. Seek professional help: Consider seeking advice from a financial planner or advisor who can help you create a personalized retirement plan based on your specific needs and goals.

11. Check on company benefits: If you’re still employed, make sure you understand your employer’s retirement benefits and how they will impact your retirement.

12. Consider downsizing: Downsizing to a smaller home or moving to a more affordable location can help reduce expenses and stretch your retirement savings further.

13. Review and adjust your plan regularly: Your retirement plan should be reviewed periodically and adjusted as needed. Life events, market changes, and shifts in personal goals may require you to make adjustments to your plan.

14. Be prepared for unexpected events: Leave some room in your budget for unexpected expenses or financial downturns that may occur during retirement.

15. Educate yourself: Stay informed about changes in laws or regulations that may affect your retirement savings and adjust your plan accordingly.

16. Consider long-term care insurance: Long-term care expenses can quickly deplete retirement savings, so consider investing in long-term care insurance to cover these costs if necessary.

17. Make a will and estate plan: Ensure that your assets will be distributed as per your wishes by creating a will and estate plan.

18. Think about part-time work: If you’re interested in staying active during retirement or need extra income, consider taking on a part-time job or starting a small business.

19. Stay healthy: Taking care of your physical and mental health is essential for enjoying a stress-free retirement. Healthy habits can also help reduce healthcare costs later on.

20. Connect with others: Retirement can sometimes lead to feelings of isolation, so make an effort to stay connected with friends, family, and community groups for social support and companionship.

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