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Are you within ten years of retirement? If so, congratulations! With that exciting thought in mind, it's time to begin considering the different variables around your retirement. While the excitement begins to simmer, it can also be an overwhelming thought. Have you put all of your ducks in a row? Are you where you want to be emotionally, financially, physically and spiritually? As you make these assessments, consider the following points as you're a decade or so away from the big leap: 

Living Expenses: Consider how your living expenses could and should change. Will your commuting expenses adjust? Do you anticipate higher health care costs? Attempt to estimate your monthly expenses and adjust as necessary. Keeping an eye on spending in the pre-retirement years will help you anticipate expenses once you step off. 

Income Sources: Review the various income sources you'll have in retirement. Tally up your social security benefits, the accounts you've set aside for retirement income, rental income and any part-time income you may receive. 

Health Care: In 2015, the Employee Benefit Research Institute reported that the average 65-year-old married couple would need $213,000 in savings to have at least a 75% chance of meeting their insurance premiums and out-of-pocket health-care costs in retirement. Have you anticipated health care costs? As you age, Medicare will cover a portion of you costs, but you will still have the expense of deductibles, co-payments and coinsurance. 

Lifestyle Transition: While these factors take the financials into consideration, it's also important to think about what your lifestyle will look like. Do you have a community or volunteer activities planned? Do you want to learn a new skill or talent? Think about what your ideal day consists of and make it happen! 

How prepared do you feel planning for retirement? Is anything more helpful than another?

Source: Forefield.com

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