Michelle Anderson, vice president of personal investment counselors with First Union Brokerage Services Inc., recalls the story of a woman acquaintance who bought an annuity on retirement. The annuity expired when the woman turned 85, an age she had never expected to reach. Now she lives with her son, with no money of her own. Many retirees prefer to leave cold climates for warmer ones. It's a good idea to factor potential moving expenses into your retirement income needs.
Some retirees get medical retirement benefits from their employer.
You will also receive some benefits from Medicare. It's a good idea to see an estate attorney to figure out how to avoid the many minefields in this area, Willis says. Before Retirement Start planning for post-retirement early. Most people spend 40 to 45 years working and preparing for their golden years. But few folks have much of an idea of how to manage their retirement assets once they get there.