Retirement age sneaks up on us before we know it! And it’s happening to as many as 10,000 Americans every day. Prepared or not, many employees are often forced to take early retirement due to economic setbacks and other corporately conceived reasons.  While some people start planning for retirement with their very first jobs, many don’t think about planning till the eleventh hour. Some don’t plan at all. Hopefully you’re somewhere in the middle of this spectrum.

No matter what, unless tragedy strikes and you become disabled or die, retirement will become a reality for everyone at some age. How you meet retirement says a lot about how you’ll spend your retirement years.  I have prepared a list of steps to address before you retire that will help you meet this stage of life with dignity and grace. Hopefully you will also arrive with a portfolio that will keep you financially and psychologically secure through the rest of your life.

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In the U.S., 10,000 baby boomers reach retirement age everyday. These statistics beg the question: If you are nearing retirement age, how ready are you, psychologically and even more importantly, financially for this life event?

Every individual will have different needs and desires for their retirement years. No matter what those are and how they differ, the more clearly you envision your future during retirement and plan before hand to be as prepared as possible, the more you’ll enjoy this phase of your life.

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You may think that breaking up with your financial advisor is a crazy idea, but believe me it’s not as off-kilter as you think. Especially, if you’re like many people who hire a financial advisor then never revisit the decision you made until it’s time to retire. Or maybe you inherited your financial advisor due to a death or other life situation and have just left the investments in their care. Inertia is one of the most difficult forces to overcome.

 While your financial advisor may have had your best interest in mind when you first hired them, they may not actively monitor your account to keep pace with the economy and with investment vehicles that may serve you better as your life and circumstances change. If you inherited the advisor, you may find that the person you inherited them from had not looked into their investments in some time.

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While breaking up with your financial advisor may not have all the legal complications of ending a marriage, it can be an agonizing decision to make. Especially if you’ve been in a long-term relationship with your financial advisor and you’ve discovered he or she has not really had your best interests at heart.

According to a recent survey by Spectrem Group, 4 to 6% of U.S. investors change financial advisors in any given year. A variety of reasons are attributed to the ending of these relationships. High on the list are major life events such as death, divorce or inheritance, as well as lack of communication and frustration with complex or hidden fees.

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Are you aware of how 401k plans came into existence? Most people are not. The fact is they came about by accident when a benefits consultant read a sentence in the government’s Revenue Act of 1978 regarding deferred compensation. This astute consultant took it upon himself to inquire whether the statement would apply to all compensation. When the answer was in the affirmative, the 401k Retirement Savings Plan was born.

In 1985, there were a mere 30,000 401k plans. By 2013 that number had soared to 638,000 plans with 89 million plan participants. The 401k Plan is without question the most popular vehicle for retirement savings.

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