Carmel, CA Many Issues Must Be Considered Before You Retire, Both Financial And Emotional

Millions of baby boomers are retiring and with the brutal toll that the recession took upon most of us, there are millions who won't be prepared for retirement.  Some good advice from experts is, if you are still working, do an in-depth analysis of your assets and projected income and expenses before retiring.  You may find that you are better off working for a few more years.  Many people underestimate their expenses and overestimate their retirement income when they speak with financial planners.  This can have devastating results because you could end up outliving your nest egg.  One useful online tool you might try before visiting a financial planner is something from T. Rowe Price called Practice Retirement.  It allows you to analyze what your retirement income might be at various ages, look at different scenarios for taking Social Security, liquidating assets etc.  One other thing you should consider prior to retirement is what you will do with your time.  Some people eagerly look forward to having a lot of free time only to find they are depressed because they don't have the day-to-day stimulation from colleagues and haven't yet lined up a new set of friends who are also retired and have a lot of free time.  Consider doing charity work, joining clubs, taking long walks, anything which will stimulate your mind and body.  Now go and enjoy your retirement!