Planning Your Golden Years:

A Retirement Guide

Get Together

Couples who have been at odds with their financial goals, or who haven’t talked about money before retirement, may find things strained when their regular paychecks end. Because most people have to make financial and lifestyle adjustments during retirement

It’s important for couples to start talking about their differences, as well as their shared goals. A good place to start is the book Money Harmony by money therapist Olivia Mellan. It’s available in most bookstores and libraries. Many churches and local community centers also sponsor workshops about couples and money.

Eliminate Credit Card Debt

If you have unsecured credit card debt, make it a priority to pay it off before you retire. Paying off high-interest credit card debt on a fixed income can sometimes be especially stressful. The high interest rates associated with credit cards can add-up, especially on a fixed income. If you have five or six credit cards now, keep one or two with the lowest interest rates and pay off the others before you retire.

Decide Where You Want to Live

If you are planning to move after you retire, look into the cost of living for that area. If you are interested in a retirement community, check to see if living there will help or harm your ability to cut back on health care, food or utility expenses. If you are looking into moving to a new state or town, it could be worthwhile to see if there are tax advantages for senior citizens. Learning the financial details of where you would like to live will help you budget your retirement savings more accurately.

Your library should carry several books to help you in your search for a place to settle, such as America's 100 Best Places to Retire (third edition) by Elizabeth Armstrong (Editor). If you type in Best Places to Retire in a search engine on the Internet, you’ll find a number of web sites with information.

The next step is to try some of them on for size. If you think retirement in a foreign country is for you, can you take some vacation time to check it out? Just be sure to spend some time with others who have actually retired to that area, or you’ll get an unrealistic view. Vacation is different than day-to-day living.