Although 2012 is a Leap Year, when it comes to retirement there are ways to ease into it rather than taking one giant leap. In fact, due to the economic downturn of the last few years, a majority of Baby Boomers are finding it necessary to stage their retirement plan in order to compensate for lost investments or income.
Here are some ways to ease yourself into retirement:
Revise your work schedule. Does your employer offer a phased retirement schedule for older workers? Your employer’s human resources manager can explain what might be available to you.
Restructure your pay. Since less hours usually means less pay, you should consult with your California estate planning attorney to see how a salary cut could impact the retirement lifestyle you want.
Review pensions. Make sure that reducing your work schedule will not adversely impact your pension.
Check health insurance. If you work part-time, will you still be covered by your employer’s health insurance policy? This could be a problem if you do not qualify for Medicare yet.
Review Social Security options. Some of your Social Security benefits can be withheld if you still work and earn too much.
Get started by contacting our Orange County asset protection estate planning law firm as soon as possible.