For past generations, planning for retirement was a relatively simple process. When someone reached retirement age, they threw a party, turned the job over to someone else and went home to live on their company pension. Retirement planning nowadays is a radically different proposition that involves asset allocation, retirement plan rollovers, transfers and distributions and a series of life choices. There are several tough decisions that most people must make when they stop working. The most difficult of these choices includes:
1. When to Retire
Those who are willing to work a few more years can usually enjoy a considerably better standard of living than those who retire early. But deciding when to retire can also be complicated by the possibility of layoff, early retirement incentive packages, personal health and other factors.
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