This account is pending registration confirmation. Please click on the link within the confirmation email previously sent you to complete registration.
Need a new registration confirmation email? Click here
Stocks Under $10 with 50-100% upside potential - 14 days FREE!

Retirement Checklist for 'Two-Digit Midgets' (or Even Three-Digit Midgets)

NEW YORK (TheStreet) -- In the armed forces, there's a term for people less than a 100 days from a return to civilian life: "two-digit midgets."

If you're a two-digit midget in terms of retirement, or even a three-digit midget with retirement a year away, you need to prepare for your golden years with a "retirement checklist."


So says Larry Rosenthal, a certified financial planner and principal at Rosenthal Wealth Management Group, a Manassas, Va., investment advisory firm.

"Planning for retirement can be a burdensome task," Rosenthal says. "While the transition can be difficult -- emotionally, mentally and financially -- the sooner you start preparing the better. Ideally, pre-retirees should begin planning years in advance, but many people find it can be difficult to get the metaphorical retirement ball rolling."

To make that shift into retirement easier, Rosenthal recommends a retirement checklist to be addressed in the year before calling it quits on the career front:

Refinance your home: You want to make sure all of your fixed costs are as low as possible.

Conduct an insurance audit: You don't want any surprises with reduced benefits or increased costs.

Have a dress rehearsal: Practice living on your estimated retirement income six months before you actually retire. It's important to see how your income stacks up against your expenses. (This goes hand in hand with your big-ticket purchases. Consider that one of the most overlooked retirement expenses is the car or truck you own. If you get a new car every seven years, that's likely three cars in retirement.)


Reallocate your investments: Approaching retirement, you'll want a more conservative plan to minimize unwelcome market surprises. You'll also want to make sure your plan is customized to grow, protect and deliver income in the most tax-advantaged way.

1 of 2

Select the service that is right for you!

COMPARE ALL SERVICES
Action Alerts PLUS
Try it NOW

Jim Cramer and Stephanie Link actively manage a real portfolio and reveal their money management tactics while giving advanced notice before every trade.

Product Features:
  • $2.5+ million portfolio
  • Large-cap and dividend focus
  • Intraday trade alerts from Cramer
  • Weekly roundups
TheStreet Quant Ratings
Try it NOW
Only $49.95/yr

Access the tool that DOMINATES the Russell 2000 and the S&P 500.

Product Features:
  • Buy, hold, or sell recommendations for over 4,300 stocks
  • Unlimited research reports on your favorite stocks
  • A custom stock screener
  • Upgrade/downgrade alerts
Stocks Under $10
Try it NOW

David Peltier, uncovers low dollar stocks with extraordinary upside potential that are flying under Wall Street's radar.

Product Features:
  • Model portfolio
  • Stocks trading below $10
  • Intraday trade alerts
  • Weekly roundups
Dividend Stock Advisor
Try it NOW

Jim Cramer's protege, David Peltier, identifies the best of breed dividend stocks that will pay a reliable AND significant income stream.

Product Features:
  • Diversified model portfolio of dividend stocks
  • Alerts when market news affect the portfolio
  • Bi-weekly updates with exact steps to take - BUY, HOLD, SELL
Real Money Pro
Try it NOW

All of Real Money, plus 15 more of Wall Street's sharpest minds delivering actionable trading ideas, a comprehensive look at the market, and fundamental and technical analysis.

Product Features:
  • Real Money + Doug Kass Plus 15 more Wall Street Pros
  • Intraday commentary & news
  • Ultra-actionable trading ideas
Options Profits
Try it NOW

Our options trading pros provide daily market commentary and over 100 monthly option trading ideas and strategies to help you become a well-seasoned trader.

Product Features:
  • 100+ monthly options trading ideas
  • Actionable options commentary & news
  • Real-time trading community
  • Options TV
To begin commenting right away, you can log in below using your Disqus, Facebook, Twitter, OpenID or Yahoo login credentials. Alternatively, you can post a comment as a "guest" just by entering an email address. Your use of the commenting tool is subject to multiple terms of service/use and privacy policies - see here for more details.
Submit an article to us!
DOW 17,086.63 -26.91 -0.16%
S&P 500 1,987.01 +3.48 0.18%
NASDAQ 4,473.6970 +17.6810 0.40%

Brokerage Partners

Rates from Bankrate.com

  • Mortgage
  • Credit Cards
  • Auto

Free Newsletters from TheStreet

My Subscriptions:

After the Bell

Before the Bell

Booyah! Newsletter

Midday Bell

TheStreet Top 10 Stories

Winners & Losers

Register for Newsletters
Top Rated Stocks Top Rated Funds Top Rated ETFs