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
See Cramer's multi-million dollar portfolio for FREE and get his new book Get Rich Carefully! Learn More

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

Communicate: It's important to coordinate retirement plans with your partner and determine how one (or both) of you entering retirement affects your overall finances.

Address debt: Debt can drag down your savings quickly. Work to eliminate as much debt (credit cards, loans, mortgages) as you can.

Evaluate "big ticket" purchases: Delving into your savings for expensive purchases can deplete your portfolio. Think about what big-ticket items you may want in the years ahead and consider the financial impact.

Craft a long-term care insurance plan: It's important for pre-retirees to prepare a plan to pay for long-term care insurance during retirement. Most people buy LTC insurance while they are working only to realize they haven't budgeted for its current and increasing cost during retirement.


Your checklist should also include moves not to make on your retirement checklist. That "biggest mistakes to avoid" portion of the list includes:

Not filling time: You just got done spending about 10 hours a day working, including an average commute. Now you have to fill that time. Don't spend 10 hours a day blowing money on entertainment.

Not being active: Get up off the couch and get busy doing different things, don't just sit around.

Not being patient: You have plenty of time during retirement; you don't have to travel the world in the next 12 months.

Some people never really retire, Rosenthal adds. "They just stop their primary job and then go back to work right away in the same industry and end up working until they can't anymore -- and miss their retirement."

If that's you, add that into your retirement checklist. The good news is that your checklist is dynamic and flexible, just like your future in your post-career years.

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.
DOW 16,408.54 -16.31 -0.10%
S&P 500 1,864.85 +2.54 0.14%
NASDAQ 4,095.5160 +9.2910 0.23%

Brokerage Partners

Rates from Bankrate.com

  • Mortgage
  • Credit Cards
  • Auto
Advertising Partners

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