Retirement can be a scary proposition if you aren't prepared for it. Which is why it's great that we have TheStreet's "Mr. Retirement" Robert Powell with us to help alleviate some of those retirement concerns.
Here are four of Powell's best tips for people who are planning to retire in 2019:
Identify Sources of Income
Will you be drawing from your IRA in addition to your Social Security income?
What are essential expenses vs. discretionary expenses? Housing typically accounts for one-third of your expenses in retirement, so factoring that recurring expense into your retirement plan is key.
Even the best-planned retirement can run into unexpected bumps. Being prepared for those bumps requires planning. Powell identified 15 risks that could be faced in retirement, including death of a spouse and bad investment advice.
Retire to Something
Much of our identity is tied into our jobs, so as you prepare for retirement, prepare yourself mentally to absorb all of the free time you will have once you're no longer working.
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- How Much Do You Need Saved When You Retire?
It's never too early -- or too late -- to plan, save and invest for the retirement you want and deserve.
Let TheStreet's premium subscription newsletter, Retirement Daily, give you the insider's edge on how to maximize and protect your most important investment, your retirement savings. Learn more about Retirement Daily and be sure to follow Mr. Retirement on Twitter @RJPIII.