To successfully navigate the transition to retirement, planning is required. The key is to avoid making costly mistakes that could easily be avoided. The following are a few items that require careful Consideration:

Social Security Claiming Strategy – Consider when you claim social security – there are no do-overs. Are you aware that your social security benefit is reduced by 6% per year on average for each year you claim prior to your full retirement age. Conversely, your benefit is increased by 8% per year on average for each year you delay claiming after your full retirement age until age 70. Source: Social Security Administration

Healthcare – One of the biggest challenges for people who want to retire prior to age 65, is covering the cost of healthcare. Based on 2023 Marketplace data (Health Insurance plans available through), the monthly national average premium cost for a non-smoker- age 64 ranges from $804 – $1,021 plus an additional $300 per month in out-pocket medical costs.

Minimize or eliminate debt – Your monthly spending in retirement has a major impact on the success of your financial plan and your ability to support yourself for the remainder of your life. To the degree that you can eliminate or reduce discretionary spending, consumer debt, student loans and car loans as you move towards retirement, this will aid in the transition.