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Ten Tips for a Financially Sound Retirement
CNBC.com | September 26, 2011 | 09:46 AM EDT

You'll need to determine the amount of savings needed for your desired retiree lifestyle. Completing the calculation can boost one’s confidence; over 25 percent of Americans who have completed a calculation say that they are very confident that they will save enough money for retirement, reports the EBRI.

A spending strategy is equally important. Rather than follow a budget, many people spend what comes in. Fricke encourages totaling the last 12 months’ checks that you wrote to calculate a realistic withdrawal rate. Many professionals recommend a 4 percent spending rate of your savings, which should last for 25 years.

  • 3. Think twice before leaving the workforce
  • “The mystique of retirement can look good from a distance, but later lead to regret something akin to 'buyers’ remorse,'” says Dr. John Osborne, a professor emeritus at the University of Alberta.

    So, try reducing work hours before quitting your job. It may enable you to return full-time, if needed.

    Another consideration is retiree benefits. If you don’t have them, many experts recommend delaying retirement until you qualify for Medicare. As you near 65 years of age, you should be able to negotiate a flexible work schedule.

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