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The sweet spot might be in the middle of the final decade.
Take, for example, someone who retired at the end of 2008.
Johnson used an NFL analogy in nicknaming those final five years the retirement red zone.
This is what is referred to as sequence of returns risk.
A bad sequence of returns immediately preceding retirement can be devastating.
This ensures you wont have to tap into your retirement savings prematurely.
A common mistake people make is letting their spending increase commensurate with their new salary.
He described the destructive yet all-too-common behavior known as lifestyle creep or lifestyle inflation.
This shouldnt be a major burden, as one had gotten used to living on ones previous salary.
A fee-only financial planner is a good start, said Chad Gammon, CFP, owner ofCustom Fit Financial.
A credential to look for is a CFP professional.
Gammon suggested enlisting the service of a dedicated tax professional, as well.
This could be a CPA or enrolled agent (EA), he said.
They can help with your tax preparation and planning alongside your financial planner.
Other professionals to consider would be anestate planning attorneyand an insurance specialist.
They are in denial about … the standard of living that relying on Social Security will provide them.
However, many find that they dont have that choice.
The option to continue working may not be there.
In short, you have 10 years left use them wisely.
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