Countdown to Retirement: 1 Year Away
You're now one year from retirement. First things first: Decide when you'll take Social Security. You can claim benefits as early as age 62, and if you retire early, you may need the money to pay health insurance and other expenses. Keep in mind, though, that your benefits will be permanently reduced by at least 25%. By waiting until full retirement age--66 or 67 for most baby boomers--you'll receive 100% of the benefits you've earned. Wait past then to claim and your payouts will grow by 8% a year until you reach age 70.
Simplify your finances. Maybe you've collected multiple bank and brokerage accounts, IRAs, 401(k)s or other retirement accounts along the way. (If you lost sight of an account, search for it at missingmoney.com or unclaimed.org.)
Consolidate small accounts to make it easier to
