Page 57 - Book3E

The FDIC suggests that you ask the Social Security Administration, your accountant, or your employer’s personnel office to help you determine how much Social Security and pension income you’d get if you “retire early”—and how much you’d lose compared to holding off on retirement.
Discuss with a financial advisor when to withdraw money from your tax-deferred retirement accounts, such as employer-sponsored retirement plans and traditional IRAs. After age 59 1⁄2, you can withdraw your money without penalty but it will be subject to income taxes. Under IRS rules, you must withdraw a minimum amount from 401(k)s, traditional IRAs, and certain other retirement savings plans by April 1 of the year after you reach age 70 1⁄2 and each year after that. There is an exception to this rule for someone still working for the employer who sponsors the plan. Consult with your legal or financial advisors about estate planning—organizing your financial affairs so that your money, property, and other assets can go to your heirs with a minimum of costs, taxes, and hassles.
You may need or want to buy health insurance or long-term care (including nursing home) insurance. Consider the need for disability (wage replacement) or life insurance coverage.
The Different Stages of Life and their Financial Demands 49