Do your homework

Prior to retiring, you should have a clear picture of how much you will spend annually. Then, come up with strategies to use your investment income and other sources besides your pension and Social Security benefits. It’s important to think ahead and consider how you will spend your days well before retiring for good.

Those thinking of retiring in the near future might give semi-retirement a chance first and perform certain activities that bring them joy before putting in their two-week notice, according to Kim E. Jones, a certified financial planner with Jones Strategic Financial Planning, with locations in Broomfield, Colo., and Denver.

“It’s a good time to retire … if you feel ready to leave your job and if you have done a thorough financial analysis as to your ability to not outlive your money,” said Jones. “Deciding to retire should not be a ‘wing it’ decision.”