Retiring is a lot like those all‑important school tests — the kind where your score opens (or closes) doors to future opportunities. In many cases, you only get one chance to get things right, and the consequences can last for years.
The exam begins by asking how you plan to fund your retirement. Saying goodbye to a steady paycheck and replacing it with multiple income streams can feel unsettling. Do you take Social Security now, or wait until “full retirement age” or beyond? How long will your 401(k) last at a given burn rate? Are you hoping to leave a financial legacy for your kids?
Then it moves on to Medicare — with its alphabet soup of Parts A, B, C, and D. I’m convinced it’s only a matter of time before there’s a Medicare section for every letter. My personal favorite is the two‑year income lookback that determines your Part B premium. You may be earning less once retired, but you still have to prove that and challenge the higher rate… or keep paying based on what you earned two years before retirement. Only a politician could design something so “elegant.”
Next, the exam asks where you plan to live — and whether your current home is truly your “forever home.”
Finally, it asks what you’ll do with the extra time now on your hands, and how you’ll maintain purpose and meaning in this new chapter. I’ll have more to say on that soon.
So… how did you score? What do you find most challenging when you think about retirement. I’d enjoy hearing from you.