19 Dec I’m 63 and thinking about retiring next year. What should I do?

Q. I am 63 and thinking about retirement at 64. What advice do you have?
— Almost there

A. Congrats on your pending retirement.

It’s a great question. There are many things you can do to make your retirement money life easier.

First, consider getting a home equity line of credit, or HELOC, said Nicholas Scheibner, a certified financial planner with Baron Financial Group in Fair Lawn.

“While you are working, you are more likely to qualify for a HELOC,” he said. “This can be a good way to bridge money or pay for an emergency home repair.”

It’s also a good time to evaluate if you should refinance your current mortgage, he said.

If you retire before 65, plan for expensive health insurance premiums, Scheibner said.

“Maybe you have enough vacation/sick time built up that you can stay on the insurance, until Medicare kicks in,” he said.

Also fund your health savings account (HSA) if you have one, he said. You’ll want to make as many contributions as you can before you apply for Medicare, Scheibner said.

Reconsider collecting Social Security right away if that was part of your plan, he said. You can stop working, and assuming you can cover your expenses, continue to delay your Social Security application because each year you wait, you earn delayed retirement credits.

“If retiring before your ‘full retirement age’ with Social Security, understand how those missed years of work may affect your Social Security estimates,” he said. “Most estimates from the SSA are based on you `continuing to work until X age.’ Depending on your work history, one or two missed work years may or may not have a large impact on your monthly payment.”

Look at your retirement accounts and see if it makes sense to plan a conversion to a Roth IRA at some point.

“After you retire, before Social Security, and before required minimum distributions (RMDs), you could find yourself in a very low tax bracket,” he said. “These could be great years to consider Roth conversions.”

Also see if you can build up your savings accounts, Scheibner said.

“Once someone retires, most take a few months to find a rhythm with their new lifestyle,” he said. “In the beginning, you may find yourself traveling and going out to eat more frequently. You just found 40 hours per week that you need to fill.”

Also think about talking to your financial professionals as part of your plans. They can help you to determine if your income in retirement is sufficient to sustain your lifestyle and to make sure your estate documents are in place.

“Finally, take some time to enjoy!” he said. “Your first job may have been in your teens. You’ve worked for 30, 40, or 50 years. Take some time to enjoy some travel, time with friends and family, or personal hobbies.”

Good luck to you!

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This story was originally published on Dec. 19, 2022.

NJMoneyHelp.com presents certain general financial planning principles and advice, but should never be viewed as a substitute for obtaining advice from a personal professional advisor who understands your unique individual circumstances.