My grandfather lived with us for many years before he passed. He emigrated from Russia by way of Canada. He worked hard running his own little grocery store his whole life. No one ever talked to him about saving for retirement; he had no other choice but to move in with us. It was wonderful having him there, but we don’t want to have to move in with our daughter when we retire. Here is what we will do to make sure we can remain independent:
Have a retirement plan. We know when we want to retire, how much it costs us to live, what things we would like to do in retirement, and what our family medical history has told us to prepare for later in life. From these points, we know how much we need to save and for how long.
I mentioned family medical history; it is important when planning for medical expenses in retirement. Anything can happen at any time, but facing your heredity can help make medical expenses easier to deal with later in life. Review your copays, deductibles, and long term care coverage.
Spending is everything. Many people plan for how big their nest egg needs to be, but have you thought about how to withdraw the income you will need? Have a plan for where you will pull funds from first, how much to withhold in tax, and how to handle emergencies.

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