3. Social Security
Deciding when to take Social Security is an individual decision. Conventional wisdom suggests taking Social Security as late as possible, but that may not be the best decision for you, depending on your health, marital, and financial status.
4. Get your income portfolio ready for retirement
Build your strategies in time to make necessary changes to your portfolio before you retire. That way, you are ready and will not be making unnecessary shifts during retirement. In general, a retirement portfolio is less about growth and more about income.
5. Prepare for a long life
Life expectancy is on the rise, thanks to advances in health care. This means your money will have to last longer. Consider long-term income vehicles, such as fixed immediate annuities, that provide a steady stream of income for life.