Steps Every Boomer Should Take Before Leaving the Workforce

It's a day that most of us have been dreaming of for years: leaving the workforce and entering into the golden years of retirement. Retirement is an exciting time, but experts warn there is a lot of research and calculations that must take place before leaving the workforce. I will be turning 62 this month—and face many financial decisions that can impact my retirement funds: Should I take my Social Security income now, or wait until my full retirement age? What happens to my finances if I unexpectedly pass away? But for many of us baby boomers, we have not adequately saved for retirement. Some of us lost our home equity when the housing market crashed in 2008, while others watched their 401(k) tank when the stock market subsequently plummeted. But here we are, close to four years later and the stock market is hovering around 13000. What does that mean for boomers gearing up to leave the workforce? I spoke with Jim Sloan, president of Jim Sloan & Associates in Houston, and author of The Financially Informed Boomer, and he offered the following six tips of what boomers need to know before leaving an employer. Continue reading this article

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