What Is the Best Way to Invest for Retirement?

This question originally appeared on Quora.

Answer by Ric Edelman, Author of The Truth About Retirement Plans and IRAs, a leading financial adviser, http://www.edelmanfinancial.com/

If retirement is on your horizon, there are 10 things to do now.

1. Decide how you are going to spend your time. What are you going to do during the first six to twelve months in retirement, and what do you plan to do for the rest of your retired life?
2. Determine (realistically) how much money you will spend each month. Remember to include periodic expenditures such as gifts, vacations, taxes, occasionally replacing a car and emergencies.
3. Anticipate the costs you'll incur for health care.
4. Buy long-term care insurance. Now.
5. Refinance your mortgage. Many people are shocked to discover that they either cannot borrow money after they retire or they are forced to pay higher rates.
6. Boost your cash reserves. Make sure your rainy-day fund is enough to cover at least six months' worth of expenses.
7. Evaluate your sources of income. You have already figured out what you'll spend on a monthly basis. Now figure out where that money will come from.
8. Revise your investment strategy. The way you've handled your investments over the past 30 years is not how you should handle them for the next 30. While preparing for retirement, you were focused on asset accumulation. When you're in retirement, you need to focus on income and on keeping pace with the increasing cost of living. Assets must be flexible and liquid so you can meet needs you did not anticipate. New words will enter your vocabulary: rollovers and lump sums.
9. Review your estate plan. Review your will and trust. Don't have them? Get them. These documents can protect you and your assets while you are alive and benefit your spouse and children when you pass on.
10. Perhaps the most important thing of all. If you are not excited about retiring, then don't. Many people become bored after retiring. It's OK - even exciting - to return to school or a new career, even on a part-time basis.

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