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Individuals who are over 72 must take their RMD by December 31st of each year. If you are turning 72 this year, you have until April 1, 2022.
Before retiring, you should have a clear idea of your projected retirement expenses.
Transition into retirement is stressful. It requires a significant change in mindset from contributing to your portfolio to taking distributions.
Rebalancing enforces a discipline to sell when prices are high and buy when prices are low.
You can take Social Security as early as 62 but this could result in a reduction of up to 30% in benefits.
Generally, the happiest retirees are debt free with no credit card debt, a paid off mortgage and no car payments. They also have several sources of income such as Social Security, a pension, income from investments, rental income, royalties, or a part-time job.