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Boomers: The When, The What & The Where

BOSTON (CBS) - Boomers should be thinking about three things: When are you going to retire? What are you going to do when you retire? Where are you going to retire?

These are topics of conversation you should be having with your spouse or partner while you are in your 50s.

When are you going to retire? What's the magic age for you? If you are coupled, are you planning to retire together? If there is a big age gap, the younger partner may want to continue to work to accrue more retirement benefits of their own.

You'll need to figure out when you'll have enough dollars so you can spend those years in retirement comfortably.

What are you going to do when you retire? You could have 20-30 years to spend in retirement. That is a long time to plan for. And unlike the years between 40 and 60, the years between 60 and 80 bring with them a lot of physical changes.

Most of us need to feel good about what we are doing every day, so imagine a "month of Saturdays"? Is that what you want? Whatever it is you'll need to do some planning.

Where are you going to retire? Do you downsize the family home? Do you move closer to the kids? Or your siblings? What about one of those exotic places we read about such as Spain or Mexico? The Social Security Administration currently sends close to 650,000 (640,808) retirement-benefit payments to American citizens living outside the US. That's less than 1% of current retirees living abroad in retirement.

What about being a snowbird and coming home for the Red Sox's opening game? Spending the winter some place warm is a dream of many. If you are planning to move south year round, spend July and August in Florida or Arizona before you decide to buy.

Check out the tax laws of the state you are considering. Do you have friends or family in the new area that can help with the transition?

According to AARP most retirees stick close to home. They want to stay near their family and friends. They don't want to leave their support system.

State taxes: http://taxfoundation.org/article/annual-state-local-tax-burden-ranking-fy-2011

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You can hear Dee Lee's expert financial advice on WBZ NewsRadio 1030 each weekday at 1:55 p.m., 3:55 p.m., and 7:55 p.m.

Subscribe to Dee's Money Matters newsletter here.

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