Retiring in 2022? 15 Things to Do Now

Retirement is a milestone many people look forward to. If you're gearing up to retire in 2022, it's important to go in prepared. And these key moves will help you to do just that.

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As a general rule, it's a good idea to have 10 to 12 times your ending salary socked away in a retirement plan before you leave the workforce for good. Take a look at your IRA or 401(k) and see how well you've done on the savings front before forging forward with your plans.

You may look at your IRA or 401(k) and see a large balance. But how much yearly income does that translate to? Figure out a safe withdrawal rate and then apply that to your balance to see how much income you can expect from savings.

Social Security may end up being an important income source for you once you stop working. Check your latest earnings statement to see what monthly benefit you're in line for. You can look for the paper copy you may have received by mail or create an account on SSA.gov to access it there.

Just because you plan to retire in 2022 doesn't mean that's the best time to sign up for Social Security. If you haven't yet reached full retirement age, you may want to hold off on filing to avoid a reduction in your monthly benefit.

Medicare eligibility begins at age 65. If you'll be losing your group health coverage once you retire, it could pay to sign up for Medicare right away. But if you'll have the option to get health insurance through a spouse, it may not pay to enroll immediately.

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Once you retire, you may start dipping into your IRA or 401(k). And so you'll probably want to move a decent chunk of your money out of stocks. The stock market can be very volatile, and having too much money in stocks could mean taking losses once you're tapping your savings regularly.

ALSO READ: 3 Best Dividend Stocks for Retirement

It's important to be mindful of your spending during retirement because your options for boosting your income may be limited. To that end, take some time to set up a retirement budget that's realistic to stick to. It could help you start off retirement on the right foot.

If you're worried about covering your living expenses during retirement, relocating could ease that pressure. If you move someplace with a lower cost of living, your money could go a lot further.

Even as a senior, your home may end up being your single greatest expense. If you no longer need a larger home -- say, your kids have grown up and moved out -- then it could pay to downsize and reap some savings.

If you're still carrying a mortgage on your home and plan to stay for a while, refinancing could be a smart move, especially given today's interest rates. If you're able to lower the interest rate on your loan, it'll be less expensive to pay every month. Just be careful not to reset the clock on your mortgage if you want a shot at paying off your home for good. If you have 10 years left on your mortgage, for example, you may want to try to refinance to a new 10-year loan.

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Healthcare could end up being a huge expense during your senior years. If you've been setting funds aside for it in a health savings account (HSA), it pays to see what your balance looks like so you know how much you can rely on it.

ALSO READ: Why Everyone Should Be Saving for Retirement in an HSA

Once you no longer have a job to report to, you'll need a way to keep busy. Figure that out ahead of time so you don't wind up bored, restless, and frustrated.

You may have your heart set on retiring in 2022. But certain points of the year may be more optimal than others for tendering your resignation. If you'll be getting a bonus in April, for example, you may want to wait until that money is safely tucked away in your bank account before calling it quits.

Taxes can be a huge burden for retirees. It could help to speak to a tax professional who can offer advice on how to minimize that burden before you start taking money from your savings and drawing your Social Security benefits.

Working part-time in retirement won't just put more money in your pocket. It could also give you something to do. Figure out what sort of job might suit you as a retiree. If you decide you'd like to consult in your current field, that's something you may want to discuss with your boss while you're still employed.

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The more you prepare for retirement, the smoother that transition is likely to be. Be sure to check all of these items off your list before taking that leap. Doing so could spare you a world of stress once that new period of life begins.

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