by KYW's Salil Gutt

The 77 million baby boomers will redefine the word retirement. We already hear jargon like "next phase", "second half ", " life planning". 

With life expectancies increasing, it is possible you could spend as much time in your next or new phase as you did working. The challenge is in organizing your personal finances when you enter this new period of your life so that you never outlive your money.

There are three things you can do to ready yourself for your new phase.

First, make sure you are debt free at that time and plan to stay that way forever.  Next. Get a really good handle on your living expenses during this phase. Avoid pat answers that say you will need x percentage of your salary income. By now, life wisdom will tell you how you would like to lead your life and expenses to meet that vision will vary person by person.  And finally. Match projected living expenses to the investments you own and get a hard nosed opinion to see if, and how much you have to supplement your income from savings with income from part time work.