The cost of coverage If you give up employer-subsidized health insurance, you’ll need to build a “bridge to Medicare,” says Rob Williams, managing director of financial planning, retirement income and wealth management at the Schwab Center for Financial Research. Most people become eligible for federal coverage at 65.

You may be able to keep your company plan under COBRA for up to 18 months, but you likely will have to pay more. The Affordable Care Act (ACA) marketplace is another option; people with lower incomes may get subsidies.

Timing Social Security Many retire at 62 because that’s the earliest you can collect Social Security. But claiming early isn’t always wise. Full retirement age is 67 for people now in their 50s. Start earlier and your benefit will be cut by up to 30 percent, permanently.

If you can, wait until you’re 67 or even 70 to file, since your benefit grows for every year you wait until then. Many early retirees work part-time rather than tap into Social Security.

Accounting for inflation Even though inflation has eased, prices will always rise in a growing economy. According to Chris Manske, president of Manske Wealth Management in Houston, “Just because you can transition to a fixed income at today’s prices doesn’t mean you’ll be comfortable after 10 or 20 years.”

The Federal Reserve’s target inflation rate is 2 percent, so plan for at least that much annual growth in your future expenditures.

Long days Leaving your professional role may be difficult. “Many people don’t know what to do with their time,” Williams says. Prepare for your next move. If you want to open a consulting business, for example, start networking now.

Long lives An American who reaches age 62 is projected to live an additional 20-plus years, so plan for that much spending. If the numbers don’t add up, consider staying at your job a little longer. Working even one extra year can have a big impact. —Donna Fuscaldo