If you are already retired, you either have my congratulations or sincerest condolences. If you have not, here is the Cliff Notes version of what to do.

• Step 1 - plan. The most important aspect of re tirement is guaranteed income from Social Security, pensions, annuities and other income that will increase to cover inflation.

• Step 2 - Social Security options. A couple can take Social Security more than 1,500 ways. Bottom line, the longer you wait the more you will get. The key is to study SSI before choosing exactly how and when you should take yours.

• Step 3 - “Hybrid retirement.” Work part- or full time after you retire. A hybrid retirement could allow you to defer invading your Social Security and taxable 401-ks, 403-bs or other retirement vehicles. Consider converting your IRA to a Roth IRA.

• Step 4 - inflation. The buying power of $10,000 at 4% inflation in 10 years will be half that. Are you prepared for that?

• Step 5 – Guaranteed retirement income. Guarantees are only available with vehicles like annuities. Annuities get a bad name but they are the only vehicle that guarantees you a lifetime income. Though annuities get trashed, what do you think Social Security is based on? What do you think pensions are based on? What do you think guaranteed-income lifetime payouts are built on? Exceptions: avoid variable annuities or fee-based products.

Every other vehicle can be lost, stolen or could disappear to poor choices. The double-talkers out there in the investment world call it “dollar cost averaging.” I prefer to refer to it as “dollar cost ravaging.”

• Step 6 – Long term care. Avoid this risk with an advanced plan of attack. The good news is we live longer. The bad news is we live longer. Thanks to medical science, many of us can literally outlive our assets.

Ask 100 people and all will tell you they do not want to go to a nursing home. Then, what you need is a plan for someone to care for you in your home.

If you have the assets, you can self-insure. If you do not, Medicaid (welfare) is going to make you spend almost every other penny you have before it kicks in. .

• Step 7 – Home equity. When Medicaid forces you to liquidate assets, you may have to sell your home. Depending on the market, it may be a good or poor time to sell.

You can take a home loan if you are mortgage-free. Or consider a reverse mortgage where you occupy your home and pay off the reverse mortgage when you move out of your home. For many seniors, the equity in their home is all they have left.

• Step 8 – Do not give your kids money while you are alive. You may need it. The last thing your kids and their spouses want is a parent or in-law who they must take in. If you want to leave your kids money, use income-tax-free life insurance.

• Step 9 – Timing! You have your “gogo” years, where you accumulate savings and wealth. Then your “slow-go” years, where you enjoy some of the fruits of your labor until your health begins to fail you. Finally, we all end up in the “no-go” years. Do not let the clock run out on you!

Step 10 – Plan your demise. The 3 beneficiaries to your estate are family, charity and government. Choose wisely.

Aun is president-elect of the National Association of Insurance and Financial Advisors of Central Florida.