Everyone retires sometimes, but how you prepare for the uncertainty of this transition? This next stage of your life will take some getting used to. We are here to make sure you are ready, and this retiring is as seamless as possible by providing a few things to consider before leaving the workforce.
How will you spend your time?
With all of this newly found leisure, it is important to consider how you would like to spend your days. Consider the things you have always wanted to do that you can now pursue with free time. Perhaps you will take up a new instrument or travel to a country you have always wanted to visit. Maybe you want to become more social and spend more time with friends, children and grandchildren. If you have saved sufficiently throughout your working years, you may be looking to spend lots of money on travel or on a new home.
As things begin to wind down, it is important to look at your current life insurance policy. It may need some altering to ensure that next of kind are taken care of in the future. Most employers pay for your life insurance, but upon retirement it will no longer be paid into. Now, on the verge of retirement is the time to consider taking out a new policy. If you have very little debt and a self-sufficient family, you may not need to take out another policy.
Assessing and getting your finances in order in the first and most important step to retirement. Whatever you expect your retirement to look like, it has to be funded. By age 67, you want to have about 10 times your current income saved for retirement. Make a financial plan for retirement that takes inflation into account so you do not end up overspending your retirement savings. Leading up to retirement, you need to work on paying off debts, staying on top of bill and putting yourself in good financial standing to enjoy it.