If you are visiting this site you are probably planning on a retirement. Whether you are just beginning working, or almost at the end of your career, you most likely plan to retire at some point in time. As your retirement date approaches, there are several items to think over and consider. Here is an examination of 5 of the top things to consider before retiring.
Time – Decide how you plan to spend your time after you retire. Look at the first six months to a year and get a plan together so you know how your funds will pay out during that period. Next, take a look long term and work with your financial planner to get some sort of plan based on your projected annual income.
Bills – With all major changes in your life, it is important to take a hard look at your bills and expenses. Get a realistic idea of how much money you will plan to spend monthly and don’t forget to factor in things like gifts, taxes, cars, and emergencies.
Health – Health care goes up and down each year, but once you retire, you will no longer have the cushion of an employer to help offset those costs. Decide what type of health insurance will be right for you and factor that into your monthly bills.
Mortgage – Now would be a good time to figure out if you would like to refinance your mortgage. Many people figure out that after they retire, they have more difficulties borrowing money or end up with much higher rates.
Savings – Figure out if that pile of money you have sitting for a rainy day will be enough. If not, look at ways to boost that amount to at least six months worth of expenses.
These are just a few things you need to consider before retiring. Make sure you have a comprehensive plan regarding your retirement before you retire.
Comments
2 responses to “5 Things to Consider Before You Retire”
And playmates. Who is there to play with, share your interests, and explore new possibilities? This comes under Time, I guess, but is a critical component.
Of course, there are playmates …. and there are Playmates….. 🙂
I must say saving for early retirement is the most important. Although money is the least important in life, it allows the things that matter to prosper. Security, Love, and Health are at risk when money problem arise. A proven way to have an early retirement is to contribute to a Canadian Pension Plan (CPP). I advise everyone to meet with a personal advisor who can show you the way.
Ten Star Financial Services