There are many things to consider before retiring. Below are just a few of them.
Income – You already looked at your savings, now see if your retirement income and projected income from Social Security will be enough to cover your bills from month to month. Make any adjustments if it will not cover those expenses.
Invest – The strategy you have been using for investments over the last thirty years will not be the same one you plan on using after you retire. Speak with a certified investment broker and figure out what the best plan for you is after you leave the work force.
Estate – Review your estate plan and if you haven’t already, update your will and trust. If you don’t have a will or trust, now would be the ideal time to get them. While these documents may seem morbid while you are alive, they will provide help in protecting your assets in the event something should happen to you. Having these documents will also help to delegate who receives what benefits when you pass on.
Insurance – Buy long term insurance. It is easier to purchase long term when you are still working than to try and figure it out once you retire.
Emotions – Retirement can be an extremely emotional time. If you are not excited about retirement, don’t worry. Many people become bored within a year after retiring and usually return to the workforce or to school. Keep your options open.
Retirement is a process, a closing of one chapter and the opening of another. It is by no means the end. Take your time, explore your hobbies and passions, and see if there is something you want to enjoy for the rest of your life.
Downsizing – Selling your larger house and moving to a smaller house or apartment can put a lot of money in your pocket. It can also save you a lot of time that you would have spend on lawn and house maintenance. If you have more stuff than you can keep in your smaller place you can rent a storage space from somewhere like StorageMart. Make sure that the stuff you are storing is worth the storage fee you are paying.
Those are just a few of the things you need to consider before retiring. Reading magazines and blogs such as this one can help you review all the things that will help you have a successful retirement.
Comments
2 responses to “More Things to Consider Before Retiring”
I think the emotional toll can often times be a very tricky area. In some cases people have been working their entire lives and all of a sudden their career has to stop. Sometimes that good ole hobby has the dust blown off of it and income can be made.
I enjoyed the post, and would add that the definition of retirement has changed with the baby boomers, who over the next decade, are poised to receive the largest transfer of wealth in the history of our world. By sheer numbers alone, how they use these resources will be a game changer. They are unquestionably a contrast to their depression era parents who buried money in coffee cans because they didn’t trust the banks.