A lot of people focus on things to do after they retire, but there are a number of things you should take care of before you hit that milestone. Retirement planning specialists can explain the steps that will help you better prepare for retirement and help make this transition successful.
Establish a Plan:
You need to know how much money you’ll have coming in during your retirement, and then balance that against your expenses. Start by creating a budget, listing all your sources of income, and all your likely expenses. You’ll need to make sure your income covers or exceeds your essential expenses. As part of your plan, create a schedule. You need to know when you’ll apply for Social Security and Medicare and when you’ll receive any pension benefits or distributions from your retirement plans. These rules are complex, so you may want to consult with a retirement planning expert at least a year before you retire.
Consider Your Health:
As part of your plan, you need to factor in any health considerations. A medical emergency or major illness can completely disrupt your retirement. People often assume Medicare covers “everything,” but that’s not true. In addition to Medicare, you will probably want to obtain supplemental medical insurance to protect your family and future from unforeseen medical expenses or accidents. You should also review any wills, powers of attorney, medical powers of attorney, and other estate documents to make sure they still represent your wishes. Finally, start focusing on your personal health NOW. Exercise, eat right, and start doing the things that will support your health in retirement.
Set Goals for Your Future:
What do you want your life to be in retirement? Often, people focus on financial planning but don’t actually think about what they will do after they retire. Strong social networks, family and personal relationships, and new opportunities to learn and grow are important components of a happy and successful retirement. The things you want to do will influence many of your financial decisions, so it’s a good idea to figure out what those goals are before you retire.
Tags: help with budget, retirement, retirement planning