Are you getting
closer to retirement age? When you’ve been working all your adult life, it’s
nice to have something to look forward to. To enjoy time with your loved ones,
to make the most of your money and to live as comfortably as possible as you
welcome the next stage of your life.
Are You Ready for Retirement? Make Preparation a Little Easier with These Simple Tips [ image: pexels.com by Monica Silvestre ] |
However, retiring
isn’t as easy and as simple as not going to work every day. It requires careful
planning and putting everything in place so you can create the retirement that
you want and deserve. You’ll need to get your finances and your benefits in
order first (click the link to find out more about collecting social security retirement and disability simultaneously). But, what other steps should you
take to plan your retirement? Read on for some
simple retirement advice.
Decide what kind of
retirement you want
Do you plan on
traveling? What about splitting your time between home and overseas? Maybe you
want to volunteer or even work part-time at a job you actually enjoy? Once you
know what kind of retirement you want, you’ll be able to plan your finances
accurately.
Figure out your
retirement income
As mentioned above,
once you visualize what you want your retirement to consist of, you need to
focus on your finances. What savings do you have? Make sure you’re taking full
advantage of any employer pensions, investment accounts and social security
payments to boost your retirement income. If you’re planning on taking on a
part-time job, then you could also estimate further income from that. You
should continue to revise your finances as you approach retirement and factor
in any changes.
What about your
expenses?
Then, you’ll need to
calculate what your expenses are going to be. Mortgage or car payments, food
bills, medical expenses etc. Some expenses may stay the same, others may
increase as you get older (health bills/eating out) and others may decrease
(clothing bills/commuting). Much of this is circumstantial and will depend
entirely on the kind of retirement you want to have.
Decide where you want
to live
If all your children have
grown up and left home, do you really need a 4 bedroom house? Contemplating a
house-move during your retirement makes sense if you want to save money and
have more cash to play with. You could downsize and buy a smaller property or
rent somewhere instead. You may want to live near your family or friends – the
choice is yours, but it will have a considerable impact on your financial
standing.
Speak with your
partner
Your retirement
journey is your own, however, you should also discuss your future with your
partner and find out their own goals and wants. Rediscover each other and
decide what you want to do with your free time, share your dreams and
retirement aspirations. Consider achievements you could reach together and
invest time with each other to make your relationship stronger. You may not
have had this much free time together for decades, so you might not know what
to do with it!
i always think in 5 years where im gonna be..
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