Planning for retirement should feel exciting and thrilling, not stressful and overwhelming. After working for the vast majority of your adult life, the prospect of living a carefree life while retired should help you to feel hopeful about your future as you get your finances and future budgeting in order.
You can use this handy and helpful retirement readiness checklist to make sure that all of your “ducks are in a row” so to speak before heading off into retirement.
Review Your Assets –
Before you choose to officially retire from the workforce, it’s important to review your personal finances and any current assets you have to your name. Take into account any homes, commercial properties, vehicles, boats, and other major assets you have invested into and currently own before you begin calculating how to survive financially once you retire.
Reduce And Eliminate Debt –
Reducing and eliminating any debt you have accrued to your name is highly advisable, especially if you are thinking of retiring in the near future. Spend time researching and reducing or eliminating the debt you have according to your most recent credit report. Use online services such as www.annualcreditreport.com to obtain your credit report free of charge if you are unsure of the current debts you have in your name. Work directly with companies you owe or consider hiring a non-profit credit counseling agency that specializes in minimizing payments and reducing interest rates to remove debts from your credit reports.
Consider Your Retirement Needs –
Before you can truly retire, it’s vital to understand your everyday needs financially and with managing your day-to-day tasks and chores. Do you intend to live on your own once you finalize the retiring process, or are you planning to move into a senior care facility? How much money do you require to properly budget and live without financial stress each month? What type of budget works best for you based on your current lifestyle and the type of lifestyle you intend to lead once you have completed the process of retiring?
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Do you have family members and friends who are willing to help and assist you with transportation, medication, shopping, and socialization activates? How do you intend to travel anytime you have an interest in visiting a new location or planning a vacation? What type of health insurance do you intend to keep once you choose to retire? All of these questions are more important than you think and they’ll help you plan better. Don’t be afraid to ask yourself some pretty tough questions.
Create An Emergency Fund –
Having an emergency fund on-hand at all times is imperative whether you are planning to retire or if you have an interest in pursuing your current work for years to come. With an emergency fund, prevent feeling stressed and strained financially anytime you run into an issue that requires additional sums of money to address and fix.
Understanding how to plan for retirement with a proper review of your personal finances and an understanding of proper budgeting is essential to move forward with your new way of life. Whether you have been waiting your entire life to retire or if you are experiencing difficulties letting go of your job and position, knowing the steps to take when you are truly ready to retire is a way to do so without causing a strain or hassle in your everyday life.