Retirement is just one of the monumental transitions a person will have in his or her lifetime, and should not be taken lightly. We all want to have an enjoyable and secure retirement. Often after working for over half of our lives our decision to retire has a direct impact on our finances but also impacts our relationships, health and well-being. It is an important factor that should not be forgotten in the planning process.
Here is a list of key points to consider before and during retirement:
Evaluate your finances
Pre-retirement planning will help you achieve the lifestyle you want when you retire.
Consider taking an account of all your expenses and adding a little extra for life’s unexpected challenges. Spend time analyzing your financial needs to gain a better understanding of what you have to spend vs how it will change after retirement. Simple tasks like budgeting and tracking expenses which include periodic expenditures such as vacations, medical bills and emergencies can help you gain a realistic view of your needs.
Know your benefits
Check with your local government services to understand benefits being offered in your region and how to process your eligibility to receive these benefits is a key component in your retirement planning. Most government offices will provide you a statement to identify your full retirement age and amount to be received.
Check your healthcare
In consulting and comparing insurance plan options with an advisor, can assure you that your needs are met in a cost-effective manner. This is a key factor in estimating your healthcare costs as part of your overall financial plan.
Keep your lifestyle healthy
With the onset of so much free time creating new habit is essential. Consider developing a routine that involves activities to keep you active and engaged with a purpose.
Prioritizing your health, making time for exercise and maintaining healthy eating habits, has the power to reduce your exposure to medical expenses and infirmities.
When planning for retirement, the earlier you start saving and investing, the better off you’ll be. Get to know how much you’ll need, and gain satisfaction as you pursue your retirement goals.