Retirement isn’t the same for everyone. Maybe you plan to spend more time with grandkids, cruise around the world, dive into your reading list or take cooking classes. Whatever retirement has in store for you, everyone should check these four simple steps off their to-do list.
- Crunch some numbers and create a budget
The amount of money that comes in each month and the amount you’re spending may change once you retire. Set the books straight and figure out what your expenses will be and how much money you’ll be able to spend each month.
- Meet with your financial advisor
Now is the time to review your 401(k), savings accounts, investments and any additional income-related topics with your financial advisor. They’ll make sure your financials are on track for your anticipated retirement date and give you tips about financial planning for retirement.
- Consider saying “farewell” to your mortgage
This choice is a personal one, so check with your financial advisor to see if paying off your mortgage could be a good decision for you. Not only will you be saving on interest, but you’ll have major peace of mind knowing one of your largest expenses has been put to rest.
- Expect the unexpected — get insured
While you’re eligible for Medicare at age 65, you may need additional coverage since Medicare doesn’t cover everything. Make sure you protect yourself against unexpected costs and look into enrolling in supplemental insurance.
Just a little planning now can save you time and energy in the future. Once you check these items off your to-do list, the only thing remaining will be enjoying retirement.
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