Planning for retirement? Your bucketlist:
25 Things to Do Before Your Retire
Whether you're a few years away from retirement or are in the prime of your career, you likely have at least a rough draft of your retirement checklist. Planning for retirement can be both daunting and exciting. But if you have a solid idea of what needs to be taken care of before you celebrate your retirement party, you're more likely to approach this phase of life with ease. Here are 25 things to handle when it comes to retirement planning.
1. Eliminate Debt
Your retirement savings should be used for everyday living expenses. Of course, you should also have some set aside for emergencies But this will be difficult if you're still paying off debt. As soon as possible, obtain a copy of your credit report and take a detailed look at each account. If you still owe on accounts, make arrangements with your creditors to satisfy the balance. Take care of the accounts with the highest interest rates first, then work your way down the list.
2. Pay Off Your Mortgage
Getting rid of mortgage debt should be high on your retirement bucketlist. This is often the debt with the lowest interest rate, so you should tackle this after you've paid off items like credit cards. Retirement will likely be more enjoyable when you can live in your home without having to worry about a monthly mortgage payment.
3.Get Term Life Insurance
Take out a life insurance policy before you retire. Choose a policy with the longest term, so you can be sure you and your family are covered for an extended period of time, even if you unfortunately pass away. At the end of your term, talk to your insurance provider about the adjustment in your terms or conditions.
4.Think About Long-Term Care Insurance
It may be best to take out more than one term life insurance policy. This is so important to have in place in the event that you need long-term care at home or in a nursing home. Medical costs can definitely add up for your family, and you don't want to put a strain on your retirement finances or burden your loved ones.
5.Consider Moving
Make your retirement comfortable by moving into a new home. It may be a good idea to add this to your retirement checklist if you have a large home, but your children have moved out. You may choose to downsize to cut down on home-related costs. Or, you can select a one-story home so it will be easier for you to get around in your house.
6.Get a Variable Annuity
This financial tool can make planning for retirement much easier. It provides you with an additional source of income, and you won't have to worry about immediate annuitization when you retire.
7.Plan Your Estate
No one likes the idea of putting together a will, but this should definitely be on your retirement bucketlst. Make sure you know how your assets are organized, and clearly dictate which relatives will handle your affairs or take over your property and valuable goods when you pass away.
8.Create A College Fund
Retirement planning is much easier when your children's college education is taken care of. Start a college fund when your kids are small, so by the time they graduate from high school, you'll have the funds to take care of all or at least a good portion of their education without getting into debt at retirement.
9.See A Financial Planner
Meet with a financial planner years before you plan to retire. You may learn about profitable investments and get pointers for spending a saving your money wisely. This can reduce the likelihood that you'll go into debt when you retire.
10.Create A Budget
Even though you probably know how much is in your IRA or 401K, it's best to create a structured retirement budget. This keeps you from overspending and helps you plan for vacations so you can enjoy your retirement.
11.Get Rid of Student Loans
As you're saving for your children's college education, make sure you've paid your student loans off by the time you retire. This is often a major debt that can loom over you for years, so begin the repayment process as soon as you can.
12.Survey the Job Market
If you're not sure whether you want to retire in your current career, take a look at the job market as part of your retirement bucketlist. If you're a few years from retirement, you may want to switch to a more rewarding career. If opportunities are scarce, it's best to stay in your current position so you can retire in a time frame that works for you.
13.Work Part-Time
Retirement doesn't mean that you sit home all day. Your current employer may be open to you working on contract of part-time. Or, look for other part-time opportunities that interest you. This can help you bring in extra income while helping you to be productive.
14.Improve Your Health
Getting your health in order is essential for your retirement. Start eating better and exercising
regularly. You want to enjoy your years off work and cut down on medical care costs.
15.Plan Your Adventures
If you want to engage in international travel or make business investments, plan these things out before retirement. This helps you organize your finances and your time so you can carry out your plans successfully.
16. Review Your Financial Plan
Even if you've already devised a plan for your finances, review it often before retirement. Things can change quickly due to life events, and you want to make sure you're as prepared as possible.
17. Retirement Savings Budget
Give as much as you can to your retirement savings account. Remember, this will be your income one day, and you don't want to limit your retirement adventures due to poor financial planning.
18. Take Up New Hobbies
Years before retirement, engage in hobbies you're interested in. This keeps you from feeling bored and restless once you're no longer working and helps to enhance your mind and health.
19. Invest In Your Relationships
Once you retire, you'll be spending a lot more time with your spouse, friends and relatives. Invest in these relationships now, so that your retirement will be a fulfilling experience for everyone.
20. Work Hard and Smart
Give your best to your career and go after all the achievements you want. When you retire, you want to know that you've truly had a full and satisfying professional life. This makes retirement much more rewarding.
21. Apply for Social Security
In addition to your retirement savings, Social Security can provide the financial assistance you need to pay bills or take care of health-related costs.
22. Reduce Taxes
You may want to consider switching your 401Ks to Roth IRAs, since this account allows you to withdraw your money without taxation. Taxes can definitely add up, and you want to keep as much of your income as possible.
23. Review Your Health Care Plan
Upon retirement, you may need more or less coverage. Well before you retire, take a look at your health care policy to make sure you're properly covered.
24. Experience the Finer Things
Splurge every once in a while. Eat a gourmet meal or stay in a four-star hotel. While saving is important, you should get a taste of the great things you want to do when you retire.
25. Take Pictures
Finally, take lots of pictures. Chronicle your life so you'll have beautiful images to look through once you retire.
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