Every year, millions of people head into retirement. After years of hard work, it’s no wonder an aging adult is ready to put their feet up and live the good life for a while. After all, they earned it.
But how many of us are really ready for retirement? That doesn’t mean ‘ready to relax’, because we’re all ready for that, but actually ready for the challenges and demands that retirement places on retirees?
Well, if you’ve suddenly realized you’re not yet equipped for going on retirement, you need to have a look at our retirement planning checklist!
Create an Emergency Fund
This is a good idea at any age, but it’s especially important when you’re about leave the workforce. Set aside some cash — equal to anything from 6 months to a year of your expenses (note, not income) — and put it somewhere safe.
If something unexpected happens and you’re forced to rely on new sources of income, you’ll be really thankful you had the money management know-how to set aside that emergency fund.
Pay Off Debt (Especially High-Interest Debt)
If you have credit cards or loans you haven’t repaid lying around, take some time to pay as much as you can of them off. Start with the highest interest stuff and work downwards, because far too many retirees end up unable to really enjoy their retirement when they’re hounded by letters from creditors.
Plus, it’s just good money management.
Work With an Advisor
Get in touch with a financial advisor, IRA custodian, or any other finance whiz in order to establish a plan for your money and finances that will withstand that tests of time. By working alongside experts, you’ll guarantee you have a scheme for your money management that won’t be brought low by unforeseen obstacles and circumstances.
Make Some (Diverse) Investments
Retirement is a time for relaxation, which means it’s a time to generate passive income. If you use some of your money to make smart investments now, you could be reaping the benefit all throughout your retirement. But make sure you don’t put all your money management eggs in a single basket.
Spread your investments out across a diverse array of industries and sectors. That way, a dip in one won’t hit you too hard. Likewise, if any single one of them strikes gold and skyrockets in value, you’ll be right there to take advantage of the upswing.
A Retirement Planning Checklist Will Help You Enjoy Retirement
So there you have it, our brief but important retirement planning checklist. Whether your retirement is 1 year away or 40 years away, there are things in here that are worth considering as you make your way through stressed life.
Now kick back, relax, and let the good times come rolling on in!
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