Preparing for Retirement
Every day, there are countless Americans who come to a point in their life where they are ready to retire. Although this is an exciting time in the life of any person, it is one that should always be well thought out and planned for to ensure that the transition into this phase of your life is one that does not bring any unforeseen challenges.
Realistically, planning for retirement is something that should be done well ahead of time so that any potential issues can be addressed. Thankfully, there are several techniques and tools that you can use when preparing for retirement.
Steps You Can Take When Preparing for Retirement
When you are ready to get serious about preparing for retirement, here are some examples of steps that you can take to ensure that the transition into this new stage of your life is one that is seamless:
· Do a thorough review of your finances
It is important to remember that even though you may reach retirement age, this does not necessarily mean that you are in a position where you retire financially. Before you make any type of decisions regarding your retirement, the first thing that you should do is sit down and do a thorough review of your finances. Although parts of this exercise may be scary or challenging at times, it will help to set up a realistic view of your retirement options. Sometimes collaborating with a specialized Financial Planner who can review your retirement options is a wonderful way to get the realistic numbers needed. This will give you a full retirement picture for your peace of mind.
· Create a Social Security account
For many people, one of the main forms of income that they will receive during their retirement years is through social security. Although contributions to social security is something that the majority of people do not actively think about during their younger years because it is automatically taken out of their paycheck, as you get older, it is important to know exactly where you stand. You need to know how much in social security payments you would be entitled to each year. By creating an account through the SSA, you will be able to ascertain just that. This will give you a starting point when it comes to planning for your retirement.
· Consider a retirement job
Although the idea of sleeping in and staying home is wonderful to countless retirees, at a certain point, there is a possibility that that individual may get bored. If you think that you may get restless or your projected retirement income is not enough for you to make ends meet for the lifestyle you envision, you may want to consider committing to a parttime retirement job. It is important to remember that to receive your full social security or retirement income, you cannot work more than a certain number of hours. However, this does not mean that you cannot work a bit of a retirement employment just to get out and about or to supplement your retirement income.
· Make sure your estate is in order
Putting together an estate plan is critical at any age. However, when you hit retirement age, it is even more important to have your estate in order. In most cases, the retirement account (such as a 401k or an IRA) is an account that you can leave to beneficiaries if you pass away before you exhaust the account. Therefore, meeting with an estate planning attorney, putting together your estate planning documents, and ensuring that there are beneficiaries on the accounts is key.
Book Your Appointment with Our Office Today
Our team understands the challenges that you may face when you come to a point in your life when you are ready to retire. We have resources that we can offer you so that you have connections with the right people if you face any challenges when you are getting ready to plan for retirement. Of course, we can also provide you with the practical support that you need when formulating an estate plan that will leave your estate to your beneficiaries in a way that you want. For more information or to schedule an appointment, reach out to us today.
