Are you planning to retire soon? Awesome! Here’s a good way to financially prepare for this big change in your life.

Figure Out If You Should Work

At times working after retirement may be a good choice for some but others it may not. Depending on your age, working as soon as you start receiving Social Security and Medicare benefits may have a direct positive impact on what you receive. E.g, You might need to figure out how to make your workplace health insurance and Medicare co-exist.

Become a Social Security Expert

Becoming a social security expert might just be a good option if you are retiring soon. Maybe you won’t become an expert as easy as it sounds but you need to know exactly how social security works, what amount of money you will be making and how beneficial it will be to you and your spouse. The government’s Social Security website is a great place for resources and information on what benefit you are entitled to.

Do the Same with Medicare

Do you think Social Security is that complicated? Then you may need to wait until you look into Medicare. There’s Medicare Advantage, parts A through D, doughnut holes, Medigap and plenty of other terms that might interest you.

You’re going to need more than just original Medicare parts A and B, which will definitely involve insurance shopping.

You Need to Adjust your Portfolio

Are you behind on your savings? If so, then you should look for a high-yielding investment product to invest in. You need to picture what your retirement accounts should look like once you enter the accumulation period versus the distribution period.

Ditch the Target Date Funds

It is the fifth of  Eight Steps to Take If You Are Retiring. Target date funds offer a wау to keep a bаlаnсеd роrtfоlіо thаt сhаngеѕ аѕ you reach your target retirement age. You probably need to get rid of the fund and invest your money in other products once you reach that target date. Think about Passive vs. Active Investing during your retirement years because what you invest in, is a choice you have to make yourself.

Fine-tune Your Estate Plan

Estate doesn’t  mean like you are living in a big mansion in NY,  but in a way, everyone has some sort of estate to call their own irrespective of whether you own a mansion or not.

Your life’s savings, your home, and your assets all will be no more when you pass on. Now is the time to take another look at your will if you already have one in case there are changes you need to make. If you don’t have a will then it’s a big mistake you are making. Now is the time to talk to an attorney and I mean do it now and get a will.

If you have a considerable wealth, you need to do all you can to avoid estate taxes. There are attorney’s that are specialized in estate planning, they can help.

Decide What to Do with Your Home

Your home might be a liability and also might just be your most valuable asset but don’t forget that as you age, in addition to all of the kids you have you might just be paying a lot of money for so many things that are irrelevant and not needed. Though there are many reasons to keep your house, the truth is when you downsize, you can then put your money into your retirement accounts.

You may wish to talk with a financial planner if you’re not sure about this.

Be Generous

Now is the perfect stage of life to give your money, treasure, talent and time to others. Take time to travel, see families, financially support a charity you believe in, mentor a young person just starting out in their career, and volunteer at local events. There’s nothing better than staying engaged and giving back to the society because the world needs your experience, so give it.


It’s better to engage the services of a Financial planner because they can help you walk through your retirement transition in a better way and take into account your specific financial situation. Financial planners will also advise you on budget creation for your post-retirement and show you how to keep your funds growing even while you’re drawing on them. These are Eight Steps to Take If You Are Retiring.

Do you already have a financial planner? If not consider finding one today.

Income for Life series