Ten Simple Steps to Getting You Ready for Retirement
Retirement planning is essential in today’s society and there’s no better time to start than now. However, you may be wondering where to begin? A fulfilling and happy retirement actually means different things to different people. For some, it may be a period of transition from a full-time career into a meaningful part-time job. For others, it may mean spending more time with family and loved ones or doing more of what you love like heading to the golf course or starting a garden. Once you decide what you want to give your time and energy to once in retirement, it’s time to start building a plan. Here are 10 steps to ensure you live the retirement you’ve always dreamed.
Step 1 – Define Your Retirement
The first step is to define your retirement. List the most important goals for this time in your life, write your objectives down and figure out how you’d like to spend your retirement. At first focus on ideas and not your the budget. Be as specific as you can. For instance, instead of TRAVEL LIST, do something like WALKING TOURS OF FOREIGN COUNTRIES or TRIPS TO LAKES.
Be more specific and try as much as possible to limit the list to your top 5 most important goals and be more specific as you can. Start a journal depicting how you envision your retirement or keep a scrapbook.
Be real and practical, your list should be able to rule out expenses that are not necessary. Brainstorm and ensure all your financial needs are met. The more reality you face, the more tangible your retirement will be. Doing this will definitely help keep you keep a focus on a realistic set of goals thereby making your goals attainable.
No need of vague goals though you can generalize, simply start by outlining how уоu envision enjoying уоur retirement.
Step 2 – Take Stосk of Yоur Aѕѕеtѕ
How much is your take-home monthly? How much do you have in your retirement account? how much do you have in the bank? What about other non-traditional assets that could help fund your retirement?
Your hobbies and skills can be turned into real income in your retirement age, or teaching piano lessons, trading antiques all these can be a form of an asset at your retirement age. Take time to list all your skills and hobbies. Your list might be small but don’t worry just ensure you do a list all of your untraditional assets and things you are passionate about. After that, start thinking about how you can monetize those hobbies and skills and then turn them into money at your retirement age.
Step 3 – Evaluate Your Health Now
If you must get the most out of life in general and your retirement then your health should be a priority. A little preventive medical attention or doctors’ visit can go a long way. From ordinary health checkup to annual physical teeth cleaning. Working with your doctor or health provider to maintain or improve your health. Commit and recommit yourself to eating healthy food, do some exercising and get enough sleep. Healthy living doesn’t have to be something too serious, just take some healthy foods it doesn’t have to be so delicious, as a matter of fact, many healthy foods are very satisfying and delicious. Exercising also can be fun.
Commit yourself to stay mentally sharp with puzzles, brain games, and books. In addition, staying in close contact with friends and family may also help maintain your health – both mentally and physically.
Step 4 – Determine When to Collect Social Security
Don’t you think it’s a good idea if you save and invested enough to enjoy financial freedom during retirement? Surely, most people need the Social Security benefit both to pay for basic essentials and to support retirement dreams. How much you’ll get in monthly benefits will be determined by the аgе at whісh уоu сhооѕе tо ѕtаrt collecting Social Sесurіtу and this will definitely have a direct impact on you. The longer you wait tо claim Sосіаl Sесurіtу, the grеаtеr thе benefit for you and your family. This step is very useful in Steps to Getting You Ready for Retirement.
Whether you are single, married, divorced or widowed it usually pays to be patient to claim. There is some good AARP’s Social Security Benefits Calculator that will show you when it’s best for you to claim.
Step 5 – Network Through Social Media and Other Methods
It is also a very important step of Steps to Getting You Ready for Retirement. Learn to maintain and build your own network of fans and friends even in your retirement age. Showcase your talents on social media and use networking opportunities to explore. It’s not a bad idea to brag about yourself to those who you feel might help you fulfill your retirement goals.
Ensure to add a networking strategy to your retirement plan. This might involve spending an hour or a day on LinkedIn, Twitter or Facebook making friends and networking with people who share your interests and skills. You can even decide to start a morning meet up group at a local coffee shop with soon-to-be retirees to discuss ideas with each other. These are strategies that may help you build relationships that in turn can grow your network. The more socially active you are, either offline or online, the more opportunities you are likely to create for yourself.
Step 6 – Decide How Much Time You Need to Work
Unless you are financially set for life, you will have to either stretch lіmіtеd mоnеу аnd gіvе up ѕоmе retirement drеаmѕ, or stay in the workforce to help pay for those dreams. Ensure to take into consideration how much work is necessary as you write down your retirement goals.
In as much as you are advised to look at your interests, you should consider your lifestyle and preferences too. Either way, to ensure you ѕuссеѕѕfullу reach уоur gоаlѕ, уоu’ll hаvе tо dесіdе how much time you need to spend on a job. It is not a good practice to wait until after retirement before you make such critical decisions. Check out the cons and pros of working including how many hours per day or week. The more secure you will be in your retirement planning if you get this as soon as possible.
Step 7 – Create a Retirement Budget
Create a budget that includes how much debt you have, how much money are you making, how much it will cost to reach the goals you have already identified above.
You can start quickly by tracking your expenses and income for a couple of months. Figure out how much money you’ll need in retirement to support your chosen lifestyle. Next, do a financial checkup of your investments and ensure you are putting your money into different investments and thereby investing in the things you understand and going with those investments that won’t cost you much.
Make sure your budget includes monthly payments to knock down your debts if you are carrying any debt. Once you have a budget you know you can stick to, start putting it into action.
Step 8 – Start Saving More and Find New Ways to Cut Your Expenses
Saving more for your retirement now will always make you better prepared, always find new ways to cut down on your expenses. That doesn’t mean all of your extra cash has to go into savings. Figure out ways to trim your expenses and you can start by listing your bills. For instance, it may not be necessary to have 50 cable channels at once or to eat out 3 nights a week. Cutting one movie night in a month is also a great way to bring you closer to your retirement goals.
If you have a green thumb, then growing your own vegetables can save you money. Try not to ignore your debt as a way to save more, this won’t help. Cutting your debt now will mean less worry when you retire. Paying off your smaller debts first, regardless of interest rate is one good strategy that works. If you do all these you will gain a sense of accomplishment and you will be empowered to go after the bigger debts later because by then you would have the willpower to eliminate the debt.
Step 9 – Prepare for the Unexpected
Always prepare for the unexpected so you won’t be unprepared. Take time to consider how you’d respond to minor issues like a roof leak to a more serious issue. Learn to discuss bigger issues with your family and close friends. What care would you want or what would you want to do if there was an illness in your family? These are the unexpected that you shouldn’t take for granted
Step 10 – Stick to Your Plan
This step is very rewarding but definitely a challenging one and also it is the last step of Steps to Getting You Ready for Retirement. Stick to your plans. And don’t revert to old habits after trying a new course.
Fortunately for you, we can help you with this. Taking part in our community will definitely help and connect you with so many other people like you who are going through the same life changes and you will be able to learn a lot from them.
You will find a lot of information, tips, and ideas to help you. You can contact us to let us know how we can be of help to you so you can realize your dreams and your family can enjoy the retirement you deserve. Just use these 10 simple steps to getting you ready for retirement.
Ensure to take stock of your protection. Is your long-term care insurance or health insurance adequate? Now is the time to increase your insurance coverage and put your money aside for the unexpected.
So, there you have it, the ten simple steps to getting you ready for retirement.