It is never too early to take a look at your financial future and how to plan for your retirement years.
For the people approaching retirement age, preparing for the golden years may mean making several important decisions while still in the workforce to help ensure that they will have enough money to live in retirement.
As retirement looms closer, the overwhelming possibilities can leave many people uncertain about where to start.
Below you can find certain important things to take care of before your retirement:
1. Define your Retirement
Your vision will drive your plan.
Some of yoy may decide to work part-time, launch a completely new career, or perhaps go back to school, volunteer or develop new hobbies.
Consider if you need to downsize, relocate or remain in your current residence.
2. Know where You Stand Financially
Take inventory of your assets and possible income sources, and understand how your retirement plan will help provide you with income during your retirement years.
Save as much as possible while still working.
3. Estimate Your Expenses in Retirement
Healthcare can be a significant expense category during your retirement years, so understanding what your healthcare plan covers in retirement is critical.
4. Manage Asset Allocation
Regularly monitor and review your investments to ensure that they support your goals and to determine if you should change how assets are allocated among different investment types.
5. Plan for Your Beneficiaries
Create a will, choose a guardian if needed, and select who will manage your estate.
6. Explore Options to Create a Retirement Income
Research product strategies that can help generate a guaranteed retirement-income stream, including the new generation of variable annuities that can provide guaranteed streams of income for life while still affording degrees of flexibility and control.
It may be advantageous to purchase these products while you are still working.
It is never too early or too late to start taking the above things into consideration...
You definately do need to think about how to help grow, protect, and convert your assets into a retirement income to last for the rest of your life.