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8 Things to Do Before You Retire

By speaking with a trusted annuity agent, like the professionals at AnnuityAdvantage, you can create a safe and sustainable form of revenue throughout your retirement years. But while considering the purchase of an annuity can make a major impact on your golden years, this is just one thing to do before you retire. Planning for retirement is a huge focus for countless Americans as they near the average retirement age. But if you have a clear plan and know your goals (both personal and financial), you can retire with confidence.   

But where to get started? At first, it can seem like an impossible mountain to climb when you’re just starting out. But don’t worry—we’re here to help you with the beginning of your retirement planning. Here, we’re taking a closer look at some important things to do before you retire. With these tips and more, you’ll be able to truly enjoy your golden years. 

8 Things to Do Before You Retire

Let’s be honest for a moment: are you ready for retirement? Many Americans would simply say no and some may feel like they’re more prepared than they actually are. But to ensure that you can actually enjoy your retirement, you’ll need some careful planning and a clear and researched strategy.

Keep reading for some tips to help you get ready for retirement:  

  1. Assess your finances: start with crunching the numbers to get a clearer vision of your financial options. Take a moment to assess how much you have in savings, what you expect your retirement income to look like, and any other assets to account. Don’t forget about upcoming expenses, like healthcare costs, which can change dramatically from when you were working. Luckily, there are many retirement income calculators that can help simplify this process. Assessing your finances is a key early step.
  1. Set your budget: your monthly and annual budgets will look quite different once you enter retirement. This is a change that you definitely need to be prepared for when making this transition. Map out all your expected monthly expenses, including things like your mortgage, and utilities, and even down to the details like gas and groceries. Of course, many individuals choose to downsize or simplify when they hit the retirement years, which can help you craft a more manageable budget.
  1. Explore annuity options: there are many ways to invest your money to improve your financial situation during retirement. Of course, traditional stocks will always leave you exposed to the volatility of the market, which could be problematic if you’re heavily relying on income from your investments. Looking for a solution? Have you ever considered purchasing an annuity? An annuity is a safe and secure way to secure your savings and then have that money incrementally returned to you throughout the entirety of your retirement. Speak with an annuity rep to explore your options. With many different types of annuities, there’s a good chance that there’s an annuity out there to fit your financial goals.
  1. Take stock of your assets: how much are you worth exactly? This might sound like an odd question, but determining your full net worth is a valuable and important step when preparing for retirement. Review your assets, investments, property, and any other aspect of your full portfolio (including debts) to get an idea of what you have to work with from a financial perspective.
  1. Evaluate your health: a clean bill of health is one of the most valuable things you can take into retirement. After all, you can’t put a price on your health. But of course, it’s helpful to receive a full evaluation before considering retirement. This can help you plan for additional medical expenses if they are needed. Additionally, it can be wise to take care of any major medical procedures before retirement, especially if your health insurance is tied to your job.
  1. Switch over to Medicare: speaking of health concerns, don’t forget to switch your health insurance over to Medicare once you’ve retired. As long as you’re 65 or older, you’ll be eligible for Medicare benefits. For many, Medicare is much more affordable in terms of monthly premiums compared to traditional health insurance plans. But remember that Medicare, while it is effective for many, may not cover all your medical costs. So you may still need to factor these into your monthly budget.
  1. Consider housing needs: just how much home do you really need in your retirement years? Many couples choose to downsize their home simply to save costs but also because they don’t need that big house they raised a family in. If you have an “empty nest” now, think about just how much of a home you need. Many retirees also downsize their home so that they have more budget and freedom for traveling.
  1. Talk to a financial advisor:    when it comes to planning for retirement, it never hurts to enroll a professional to help. Speak with a trusted financial advisor who can help you map out your retirement and financial goals so that you can enter this new phase of your life with confidence. 

Conclusion – 8 Things to Do Before You Retire

Retirement is an exciting goal and time in your life to look forward to. But without the proper planning and resources at your disposal, this excitement can quickly turn into fear when you feel like you’re not prepared. There are many things you can do (and should do) before retirement so you can enjoy this special time. Take stock of your assets, assess your complete finances, including debts, and don’t forget to set a solid budget. And if you’re looking for a secure way to receive a steady stream of payments during your golden years, consider looking into annuities. Compared to different types of investments, annuities are seen as a safe, secure, and simple option for ensuring you enjoy retirement.


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