THINGS TO DO
BEFORE YOU RETIRE.. AND AFTER
Step 1
LIFESTYLE
Too many retirees underestimate their true cost of living on a fixed income. You must be realistic. How much of a lifestyle change will you need to sacrifice, if at all, to live comfortably?
Step 2
DEBT EXPENSE
The lower the better as you approach retirement. Entering retirement debt free will allow you to enjoy retirement the way it was meant to be.
Step 3
INSURANCE
Medicare options, life insurance, home & auto should be reviewed and sent out to competitive companies annually for quotes. Current or new life insurance should be discussed with a professional – including costs and coverage.
Step 4
TRUSTS & WILLS
A must to make sure your health decisions are controlled by a person you trust and will follow your wishes. Also, that your assets get to the right family members or charities and not probate.
Step 5
INCOME PLANNING
Know that each year you age, a higher percentage of your assets should be protected with fixed income products. Social Security may not be around forever. One source is not enough to protect you from the unexpected.
Step 6
EMERGNCY FUNDS
Unexpected costs can happen quickly. A buffer will ensure that you avoid using assets earmarked for income or growth. Setting aside 3 to 6 months worth of expenses is recommended.
Step 7
TAXES
This should be step 1a. Ask questions of a qualified tax professional no matter how simple the question might seem. You need to understand the tax implications of where your income is coming from.
Step 8
CHILDREN
More and more children are moving home to live with their parents. We understand the love you feel, but don’t go broke spending your future retirement on your kid.