If you’re starting to think about your retirement, there are some things you need to do to prepare. If you were taking a trip, you’d plan your itinerary, your wardrobe, and your finances. Retirement is your biggest and longest vacation that requires a lot of financial planning to make sure you have enough money to live comfortably.
Here are the seven most important things you need to do to plan a stress-free retirement:
1. Create a Budget
2. Consider Income Sources
3. Eliminate Debt
4. Check Your Home
Assess your home for any major repairs. Do you need a new roof? Do your windows need to be replaced? Do you want to finally build that screened-in porch? If so, get these high cost projects taken care of while you’re still earning an income.
5. Assess Life Insurance
Take a look at your life insurance and make sure everything’s in good shape. It’s harder to get life insurance or increase the amount of insurance you have the older you get. Put your policies in place before retiring in order to keep the costs manageable.
6. Consider Long-Term Care Insurance
7. Talk to a Planner
Even if you’ve always done your own financial planning, before deciding to retire, take some time to meet with a professional to get a big-picture view of your finances. They may see things you missed or help you find ways to increase your income or decrease your expenses. You don’t need to hire someone to manage your funds, just schedule a one-time appointment for advice and guidance.
Once you’ve taken care of your financial needs, the only left to plan is how you’re going to spend your days!
Mintco Financial Retirement Planning in Tampa Florida
Questions about your retirement planning? We can help you!
Call us 813-964-7100