10 Things to Address Before Retirement

Retirement Planning

10 Things to Address Before Retirement

Posted by COTO Insurance & Financial Services
4 years ago | February 5, 2018

Retirement planning could be overwhelming if you tried to do it alone, or all at once. Fortunately, we’re here to help you, and you don’t have to accomplish everything in one day. In fact, retirement planning is an ongoing series of steps that you should take throughout your working years. If you haven’t addressed the following ten steps, you still have plenty of time to complete them…

Calculate exactly how much money you’ll need. You’d be surprised at how many people guess, or simply “wing it”! But you can’t reach a goal that you don’t first identify.

Change the way you view retirement savings and life insurance premiums. Financial planning should be a top priority, so place these items near the top of your list. Pay yourself first and center your budget around this responsibility.

Save as much as you can. We’ve never heard anyone complain that they saved too much for retirement!

Automate your savings plan. Once you’ve decided how much money you need to save, set up an automatic savings plan so that the right amount is diverted from each paycheck. It’s easier to save when it’s automatically done for you.

Monitor your progress. Check on the health of your retirement fund, cash value life insurance policy, and other financial accounts regularly. You should always know where you stand.

Eliminate debt. You don’t want to retire burdened by high-interest credit card payments. Make a payoff plan now, and don’t take on new debts leading up to your target retirement date.

Consider ways to generate extra income. You might be overlooking opportunities to bring in more income, that can lead to financial freedom later.

Consider where you want to retire. Most of us focus on the “when” of retirement, but “where” is just as important. Once you’ve left your career, there’s nothing stopping you from living anywhere you want. Planning and budgeting for that possibility can help you enjoy your retirement years even more.

Create a realistic retirement budget. Identify all sources of income, make a withdrawal plan for your retirement accounts, and then create a budget that will work within those parameters.

Meet with your financial planning professional. Before committing to a final retirement date, call us to schedule one more meeting. We can help you review the above steps, and address any other concerns that you might have, so that you can retire worry-free.

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