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6 Things to Consider Before Retirement
By admin | September 13, 2008
The Top Six Things to Consider before you Retire — Courtesy of – http://www.freemoneyfinance.com
1. Define your retirement — Your vision will drive your plan. Some 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, especially for healthcare — 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; consider professionally managed investments products.
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.
According to Perlin, it’s never too early or too late to start taking these tips into consideration. “People who are nearing retirement need to think about how to help grow, protect, and convert their assets into retirement income — and that can take some time. Being engaged in this process while still working allows boomers more flexibility to course-correct, if necessary.”
Topics: Retirement Tips & Things to Think About | No Comments »