A Checklist To See If You Are Ready To Retire

Trying to decide if you are ready to retire can be difficult, but it’s easy with our simple checklist. Here’s our checklist of 7 things to consider to see if you are ready to retire.

1. Evaluate your budget. Write down all your debt, liability, savings, income, insurance and any miscellaneous expenses you may have. This will help you assess your current financial situation and plan accordingly.
2. Emergency fund. Save up 3-6 months’ worth of funds to cover all your expenses. Remember to consider covering the cost of taxes and insurance or items that are currently covered by an employer or other company.
3. Pay off all your debt. Eliminate any monthly payments you can; like credit cards, automobiles, personal loans and mortgage if you can. Your mortgage is a good debt to save for last.
4. Determine how you want to retire. You will want to consider where you will live, what income you will have, what your expenses will be, how long your retirement may be, etc…this will help you determine cashflow and how much you will need to save for retirement. Make sure you factor in taxes, as this is often overlooked.
5. Consider our health insurance. What company will it be through? How much will it cost? What are the premiums? Deductibles and co-pays? Ultimately you want to know what your out-of-pocket costs will be.
6. Plan your estate. This will prepare you and your family after you have passed. This will allow your family peace of mind, as they will know your wishes and how to handle your estate from money to family heirlooms to living dependents.
7. Investing and withdrawing during retirement. This could help you supplement your retirement and allow you to keep earning an income. As well as how to withdraw to minimize paying taxes.

This retirement checklist will get your started on your way to a better retirement life for your future. If you need help deciding on your retirement goals, consider working with a financial advisor. Call Advanced Insurance Concepts for a free consultation today and Jim Rooney will work with you to find the answer. Advanced Insurance Concepts is dedicated to making your retirement an easy transition.