Watching your career come to an end is a very strange experience. You might feel excited, relieved, and uncertain all at the same time. While you might be eager to jet off and enjoy life without responsibilities, there are still some tasks you must complete before you can relax. To give yourself and your family peace of mind, here are twelve responsibilities you need to do before retirement.
1: Know Your Wealth
You should know your finances through and through before you retire. After all, your income will dramatically change by the time you leave your career and begin living on retirement savings. Take note of your income, savings, taxes, assets, and stocks to know exactly where you stand and what you are paying off. By doing so, you’ll have an easier time determining your budget.
2: Write a Budget
Next comes figuring out the budget. Once you know how much you have to spare, you should be able to determine how much you can spend each month of your retirement. Remember to save for emergencies, too – you never know what is going to happen, and an emergency fund could end up being a life-saver.
When it comes to budgeting, you should keep it steady in order to make it last. Think about your goals and plans, for example, do you want to do any traveling? The more prepared you are, the more relaxing your retirement will be.
3: Speak to a Financial Advisor
Sometimes, it’s better to speak to a professional, especially when it comes to something as valuable as your finances. A financial adviser will help you set up your accounts, organize your investments, and make the right choices with your money.
If you want help finding one, then why not read yelp reviews of a financial advisor? After all, your life-savings are worth the best in the business.
4: Find a Hobby
The first few months of retirement may feel like a dream, but after a while, if you don’t have something to do, you will grow bored. This is especially true if your career was a stimulating and exciting one!
To keep yourself busy and positive, think about what hobbies you’d like to pursue after you have finished your last day of work. Maybe you’d like to get into fishing, take up golf, or finally set up that foodie blog you’ve been planning for so long. Whatever it is, make sure it’s something you love.
5: Write/Adjust Your Will
If you’ve already written a will, then now is a great time to make some adjustments now you know your wealth a little better. While hopefully, you will enjoy a very long and fulfilling retirement, it’s never too soon to start thinking about the end.
6: Determine Where You’ll Live
Decide whether you are to stick around or head somewhere new. Many people decide to pack up and move somewhere they’ve always dreamt of once they retire – they’re no longer held back by their career, after all! There’s a lot to think about when it comes to moving – do you want to travel? Who will you live with? Do you want family nearby?
Before you retire, think about where you want to live and what you need to do to get there.
7: Evaluate Your Health
It’s a natural part of life that human bodies get sicker over time. Now that you are retiring, it’s time to check in with your body and see a doctor. They’ll ask you your family history and perform medical exams, helping you determine what might be in store in terms of health. It’s better to know this sooner in case you need to plan for medical care as you get older.
8: Review Life and Health Insurance
Many people’s insurance comes from their careers, so if you’re retiring, you might need to start paying for your own. Review your life and health insurance, and if you need to change it, make sure you find the best deal possible. This way, you’ll leave less stress for your loved ones.
9: Adjust Your Lifestyle
The chances are you’ll benefit from a change of lifestyle once you retire. Not only will you not need to head to work each day, but you’ll also need to start thinking about healthy living for the senior years.
It’s not just your physical health you’ll need to think about – it’s your mental health, too. The sudden change can cause loneliness in some people, so try to find activities that mitigate that. Even though you’re no longer at work, it’s a good idea to keep a routine each day and try to get out of the house. If you’re planning on moving away, then clubs are a great way to make new friends!
10: Plan Travelling
Many retirees dream of traveling. If you want to make it happen, then start planning early on. Make sure you budget for it (and put aside more than you think you’ll need!) and figure out which dates would suit you best.
Traveling the world is one of the best experiences, and retirement is the best time to pursue it. Write a list of everywhere you want to go, and figure out a way to fit them all in. Remember, you don’t have to do it all at once, as you have plenty of years to squeeze all the countries in!
11: Pay off Debts
It’s better to pay off debts while you’re still earning a salary. It will take a load of stress off your shoulders once you retire, and you won’t have to dive into your retirement budget for old debts. Make a list of what you owe, and then figure out a way to pay it all off before your last day at work arrives. There’s no better feeling than being retired, debt-free, and able to do whatever you want!
12: Talk to Your Partner
If you have a partner, you should have a conversation with them about expectations once retirement rolls around. If they’ve not yet retired, then you’ll need to keep this in mind when figuring out your plans, especially if you want to travel together!
Make compromises and figure out a plan that suits both of you. By doing so, you’ll both get to enjoy a long, relaxing, and exciting retirement together.