Three Things You Need To Do Prior To Retirement


Three Things You Need To Do Prior To Retirement

Don’t wait until you’re at the age of retirement to start preparing for it. If you do you may never get the chance to retire. Most people living paycheck to paycheck are going to be working through their retirements because they weren’t able to save up.

There are different ways in which to save money for retirement. However, it’s not just the money you have that matter. Here are a few things that every person out there should take care of before they reach the age of retirement (hopefully long before).

Pay Off Your Debts

Your first step to a more enjoyable retirement is to make sure that you are starting it out without any debt. That means checking your credit report, and getting credit repair help if you need it. It also means paying off those college loans.

If you use credit cards often you may want to get them all paid off and then put them away somewhere. You might want to use them again in the future, but why not try living credit free for a bit so that you can keep your debt to a minimum.

Put Away A Nest Egg

Start putting some money away. Maybe you have a 401k through your work that is getting you some savings to be used when you retire, but having a personal savings account is a good idea as well. Not only will this give you money for retirement, but it also means having some money put to the side in case of an emergency.

Instead of putting money away for your child’s college fund, teach them to work and save for themselves and put that money saved away for you. When you retire you might just want to go on a nice vacation or a trip around the world. They’ll appreciate college more if they earn it themselves.

Have A Life Plan

Determine how long you want to work, how many years you need to work to have the money you need to do what you want when you retire, and figure out what it is you want to do when you retire. Do you just want to move to a warm climate and relax, maybe play some golf once in awhile? Maybe you want to do some traveling and have some adventures.

Make sure you’ve taken care of your health prior to getting to retirement age too. You want to be in good health and good form if you’re going to be able to actually enjoy your retirement! You might even want to spend your retirement just as active as the rest of your life, running marathons and whatnot. It’s your life, enjoy it!

Posted in: Retirement