Checklist For Life - Things To Do Before Retirement

You did it. You worked hard and saved throughout your life. Now, you’ve arrived at retirement. Maybe you have even saved wisely enough to retire early. Good for you. Enjoy your retirement years. Take the time to reconnect with old friends, travel, and enjoy the company of those closest to you.

Even though you may think your financial planning is over, there are several things you can do to help keep your golden years golden.

Put Idle Assets To Work For You

Look at your assets to see if there are any that you are not putting to use. For instance, do you own property that is not being used? Maybe you have a beach house that you don’t visit anymore or an apartment above your garage. Renting these properties will provide a steady stream of income. You can also sell assets such as cars, boats, or property that you are no longer using. These assets aren’t doing you any good just sitting there unused.

Create A Retirement Budget

You are finally free from work. You probably want to do all of the things you have put off all at once. Be careful. You’ll have plenty of time to travel, eat at nice restaurants, take in sporting events, and fulfill all your other wishes. Just be careful that you don’t burn through your retirement savings too quickly. Create an annual budget and try to stick to it. This will help relieve stress down the line.

Evaluate Your Life Insurance Needs

Take a good look at your life insurance. Some people will decide they no longer need coverage. Other people use the cash value from a permanent policy to help pay for retirement. Life insurance can also be a key component of estate planning. If you have any questions, you should contact a life insurance expert to help make your decisions easier.

Consider Getting A Part Time Job

This is only partially a piece of financial advice. Sure, a little extra income from working 15 hours a week may come in handy, but this is more about remaining active and social. A part-time job is a great excuse to get out of the house. Look for opportunities at your favorite places to hang out. For instance, maybe your local golf pro shop could use a helping hand. If you’re going to be there anyway, you might as well make a little money.

The most important piece of advice is to just enjoy your retirement. You’ve worked hard your entire life and now you have the opportunity reap the benefits.