Getting Ready to Retire

Getting Ready to Retire

There are countless strategies that to improve the quality of your retirement. However, there are some essentials to keep in mind as you approach and endeavor on your retirement. This is a time full of opportunities…here are some ideas to maximize your satisfaction.

Pump up your retirement savings by increasing your contributions to your 401(k). New contribution limits let you stash more dollars in your qualified plan than ever before. You find in the long run, you will not regret this.

Save automatically by setting up automatic deposits to a mutual fund or IRA. When you get a raise, consider directing all or part of it to your retirements savings. This will prevent the money ever from passing through your hands or your wallet, which will limit spending on extraneous things.
Take the time to think through your investment strategy. What will be the right investment mix for you once you are retired? What is your current investment mix? It never hurt to take the opportunity to rethink your financial strategies.

Review your life insurance coverage and consider long-term care protection. You may think it seems a long way off now, but preparing now could save you thousands later and give you the ability to choose your own care. This will ensure not only saved money, but saved stress on yourself and family members in the future.

Take this opportunity to be a little selfish. If you have the funds, go on a vacation or take a course you’ve always wanted. Sure, you can still help out with your grandchildren’s college fund, but make sure there is a little left over for your own enjoyment.

Determine the impact of early retirement on your retirement benefits from your employer’s plan. Learn the difference between taking out a lump sum payment and income for life. This is a situation where you might want professional advice.

Finally, don’t let a new car or an extravagant vacation lure you off course. Make your retirement a priority before you get there, and you’ll find that you will have more money to spend on all the things you want later in life. Waiting will pay off!

Philip Jubb

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