Affiliated with National Financial Insurance Agency Inc.

1. Think about how you’ll invest your savings after you retire. You may want to get expert advice on what to do. If you’re going to make changes, plan with care and make changes slowly, over time.
    
2. Figure out how much income you will get each month. This includes money from a workplace pension, any government pension, and your own savings.
    
3. Figure out how much you’ll spend. Sit down and work out a proper budget. Will your income cover your costs? Will it cover your costs when prices rise? If you’re not sure, look for ways to cut your spending, or plan to work a little longer so you’ll have more income to retire on.
    
4. Take into account that you or your spouse may have health problems as the years go by. If you think you may need long-term care, find out if it would make sense to buy extra insurance now.
    
5. Think about what you’ll do with your time. You could try a new hobby or join a club. The experts say it’s better to make some plans now, than to stop working and then have no idea what to do.
    
6. Remember, retirement is one of life’s biggest changes. Don’t wait until the last minute to think about how you’d like to live when you retire, and how you’ll pay for it.

What Steps Do You Need To Get Ready To Retire?

1. Pay off your debts as soon as you can. Make sure you are paying the lowest interest rate you can get.
    
2. If there are costly items you need, buy them while you are still working. Does your home need a new roof? Do you need a new car? Time your purchase so it will be easier to pay.
    
3. If you have medical and dental insurance where you work, have any treatments or work done while you’re still covered.
    
4. Check your finances. Are you ready to retire? Will your income be enough? If you’re not sure, you may want to work a little longer to give yourself more time to save.
    
5. Start planning how you’ll get income from your savings after you retire. If you need help, contact a financial advisor who can make a plan that fits your situation.
    
6. Make a plan for what you’ll do with your time after you retire. Be sure you have enough income to cover the costs of your lifestyle.
    
7. When you retire, it pays to have your finances in order. This includes paying off debt and planning how you’ll turn your savings into income. If you’re not sure what to do, be sure to talk to a financial advisor.

If you would like more information on this subject, or any other financial matter, please don’t hesitate to contact us.

 
Theresa Wever and the Money Concepts Team.