Top 10 Things to Do Before Retiring
In many ways, retirement feels like crossing the finish line of a very long race. It’s the milestone that we all work towards throughout our careers. But it’s important not to retire too early. Doing so could make it difficult to enjoy your newfound freedom.
Instead, you need to make sure that you’re prepared for retirement before you quit your job. Here are 10 things that you should do before you cross the finish line.
Create a Long Term Care Plan
The average person spends three years in long-term care. You should know what that process is going to look like for you before you quit your job.
Start Exploring New Hobbies
You’re going to have a ton of free time when you retire. Instead of waiting until then to discover your next passion, start working on that now. You’ll be glad you did.
Strengthen Your Friendships
As you move away from the workplace, you may find yourself feeling lonely and unuseful. That’s where strong relationships with friends come in. They’ll help you pick yourself back up whenever you need it and will make your retirement a time of joy.
Make Travel Plans
Many people use retirement as an opportunity to take a long-awaited trip. But there’s no need to wait until you quit your job to begin planning that trip. Use your time now to figure out where you’ll go so that you can hit the road as soon as you’re ready.
Create Your Retirement Bucket List
Everyone has a list of things they want to try before it’s too late. Make sure that you’ve put together yours before retiring. Doing so can help you structure your retirement around your biggest goals.
Figure Out Your Retirement Numbers
Before quitting your job, you should have a clear understanding of how much money you’ll have coming in each month. It’s important that you’re comfortable with this number before you retire.
Verify Your Life Insurance Coverage
Older adults need to think about life insurance a bit more than younger adults. Make sure that you’re happy with the details of your plan before you quit your job.
Get Out of Debt
If you’re able to, it’s important to get out of debt before retiring. Doing so will eliminate all unnecessary payments from your budget, allowing you to make the most on a fixed income.
Update Your Estate Plan
Things change as our lives progress. It’s possible that you may need to make updates to your estate plan if you haven’t done so in a while. Regardless, it’s a good idea to verify that you’re still happy with it before you retire.
Find the Right Medicare Plan
Medicare can be a bit complex. But it’s important that you determine which plan is right for you before you retire and sign up for it. Whether you prefer Medicare Advantage or Original Medicare, you don’t have to decide alone.
For many of us, retirement is our ultimate professional and personal goal throughout our working years. Using the list in this article can help you get started and on your way toward a successful and stress-free retirement.
Do you have a list of things to do before you retire? Which ones have you already done? If you are retired, how did you prepare for retirement? Was there an important step you should have taken, but didn’t? Please share with the community!