How well prepared are you for the retired life?
The first consideration for retirees is to be sure that you have enough money saved and invested to sustain your financial needs during your retired life. Aside from the basics, you want to be able to sustain a chosen lifestyle. Setting aside some funds for emergencies and cash needs adds to your security. Continuing to save and invest during your retirement helps you to hedge against outliving your retirement assets. According to U.S.News & World Report contributor, Dave Bernard, there are steps to help you make the transition into a happy retirement that involves setting personal goals and working toward achieving them.
The first consideration in your preparation is to decide what will you do?
Get organized in your planning and make a list of different activities and interests that will keep you actively engaged in your retirement experience. The idea is to have a variety of interests that not only keep you busy, but also keep you active. You may also consider keeping busy by working part time, great for your assets, as you may not need to withdraw as much from savings. If finances are not an issue, maybe you would love to learn to speak a new language or play the piano, plant a vegetable garden or have a travel adventure.
Ask yourself if you will retire in place or make a move? Staying put in the same home or neighborhood that you are familiar with can be perfect for some people. Ideally the mortgage is paid off and you have a social network in place. For others, retirement offers the opportunity to cash in on equity and move to an attractive new place, maybe with better weather, to meet new people and explore a new environment.
Do you have enough insurance coverage? One thing to remember is that as you age, your health needs may increase and health care coverage is a critical component of your retirement security. Some people may want to consider a long-term disability insurance to protect against the high costs of an extended illness. There are so many insurance options to consider that making the right choices for your individual situation is an important step in preparing to retire.
Do you have a specific goal in retirement? Think about how to clearly focus your efforts and energies. You may be interested in making preparations to leave behind a legacy for future generations or choose to contribute time to a worthy cause. Volunteering for an organization you care about or working for a social cause will help keep you physically and mentally active.
For all of us, making retirement meaningful and fulfilling is the goal for this stage in life.
FM International Services (NY), Ltd. provides a wide range of retirement services featuring customized benefit plans, flexible investment options, and centralized pension administration. Through Fmi’s countless services, businesses of all sizes create unique domestic and international retirement plans for two employees or two thousand – with a single provider handling conversion, setup, and administration. For more information, please call 1 (888) 960-1801 or visit www.pensions123.com
Tags: financial, pension, plan, retirement, security