How to Figure Out if You Are Ready to Retire
Retirement is a huge milestone and can be wonderful if you are properly prepared. Successfully retiring takes more than just informing your boss or closing your company. It is important to develop a plan that will help you get through the time period that will last decades, during which you will not be receiving the paycheck or other benefits, like health insurance, that are associated with working. Review these 3 steps to make sure that you are ready to enter retirement successfully!
1. Coordinate the plan with your spouse
If you are in a relationship, then your retirement affects more than just you. Although it may seem intuitive, you would be surprised how many couples decide to go into retirement without connecting with each other and discussing what their individual travel goals are. For example, one may want to move to the beach and spend their days relaxing, while the other wants to stay close to home and be involved with the community. It is important to have these details figured out so that future problems and conflicts can be avoided.
2. Determine what you will do for healthcare
Sometimes companies will offer retiree’s an option for healthcare, but more often than not you will be on your own for healthcare. It will be important to determine what you will do before you retire because healthcare can be a big part of your monthly budget. If you are over 65 and a U.S. citizen, then you can qualify for Medicare, however that comes with a cost as well, such as premiums.
3. Make a budget and ensure you can live off it
The last thing you need to make sure you have before you retire is a budget. When making your budget you have to take into consideration health problems that could come up, trips you may take, activities you want to do, and other unexpected costs that can come up. To guarantee you make the best choices when creating your budget, choosing your investments, and that you are truly prepared for retirement, contact a financial advisor at Mohr Financial Group. We have over 75 years of industry experience and a commitment to customer service!
Contact us today to learn more about our wealth management services!