PREPARING FOR RETIREMENT
Deciding when to retire is one of the most important decisions you can make, and everyone should do their homework before taking this big step.
- Start putting together a plan about five years or so before your anticipated retirement date. Why five years? This is close enough so you can see how you stack up financially and emotionally while still giving you time to make changes if you need to.
- Think about how your life will be, discuss it with your spouse. What types of activities will you be doing? Are you thinking about moving? Don’t just have some vague ideas jostling about in your head. Get specific.
- Consider your resources. Do you have the means to support yourself for 20 or 30 years, or longer? Where will your retirement income come from? Your assets must be large enough to fill in the gap between your guaranteed income and your expenses.
A happy, fulfilling retirement means different things to different people. Start your preliminary planning and get ready to enjoy the retirement of your dreams!