Getting ready for retirement is ideally something done many years before you actually walk away from the job. Unfortunately, many people wait until they are close in and have inadequately prepared for the financial requirements needed to support this big, life-changing event. In fact, it’s a good bet that most people spend more time planning their vacations than their retirement.
Before you lock up your desk at work, here are some of the major factors to pay attention to:
1) what role will social security payments play in your financial plans,
2) how will your health care be covered, including long-term health care,
3) how much life insurance is “enough,”
4) what assets do you have to draw upon and are there tax consequences to weigh,
5) what kind of major expenses are on your “wish list,” such as a vacation home, extensive travel, new vehicle or paying off your mortgage,
6) how may inflation impact your financial picture, and
7) overall, how much will you need monthly to live comfortably?
There is a lot to think about before you retire, so start as early as possible and work with a professional financial advisor to ensure your “Golden Years” are not tarnished due to lack of planning.
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About the author: About Ronald Bernheim, the owner of Financial Freedom Wealth Management Services, in Chatsworth, CA. He offers a free, no-obligation counseling session to determine whether a financial review or comprehensive plan is indicated. Interested parties may call (818) 626-9498 or e-mail firstname.lastname@example.org or visit the website at www.ronaldbernheim.com.
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