Looking to retire 2013? Info for those lucky enough to be ending their work time in 2013!
Getting ready to stop punching the clock? Before you make that final commute to work, make a list and prepare for a smooth transition.
1-Start by keeping track of your spending. Now is the time to get real and not guess about your needs. Go over your last few months of bills and get the details. Know what expenses will continue and what is work related. Be sure to look at the costs of your favorite hobbies and activities, because now you will have more time to pursue them!
2-Look at your assets. The recent years have not been kind to accruing assets. One client said her stock portfolio was still not at the level it reached 10 years ago. She has lost a lot of “buying power” with no growth and inflation. Do you have enough to last until age 100 or more?
3-Think about Social Security benefits. Should you take them immediately or delay them? What do you need to create your retirement income? Are you divorced? How long were you married? Married or single right now? We have a calculator that can show you your options.
4-Arrange for your health insurance. Is it continuing from your employer or will you need Medicare? At age 65 you do need to sign up for part A even if you will continue to use your employers insurance.
5-Build your cash reserve. Social Security, pensions, health costs may not be there the first month. Be prepared for the delays. Have cash for those emergencies that arise.
6-Do you have a pension and a set income or do you need to create your own? Annuities give you an income you never outlive and some have built in long term care-like features. Ask me about these.
7-Get ready emotionally. Have you defined your identity and self- worth with your job? If so, change your view point from “retiring from something” to “retiring to something.” What adventure waits in your next stage of life?
Now that you have the scoop on how to successfully retire 2013, give me a call to get the ball rolling!!! Pat 303-919-1020