So you’re thinking of retiring. It’s a big step to take, and there’s a lot to consider before you do it. Going to work every day is how most people spend the majority of their lives, so retiring can feel like a big adjustment.
What are you going to do about money? How will you spend your time? Have you got any long-term plans? It’s important to figure out the answers to these questions before you take the plunge and retire, so here is a guide to help you plan ahead and retire at the right time.
Finances
It’s so important to figure out your finances before you leave work. Your income will change dramatically overnight once you retire, and it’s crucial that you make sure you can afford to retire before you make that change.
Do you have a savings pot to rely on in case of emergency? Are you planning to rely solely on your social security contributions, or do you have a 401k or another retirement plan?
Plan for the future and think about the outgoing costs you’ll have on a daily, monthly, or yearly basis.
Where Will You Live?
If you’re still paying off a mortgage or have monthly rent payments to make, figure out if you can afford to keep paying them on your retirement fund.
Consider downsizing to save money
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