Being homeless is no laughing matter, especially if you are old, totally broke, and the worse thing is, 5 years ago you had a great home, a good paying job, and a decent income that allowed you to enjoy some of the finer things in life. Your biggest mistake was not preparing your retirement planning checklist. So let’s go 5 years back and prevent a situation like these from ever happening to you.
You’ve got five years to go before you retire. It’s time for you to finally get out your retirement planning checklist and prepare for your future as a senior citizen. First you have to think and decide what you will be doing then. Will you be staying in your home you are in now or will you be moving to another place? Will you be constantly traveling? This is essential information as the data you compile from these decisions will help determine if your retirement savings are enough along with other possible sources of funds, like your pension or social security.
For the next two years you will be taking care of a number of details like the necessary papers and other requirements which you will need when you apply for your benefits. The agencies and offices that you need to go to are the Social Security, Medicare, and other private and personal entities that you may have retirement benefits to claim. You should also start clearing and straightening your investment portfolio. Know what your options will be when you retire.
Three years to one year before you retire, make your finalization on your finances. Your retirement planning checklist should include a complete list of assets and debts. Know your obligations and clear them before retiring. This will allow you to determine with finality if you are indeed financially capable of retiring. Look at the areas where you can cut down on your expenses. If your company offers a health plan, see if you can have an executive medical checkup. This will allow you to plan for any medical conditions which may not be covered by your medical insurance when you retire.
Now it’s one year and counting. Only a mere 12 months away from your retirement, as you have already straightened out all your financial affairs and your other legal obligations and paperwork, you will need to review your retirement planning checklist for the last time to be certain they are indeed in order. Then you should now start preparing yourself. It’s difficult to retire after getting into a habit for the past 30 to 40 years of working. Gradually condition your mind and body for retirement. Plan some activities for you to do when you have all the time in the world.
