Preparing Now For Retirement

Posted on March 18th, 2014 by Discount Debbie

Retirement to some is the end result of years of hard work. In our home it is also a goal, and as such we plan for it. After all, nobody wants to get to their golden years only to discover they have more years than gold. It’s better to prepare for certain issues now rather than later.

Where To Live

Will you need help in your later years? Do you want to be closer to your children and grandchildren? Will you want a pet? Are you planning to travel? What will your budget be? No mater what your plans are when it comes to retirement you will need a place to live. It’s important to factor in questions like these when choosing a place to live. You may want to keep your normal house. You may want to live in a quieter community. Now is the time to put money aside and work your life around your retirement plan.

Budgeting Retirement Money

Take the amount of money you have saved and divide it by your monthly expenses. This will give you a round about idea of how many months you can live off your retirement. Will you need to downsize a little or supplement your income with a small job? It is better to know this now rather than later. Also continue to put money aside in a savings account for emergencies or financially tight months.

Living Wills

None of us like to think about getting older or not being able to make decisions for ourselves. Some of those decisions shouldn’t be left to our children to worry over. This is why it is important to create a living will. A living will allows you to make your own medical decisions long before a relative will have to. Living wills aren’t just for the morbid thoughts that wander through our minds. They can also preserve your quality of life decisions. For example you may enjoy chocolate in your later years, but your caring health conscious daughter has left instructions with your care givers that you can’t have it. With a living will you still have the power to reverse that decision. 😉

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