Am I Prepared For Retirement?: A To-Do List

9:30:00 AM Larisse Espinueva 0 Comments

For most of us, retiring is a part of our life wherein we move on from our lives and receive our well-deserved rest away from the stress of work. The common age for retirement is 60, but some people that are tired of working retire by the age of 50 or 55. But, most retire without a second thought to what they should’ve done, which result to mistakes done before retiring. You can liken retiring to finishing a marathon, but before you finish, you will still need to cover a lot of ground - especially when you’re near the finish line. Because when you’re getting near to retirement, you already want to retire while not minding the ground that you still have to go through.

So, here’s something that can help you achieve that perfect retirement that is worry-free!

#1. A Balance Sheet

Before you retire, you should prepare a balance sheet that contains all your assets and liabilities. Your assets should include your possessions that have value; which include cash, real estate, investments, and other objects that are worth a sum of money. Meanwhile, you liabilities include your debts and legal obligations that you need to settle. By doing a balancing sheet, you’ll know whatever you own that has value, and you’ll also know what to settle before retiring. Most people forget these things due to the fact that retirement is enticing enough that they want it done immediately.

#2. Consider Your Loved Ones

Retiring is a big step in your life, why? Because you won’t get a monthly salary like before. Of course, you’ll get your pension, but does the amount of your pension match your salary before retiring? Most probably, no. So, before you retire make sure your children can already live on their own, or you’ve already kept aside the money needed for their studies. By taking these into mind, you’ll ensure that you won’t get any headaches while you’re retired because everything has been taken care of. Also, setting aside money for emergencies will be of help to your future problems because you’ll already have a considerable amount of money even before advancing your pension!

#3. What You’ll Do

For most people, retirement is something that they desperately need because of the time for rest that comes with it. But, what people forget is that it’s not that fun when you’re not doing anything all day. Of course, the first few months will be one of the best times of your life because you won’t be waking up so early in the morning to get ready for work, or to be anxious while at work because of the stress a project that you’re doing is being examined. All of these will only be a memory when you retire, but retirement is not for a few months! It’s for the remainder of your life, and you will be spending the remaining years of your life being bored. So, make sure that you have something to do while in retirement.

Retiring is a big step in your life, so make sure that everything you need to do before you retire is taken care of. It will also be the moment where you spend the rest of your days doing anything you want to do!