Keys to a Successful Retirement Plan

You’re approaching retirement age. You, your friends, and loved ones are moving toward another great life milestone, and you might be apprehensive of what the future could hold. Like many other activities in life, the key to a successful retirement is to plan for every eventuality. Below, you’ll find a brief guide of what to do to be certain you are physically and emotionally ready to retire.

1. Figure Out Your Finances

As you prepare for retirement, figuring out how much money you will have available is vital. Total up your 401(k) amount, other investment accounts, and the savings amount you’ll have available each year. Do the same with your potential Social Security income. Then total any debt you have remaining, whether in the form of a mortgage, car loan, credit card, or other obligation. If at all possible, see if you can eliminate these debts before your target retirement day, so you can enter retirement with a minimal amount of monthly overhead.

2. Get Your Home Checked Out

As you prepare to retire, make sure your home is functioning as well as it can be. As you transition from working into a retirement income, you may find yourself less able to deal with unexpected expenses, which makes preventive maintenance all the more important. Have professionals inspect your home’s HVAC system to ensure that minor issues don’t turn into an expensive fix when left untreated. It’s also important to have your home inspected should you decide to sale your home so you can relocate, to be closer to your family as our next tip suggests.

3. Move Close to Your Family

If your family has spread out after leaving the nest, you might consider a move so that you will be closer to your children and other loved ones.

Being near to family is helpful when thinking about catastrophic health issues, financial difficulties, or other unexpected events that could arise. The immediate aid of those closest to you can make all the difference in a crisis. Beyond that, however, being close to family can offer simple emotional support. Since age can make traveling somewhat difficult at times, reducing the amount of travel required to see your loved ones is a practical way to make sure you see them enough.

4. Get Involved in Your Community

Whether you move or not, you should consider increasing your involvement in your community. With work no longer taking all of your time, you are able to put effort into more pleasant social activities. For example, when you are at your church, pay attention to the various programs and decide if any of them are activities you could join. Keeping busy can help ease the transition into a work-free life, and taking part in activities that you know are helping others lets you continue to contribute to society, even outside of a work context.

Retirement is one of life’s greatest transitions. While this period is an exciting time, full of the possibilities to pursue your dreams and passions, it can also be frightening to the unprepared. Such fears, however, need not hold you back. With a little planning, you can enjoy the retirement you’ve always wanted.