10 Things to do before you retire

As your retirement years creep closer, you may be wondering what you need to do to prepare. Here is a helpful list of things to prioritize if retirement is on your horizon.

1. Decide how you are going to spend your time. What are you going to do during the first six to 12 months in retirement? And what do you plan to do for the rest of your retired life?

2. Determine realistically how much money you will spend each month. Remember to include random expenses like birthday gifts, holidays, special outings and emergencies.

3. Anticipate the cost of health care. Once you retire you will have no employer to pay all this for you, it’s all up to you.

4. Buy long-term care insurance. Now!

5. Refinance your mortgage. Many people are surprised to find out that they either cannot borrow money after they retire, or they are forced to pay higher rates.

6. Boost your cash reserves. Always try to make sure that your rainy day fund is enough to cover at least six months’ worth of expenses.

7. Evaluate your sources of income. You have already figured out what you’ll spend on a monthly basis, now figure out where that money will come from.

8. Revise your investment strategy. The way you have dealt with your investments over the last 30 years is not how you should handle them for the next 30. When you prepare for retirement you should be focused on asset accumulation, but when you’re in retirement you need to focus on income and on keeping up with the increased cost of living.

9. Review your estate plan. If you don’t have your will and trust – get them! These documents can protect you and your assets while you are alive and benefit your spouse and children when you pass on.

10. Perhaps the most important thing of all. If you are not excited to retire, then don’t. Many people quickly become very bored after retiring. It’s okay to return to school or work. Many people choose to do this.

Some of the things you should prioritize before retirement, you may have already started or completed, and others you may not have yet given any consideration. So make sure to do these ten things before you decide to retire.

Pinelands Grove Retirement Village is the perfect place to retire. Enjoy the beautiful environment and the the finer elements of life in this vibrant community of adults.