“Retirement” means many things to many people, but one thing is the same: no matter how you envision yours, it’s important to know how to prepare for it. Here are some easy steps to getting there:

#1: Define what retirement means to you
Write down your goals and visions for retirement, whether you plan to continue working part-time, volunteer for the community, or travel the world. Keeping a visual plan of what you want will help you stay on track.

#2: Evaluate your health
Naturally, you want to be as healthy as possible, but it’s also important to foresee any possible financial situations that may arise once you are living on a fixed income.

#3: Determine when to collect social security
Maybe you saved enough during your working years to enjoy financial freedom after you stop working, but for many, that’s not reality. Determine when you’ll need to tap into your social security benefits, because they’ll have a direct impact on how much you’ll get per month. Typically, the longer you wait to claim it, the greater the benefit.

 

#4: Create a budget
Consider how much money is coming in, how much it will cost to make your goals a reality, and how much debt you have. A diversified investment portfolio is a good asset, and Amazing Care Network can help you calculate and budget your finances to prepare.

#5: Expect the unexpected
Well, perhaps don’t expect it, but prepare for it. Income will now be more or less fixed, and it’s important to consider how you’ll pay for everything from a roof leak to a serious illness and medical bills. Discuss these issues with your spouse and family so you’re all on the same page about the future.