Everyone wanted to retire early and be financially stable. While some dream about it, it is not easy to make it possible. This needs planning. When a couple starts to plan their retirement, they need to have a retirement plan which is achievable. It is never a bad thing to dream, but make sure to plan something that is achievable. The logic behind this is the capacity to make it real. The success lies in your planning and implementation. Picture the things that you can do or wanted to do in your retirement.
After thinking what you wanted to do, it’s time to focus on your action plan. How to achieve them is the next thing to. With this, you need to figure out the who, what, when, where, and the how.
Below is a pre-retirement checklist that you need to focus. During the initial stage of planning, the following questions have to be taken into consideration. These have to be discussed with your spouse.
- What are the things that you wanted to do?
- Where are you going? Do you plan to travel abroad or move to a different place?
- When do you want to begin?
- How are you going to pay for it?
It is always a rule that the more you are realistic with your plans, the more that it is achievable. Never afraid to try new things/plans that you might think best for you.
Always Measure Twice
To make your plan achievable, you will need to compute your monthly and annual expenses when you retire. This may include your rent or mortgage payments, electrical and gas bills, car payments, all insurances, as well as Medicare or other health insurance costs. After that you need to plan how are you going to finance those expenses.
- Does your employer provide a good retirement program or benefit?
- How much is the total amount you will receive from social security?
- Do you have savings or any other income?
- Do you have any plans for leisure like a budget for fun activities, traveling, etc?
Be ready always for all circumstances
You cannot assure perfection. With all the things that you do, you can still commit a single accident. With this, make sure to create a plan that is flexible enough to go with unforeseen circumstances. For married couples, make sure you know what to do when one of the spouses passes. If the primary breadwinner dies first, you should know what happens to the retirement provided by the employer. The surviving spouse should not be left with anything.