July
16 - 2014

Getting Ready for Retirement

Rear View of Senior Couple Walking Alone on A Tropical BeachAs we start to get older, we tend to start thinking more and more about retirement, or at least that’s what we should be thinking about as we age. If retirement is just a few years away, it’s important to make sure you are ready for the financial changes that it will bring. Things really will change.

It’s time that you started to look at the financial reality of the situation to make sure that retirement – full retirement – is feasible for you. In today’s economic state, some who are nearing retirement age find that they may need to take a part time job to be sure they can make ends meet. There’s nothing wrong with this, but it might not be a part of your retirement plan. If you want to take it easy during your retirement, you may want to look at your current assets and see how you might be able to downsize and sell for some extra money.  Establish a retirement plan with Betterment.

For example, if you have a large home where you raised your family, and now it will just be you and your spouse, then you might not want to keep the place. Instead, consider selling it and buying something smaller. This can give you some more money that you can put into your retirement fund.

If you still want to make more money, instead of jumping right into a part time job, consider taking one of your hobbies and seeing if you might be able to make money from it. For example, if you love playing piano, you could offer lessons. If you love woodworking, you could set up a site online and start selling the items you make. You have plenty of options.

You should also start thinking about your health. Get some checkups and doctors appointments before you retire. Put your company’s health plan to use for medical, dental, and vision, and it will be cheaper than when you are on your own later. If you can hold off on collecting Social Security for a year or two longer, then you should try to do that, so you can make the money last a bit longer.

With a little planning, you can make the most of your retirement!

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