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6 Things To Do Now If You’re 10 Years From Retirement, According to an Expert

Updated: 24-10-2024, 02.44 PM

After decades of hard work, retirement is finally on the horizon. But with all the responsibilities, tasks and work deadlines, planning for retirement can easily fall off the list of all your priorities.

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However, if you want to ensure your transition from working to enjoying retirement is smooth and worry-free, now is the time to take charge of your financial future.

What steps should you take to prepare for retirement in the next 10 years? How can you solidify your financial footing? Keep reading as we help to answer these questions and more. Also, learn why speaking to a financial advisor before you retire is an important step.

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When it’s less than 10 years until you exit the workforce, it’s critical to start planning, not just dreaming. So, take the time to think about how you envision spending your retirement days.

Are you planning to explore the world? Are there any creative passions you’d like to pursue? How much will this cost you? Try to be as specific as possible.

But retirement isn’t just about having fun. You should also factor in your health goals and long-term care.

Check Out: 2 Things Empty Nesters Should Stop Investing In To Boost Retirement Savings

After you have a clear understanding of what you want your retirement to look like, you should spend some time creating a realistic monthly budget. To do this, you should research how much you will need for housing, healthcare, food and hobbies, and consider inflation, too.

At the same time, you should start developing your retirement income plan. Write down all possible sources of income, like Social Security, annuity and all your retirement savings. If you plan on working a part-time job or receiving additional income from rental properties, make note of this, too.

Here is a convenient tool to use for estimating your Social Security benefits.

“Even if you are still 10 years from retirement, it is not too early to start developing a retirement income plan,” said Chris Urban, CFP®, RICP®, founder of Discovery Wealth Planning. “You should take the time to learn about the choices you have for generating income so that you can retire with comfort and confidence. Consider your sources of guaranteed income such as pensions and/or Social Security as well as investment and retirement accounts to draw from to support your lifestyle in retirement. Coming up with a plan that you are comfortable with, perhaps a few years even prior to retiring, will allow you to spend confidently once you are no longer earning a paycheck.”

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