You just had your retirement party at your job last week. You hugged, high five’d, gave the black-power handshake and said good-by to all your friends and co-workers.
Now you wake up and it’s Monday morning and you are ready to start the retirement process. Well, what are you supposed to do… your spouse, family and friends have told you many times to go and get this retirement thing started. What are you supposed to do…
You’ve just reached retirement age and you are ready to get started and make the jump into retirement. What are you supposed to do?
Listed below are 10 simple and easy steps for you to get your retirement process started. Leave out any of these steps at your own peril.
- Figure out what you will be doing during retirement once the honeymoon period is over (the first 12 to 18 months). Begin setting up a system to start paying off your bad debts as soon as possible. Once you are out of debt, stay out of debt. http://www.bankrate.com/finance/debt/debt-snowball.aspx
- Research, read about and study the techniques on developing multiple streams of income. Start a business on the side. Do some contract work. Have some sort of a side-hustle. Make as much money as you can. Save as much money as you can. Give away as much money as you can. http://realpassiveincomeideas.com/43-best-passive-income-streams-opportunities/
- Make saving money a top priority for your retirement. Start out with a realistic plan and stick to it. Set up an emergency fund with enough cash to pay all your expenses from 12 to 18 months. http://www.myRA.gov
- Never, ever, touch the money you have set aside for retirement. If you move it or use it…you may just lose it. Take charge of your financial future. Plan ahead and try to visualize the multitude of expenses you will have at retirement. Retirement is not cheap, and living on a fixed income may exhaust most of your retirement funds. http://www.mymoney.gov
- Start making a decision as to where you will live and how you will live. Have your considered moving into a smaller home, or renting in lieu of buying. If you do own your house, begin developing estate-planning documents with your attorney. http://www.businessinsider.com/us-news-best-places-to-live-in-america-2016-3/#50-columbus-ohio-1
- Prepare yourself a family budget. Take a close look at your potential expenses (ex. moving, travel, redecorating, new car, etc). http://www.goodfinancialcents.com/best-free-online-budgeting-tools/
- Examine your current risk management. Take another look at your auto, home and life insurance policies. Are all of your beneficiary statements in order? http://www.insure.com
- What plans do have for health insurance and other medical expenses. Do you qualify for Medicare (available once you turn 65)? What options and benefits do you qualify for? Keep in mind, Medicare does not cover dental or vision. Medicare benefits: http://medicare.gov
- Learn all you can about Social Security. Decide on a retirement strategy. Visit their websites and sign up for benefits: Social Security benefits http://www.ssa.gov/
- Don’t try to go at it all on your own. Meet with a Certified Retirement Coach, a Certified Financial Planner, or an attorney that specializes in the retirement process. Get help from the professionals to determine if you are really ready to retire.