How to navigate the financial decisions, legal complications and social ramifications of retiring
- Update your will and estate-planning documents
- Create a budget
- Build up your cash reserves
- Consider hiring an adviser
- Plan for healthcare and long-term-care needs
- Get the facts about Medicare
- Plan your Social Security strategy
- Consider downsizing
- Retire to something meaningful
The number of people turning 65 every day will peak in 2024, so it’s important to be prepared for retirement. Here are 9 steps to help you navigate the financial decisions, legal complications, and social ramifications of retiring:
1. Update your will and estate-planning documents
2. Create a budget
3. Build up your cash reserves
4. Consider hiring an adviser
5. Plan for healthcare and long-term-care needs
6. Get the facts about Medicare
7. Plan your Social Security strategy
8. Consider downsizing
9. Retire to something meaningful
Remember to prioritize physical and mental health, stay engaged with others, and avoid isolation in retirement.
