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Retirement Is Around The Corner: 5 Basic Needs To Fill Beforehand

Date : Apr 02,2014
By : Brionna Kennedy

Retirement can be a scary thing, because it means the loss of a steady paycheck from work. Here’s 5 things to take care of to secure financial independence before retirement to ensure a smooth transition.

1) Prepare for Social Security

The US government offers a Social Security calculator that estimates the potential SS payments of a person nearing or over the age of 65. This can help provide some guidance about what the post-retirement income of the household will be as the work checks stop and the SS checks start. Think about how the transition to Social Security will affect budgeting for bills.

2) Take Stock of Investments

Soon, the time will come to finally start drawing down on those retirement accounts like IRAs and 401(k)s. Get to know the accounts- know how much money is in each and what the rules are for withdrawals on each one. There are a lot of potential penalties for withdrawing at the wrong time, so make sure to read carefully. Note how long the money will last at different levels of monthly withdrawals.

3) Appraise Assets

For the sake of emergencies, it is important to know how much everything is worth, from the house on down. Get jewelery and other assets, like art, appraised to learn their current value. They might be important someday, and in any case this information is good to know for the purpose of constructing legal documents like a will.

4) Settle the Will

A person at retirement age is entering the time when they might be taken ill suddenly with a life-threatening condition. Nobody wants to think about it, but it is important to set out a plan for the division of the household’s assets in case of a premature or unexpected death. Even a simple will is better than letting the state decide what happens.

5) Think About Insurance

At the age of 65, Americans become eligible for Medicare. Think about the relative merits of taking Medicare as opposed to buying into a private plan. The experts at Robert K. Kolber, Inc say that different states have different implementations of Medicare, but with the end of work often comes the end of benefits. Some pension plans allow for the continuation of benefits, but most workers will need to rethink their health care situation upon retirement.

Enjoying retirement requires making sure all the financial issues are squared away beforehand. Think carefully about these five items to guarantee a safe and relaxing retirement.

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