When should you Retire
Once you have all the wheels in motion for your financial retirement it
is often difficult to wait for that great and liberating day but you must
take the time to make sure that there is no detail that hasn't been
covered or has been overlooked in the planning process. Most of us worry
over whether we'll be able to maintain a certain level of income when we
retire and little else. The problem is that maintaining the same level of
income during retirement is often not enough to keep things going and
take care of all your family's needs during your retirement.
Have you checked out your insurance expenses? You should make a point of
checking that all of your current insurance plans will either cover you
during your retirement or at least that you have something in order until
your Medicaid benefits kick in. This isn't only about medical insurance.
There are all kinds of insurance coverage that we need in order to avoid
potentially huge amounts of debt during our retirement. Some of the
common types of insurance you will need include the following:
homeowner's insurance, auto insurance, health insurance, dental
insurance, long-term care insurance, and life insurance.
Once you've taken care of your insurance for your financial retirement.
Have you established a budget that you and your partner can live with
during your retirement? You need to be absolutely sure that you are in
agreement on the budget or hard feelings could develop over time. Talking
about things can accomplish so much and smooth many ruffled feathers you
didn't even know existed.
Have you mapped out plans for things to do both together and
individually? This is another thing that is important. While you are a
couple you are still individuals with independent needs and desires. Make
sure that you both have time and funds set aside to pursue interests that
appeal to you as individuals as well as those that appeal to you as a
Do you have any special needs that should be addressed in the budget or
in your planning? Do you need a vehicle with handicap access (these cost
a lot of extra money in many cases and should be strictly budgeted when
making retirement plans) and do you have a little tucked away into your
budget for emergencies that may arise?
Other important considerations include what bills you have. Are your
student loans paid off? How about those pesky high interest credit cards?
Those can add up over time and you need to eliminate as many of these as
possible along the way. You should also take great care to make sure that
your home is paid for and all the taxes are caught up. You do not want
any surprises that might jeopardize your security once you retire.
The list may seem endless but each question is very important in the
grand scheme of things. You will want to take every effort to make sure
that there are no nasty surprises along the way. Those surprises could
mean the difference in you enjoying your retirement and facing the need
to return to work at some point during your retirement in order to
replace funds that must be spent for emergencies that were unexpected.
Once you have all the answers to these questions and the answers are
good, then you are ready to retire.