Retirement’s coming – Will you be ready?

As your big retirement day draws closer, will you be ready?

Like any life changing event, the path to can be eased by preparing.  A roadmap will help you get where you want to go.  Here are some steps you can take to help you prepare to retire.

First, ask yourself; Where do you want to go? Where do you want to live?  What activities do you want to pursue?  Are there other goals you will be looking to fulfill?  The answers to these questions can help you estimate how much money you will need in retirement.

Now let’s look at where you are.  Take stock of your current income, expenses, savings, investments, and debits.  A thorough accounting will help you understand where you stand financially and help identify where you might need to focus your attention.

Create a retirement savings plan.  Ideally saving should start as early as possible.  Once you start saving, contribute regularly to 401(k)s, IRAs or other plans.  When possible, take advantage of any employer matching contributions.

Invest your retirement savings in a diversified portfolio of assets.  Seek help from a fiduciary advisor like those at Sara-Bay Financial who will help you identify the best asset mix for you and your objectives.

As you move closer to retirement try to pay off as much high-interest debt as you can. Minimizing debt will free up more money for retirement as well as reduce financial stress.

Be mindful of your healthcare needs and types of coverage that you will likely qualify for.  An estimate of your healthcare expenses in retirement can help ease the worry of transitioning from a company insurance plan to Medicare coverage.

Look carefully at your social security options.  Visit the social security website, https://www.ssa.gov, to get an estimate of the social security benefits you will qualify at various ages of retirement. With this information in hand, you can create a retirement budget. 

Last, but not least, seek professional advice: Consider consulting with a Sara-Bay financial advisor to help you develop a personalized retirement plan and address any specific concerns or questions you may have. They can provide valuable guidance and expertise to help you achieve your retirement goals.

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