Retirement planning doesn’t stop when you retire. Once you stop working, you’ll still need to carefully manage your assets so that you’ll have enough money to live comfortably.
One of the best ways to kick off retirement is with an insurance review. In retirement, your insurance needs may change. That’s why it’s a good idea to schedule a time to make sure you are adequately insured for this new phase in your life. We can review your home, auto, life, umbrella, disability, and other insurance coverage and make sure you have enough and the right kind of insurance.
Here are three other ways to help make sure your retirement is a great one:
Be frugal. Some retirees struggle with over-spending in the first year or two in retirement. Time to shop! Time to travel! You’ll want to enjoy all your free time, but you need to still monitor your spending. Now isn’t the time to stop clipping coupons and comparison shopping. Careful spending can help make sure you’re not using up too much of your retirement stash too fast.
Learn about Social Security. The decision of when to start receiving your Social Security retirement benefits is an important one. Some retirees choose to receive their Social Security retirement benefit as early as age 62. But the longer you wait, the greater the benefit you may be able to receive. A financial adviser can help you determine which option is right for you.
Take it slow. Explore all your options when it comes to retiring. Perhaps a part-time job or some consulting work would help ease the financial – and emotional – transition to retirement.