Steps to Take Before You Retire

There are many considerations that come along with the decision to retire. As a recent article explains, it is vital to take certain steps before you retire to lay the foundation for a comfortable and enjoyable retirement.

A deckchair at the beach in Curaçao
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First and foremost, either create or update your estate plan. Be sure that your beneficiary designations are up to date, and that your estate plan distributes all of your assets. Further, be sure that non-testamentary transfers such as those facilitated by trusts do not clash with your will.

Second, take steps to reduce or eliminate your debts. If you plan on taking out any large loan such as for a home or automobile, be sure to plan so that the loan(s) will be paid back before you retire. This means carefully selecting the term of the loan, and also working to pay off existing loans.

Third, establish a retirement budget. Consider how you would like to live during your retirement, and how much income you will require to sustain this lifestyle. Don’t forget to set aside funds for emergency expenses. Moreover, remember that the possibility of experiencing an emergency expense increases as a person ages.

For assistance in planning for your retirement and estate plans, contact us at (626) 696-3145.

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