We’re here to help bridge that gap. With our easy retirement plan checklist, you can find out what you still need before you’re ready to retire.
So ensure you’re on course for a healthy, luxurious retirement by checking these boxes.
1. Build a Solid Financial Foundation
A proper retirement financial guide is incomplete without ensuring you have a solid foundation in place.
First, pay off all debt, except for perhaps your mortgage, depending on how close you are to retirement. Start by paying off payday loans, credit card debt, and car loans. The less debt you have in retirement, the more spending money in your budget.
Make sure you have an emergency fund in place, so as surprise expenses come up, you don’t need to turn to debt to cover your bills. This should be anywhere from $1000 minimum up to 6 months worth of expenses.
Finally, make sure you’re keeping a budget. It will help you stay in control of your finances, and will give you an idea of the lifestyle you can afford in retirement.
2. Max Out Your Retirement Contributions
While it’s always best to start young when it comes to your retirement planning, it’s never too late. Within your budget, max out your retirement contributions.
If your employer offers a 401(k) match, make sure you’re at least investing enough to meet the full extent of the match—hey, it’s free money!
Other retirement accounts have various limits on how much you can save each year. Make sure you do your best to hit these numbers.
3. Save with an HSA
An HSA, or health saving account, lets you set aside money with great tax savings to pay for health expenses at later points. There are rules on who can and can’t qualify for an HSA, but reach out to us, and we’ll help you find what you’re eligible for.
4. Consider Life Insurance
Life insurance is there to take care of your family after you pass on, and it can be anywhere from funeral expenses to a significant sum. We talk about the pros and cons of various life insurance policies here.
While it may seem like an unnecessary expense, consider it “I love you money” and enjoy the peace that comes with knowing your family is protected.
5. Invest in Your Health
Finally, you need to invest in your health. What’s the point in being wealthy in retirement if you can’t enjoy it?
So cut back on stress, eat more vegetables, cut back on processed foods, and exercise more. Cultivate healthy, lasting relationships throughout your entire life.
A Retirement Plan Checklist Is the First Step to a Happy Retirement
Retirement planning sounds scary, but with our simple retirement plan checklist, it doesn’t have to be. These tips ensure your health, family, and living expenses will all be taken care of, so you can enjoy your retirement worry-free.
Ready for a comprehensive, personalized plan? That’s our specialty. Contact us today.