Retirement is an emotional transition. Many people miss the comradery of the office workplace, fear the loss of friends, stress about a new routine, and the unknown of a new way of life.
It’s important to give time and space for this aspect of retirement. In order to do so, you should not procrastinate on your retirement planning. If you get started on the line items below, you can make your transition easier.
- Roll old 401ks to an IRA.
- Review your life insurance policy. Do you still need it, and if so, is it the right amount of coverage?
- Review beneficiaries on insurance, retirement and other investment and saving accounts to make sure they are up to date.
- Determine if a family member is likely to require financial guidance. Then, formulate a plan to help him/her.
- Discuss your estate plan with your children.
- Communicate your end of life care preferences with your family.
Procrastination is easy, but it can have disastrous, or at the very least, unintended consequences. Consider for a moment your life insurance benefits going to the wrong party. In a worst-case scenario, what if they went to a previous spouse?
Imagine this on-top of the emotional stress you may experience from retirement, such as losing friends or your sense of purpose. To help with this, I also encourage you to go through this separate list.
- Write out what you want to do day to day in your retirement.
- Determine how you will fill your time.
- Imagine a dream retirement. What does it look like? Where will you live?
- Find one new hobby or get involved in your local community.
I encourage you to tackle what you can on your own. If you need help, give Cordasco Financial Network a call. But, above all, have a plan for action. Do this for yourself and the ones you love.