4 Things You Need To Do Before Retirement

4 Things You Need To Do Before Retirement

| August 02, 2020

4 Things You Need To Do Before Retirement

Financial planners often connect with potential clients who are seeking their services too close to retirement. Many will say "I wish I had talked to you 20 or 25 years ago."

A visit to a financial planner is clearly one thing workers overlook before they retire. But there are a number of other things that people tend to forget to do before retirement, and as a result, may have to suffer the consequences.

Remember to take care of these four things before you retire:

Complete home repairs and improvements: Retiring homeowners who aim to downsize are sometimes upset to find out they will need to spend thousands of dollars to update their home before they can put it on the market. Especially those who have lived in their homes for 20 years or more can neglect regular updates especially in bathrooms and kitchens. 

Create a realistic budget: You don't want to draw too much money in your early years and run out of money. Most retirees will be on a fixed income, so it is important that a budget is created based on income and realistic expenses. 

Pay off debt: Eliminating debt payments gives you more money to spend on retirement expenses. If possible, pay off all your debts and do not create new ones. 

Evaluate your health care and insurance needs: Consider discussing your options with an expert who can help you navigate your needs to make the appropriate choice.