Lost in the muddle of your daily activity is probably a thought or two about retirement. It probably doesn’t go much further than that. I know at my current place of employment, many employees make comments about retirement when dealing with certain long-range projects. Often it’s said that they will be retired before X or Y happens. They might be right or they might be wrong. It all comes down to planning and choices.
I’ve borrowed the title of this post from the article linked below, except I’ve put soon in quotes. I’ve done this because soon is a very subjective word. My soon and your soon are probably different. Also, I am of the strong opinion that setting up a proper retirement plan isn’t something that can be thrown together in a few years. It’s a long-term project. By that I mean a project that spans at least 10, but more like 20 or 30 years. It’s something you need to lay the foundation for far in advance and then progress slowly toward where you want to be.
One more word before we get to ten steps…If not comfortable enough with the topics here, don’t have enough motivation to do everything yourself or have some other reason as to why you most likely won’t get through the list, find someone else to do it for you. You can hire someone or you can find a friend or family member to assist you. It’s an investment and the time and/or money spent will be an asset to can appreciate in the present and the future.
1. Pencil out your retirement budget and start adjusting your finances accordingly.
2. Determine a mix of growth versus income for your investment portfolio.
3. Compare your taxes today to what you expect them to be during retirement.
4. Start making plans related to your real estate.
5. If you expect to carry your mortgage into retirement, refinance your home before your income drops during those years.
6. Evaluate your automobile needs and estimated costs in retirement.
7. Give yourself a health insurance audit.
8. Take advantage of your current health program and benefits.
9. Take advantage of employer offered prepaid or discounted legal will and trust work.
10. Make a game plan.