5 ways to transition into a financially secured retirement

Every person is likely to have his or her own expectations and dreams about retirement. Upon retirement, many people plan to travel all around the world while others may be more interested to take casual excursions to their local areas. Whatever your own retirement plan is, you must be aware that being able to implement each of your retirement plans takes a particular degree of financial situation. The financial security is not likely to just happen – on the contrary, it will require commitment, careful planning and money.

In order to become a successful retiree, you will have to transition yourself into retirement in a successful way in order to have all your retirement objectives met. You will have to plan the exact amount of money you will need and you will also have to decide what you are interested to accomplish with all your retirement savings. Here are the main 5 ways you can transition yourself into retirement without wasting your time or money.

Make sure that you have no debts carried into your retirement. Debt reduction is paramount and you will have to commit yourself to trying and paying off all your debts as soon as you can and before you get retired. Try and eliminate all the credit card debts, car payments and personal loans. Make sure that you will not obtain other new debts either. Have enough liquid funds – the emergency funds must be kept at hand in order to cover at least a couple of months of expenses without having to eat into your retirement investments. Stay prepared for every unexpected expense while you transition into your retirement. Have a certain amount of savings for every emergency that may come up.

Make sure that you have provided yourself with an adequate insurance in order to cover your health, life, auto insurance and homeowners' policies. Your insurance must be reassessed on an yearly basis in order to make sure that it suits all your retirement needs. Be open to making the necessary changes and try to check out the employment's retirement coverage in your case in order not to be unpleasantly surprised in case that your employer will no longer cover your medical expenses after you have retired. Find out everything on this matter in order to take all the necessary steps to have yourself and your family protected.

You should develop a wise retirement income plan that must include all your expenses and income. Keep track of all the current expenses in order to cut back as needed. Talk to a qualified Social Security representative one or even two years before you retire in order to find out more about your benefits and understand how much you will be covered by your insurance. Another thing for you to do is to contribute to a current Savings Plan, because, if your employer is willing to offer a tax-sheltered plan for your savings, you should make sure that you contribute to this plan as well. This will lower your taxes and it will also have a positive impact upon your financial situation. You should also review your trusts and wills in order to make sure that you have valid trusts and wills – this will offer you the necessary peace of mind and protect your assets as well. Follow all the steps suggested above in order to improve your transition into a financially secure and truly happy retirement.                  

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