financial planning retirement

Three Things to Consider Before You Retire

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Retirement can be a very exciting time to look forward to. Some dream of traveling the world during retirement. Others anticipate spending more time with family. Whether you’re planning to retire in five, ten or fifteen years, these three factors are important to consider before handing in your notice.

 

 1.      Evaluate Your Living Expenses – Housing, transportation and health care costs are some of the most important living expenses for people of any age. Be sure to organize your finances before retirement and stick to your budget throughout your golden years.

 

 2.      Consider Supplemental Income – Though you might be leaving your full-time career, you may still want to pursue a part-time position. Many active seniors pick up low-impact jobs to supplement their social security income. A retirement income calculator can help you estimate how much social security income you will bring in.

 

 3.      Pay Down Debt – Before you retire, consider paying down as much debt as possible. Planning for a debt-free retirement is a great way to practice living on less, and will help to minimize your financial worry in your golden years.

 

 

This article is provided for general guidance and information. It is not intended as, nor should it be construed to be, legal, financial or other professional advice. Please consult with your attorney or financial advisor to discuss any legal or financial issues involved with credit decisions.

Published by permission from ConsumerInfo.com, Inc.  © 2013 ConsumerInfo.com, Inc.  All rights reserved.