Tags: retirement | checklist | leave | workforce

Retirement Checklist: 7 Things to Do Before Leaving the Workforce

By    |   Friday, 12 May 2017 10:44 AM

Retirement is a major, exciting life event, but it can also be stressful if you’re not fully prepared. Here are some things to do well in advance of your planned retirement to make the transition easier.

1. Define retirement – The idea of a traditional retirement spent sitting on a porch swing every day is outdated. Today’s retirees are active, and many wish to continue some kind of fulfilling work whether it’s part-time employment or volunteer work. Mark Dorman, CEO of the Dorman Group, tells U.S. News and World Report that retirees should “definitely avoid doing nothing.” Give some thought to your expectations.

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2. Cut expenses – Begin looking for ways to decrease financial obligations. Begin by listing your monthly expenses, be honest, and figure out ways to save money. AARP recommends eliminating as much debt as possible since this will mean less monthly expenses against your retirement income.

3. Research Social Security – For many people, Social Security will be needed to supplement retirement savings. AARP says that it pays to wait as long as possible to begin receiving your benefits since the payouts are larger. Waiting until full retirement age can also benefit your spouse if they survive you.

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4. Visit your doctor – While you still have employer-sponsored health insurance, visit your doctors and evaluate your overall health. Address any issues you may have been putting off like dental work, hearing tests, and eye exams, advises HuffPost.

5. Make housing decisions – You will need to live somewhere, so determine the most practical choice. If you would like to downsize or move to another city, do it before you retire. HuffPost says it may be impossible to get a new mortgage if you can no longer show lenders you have a regular income.

6. Plan for the unexpected – You will stress less in retirement if you have already thought about how you will handle the expenses if you suddenly need a new hot water heater or if you become ill, says AARP. Have a plan ready before you quit working.

7. Stay connected – Full-time work will no longer provide a social outlet, HuffPost says, so think about ways you can connect with others. For some, hobbies and clubs work well and for others, picking up part-time work is the answer.

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Retirement is a major, exciting life event, but it can also be stressful if you’re not fully prepared. Here are some things to do well in advance of your planned retirement to make the transition easier.
retirement, checklist, leave, workforce
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2017-44-12
Friday, 12 May 2017 10:44 AM
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