Retirement Planning Starts Before You Retire

From age 55-65, a financial adviser and retirement consultant should be regularly consulted. This is the time to slowly move away from high-risk and volatile stock and mutual funds and move towards more conservative and safe investments like bonds, guaranteed annuities and even money market accounts. It should go without saving but debt is not something that should be accumulated as one approaches retirement. Stop using credit cards unless you are sure you can pay the monthly balance in full every month.

Another thing as retirement approaches is to gradually start living like you are retired. Draw up a budget and stick to it. Uncomplicate your lifestyle. Practice paying in cash for everything. Start monitoring your spending. When you start living on a fixed income, impulsive buying can no longer be a part of you life. One more thing: Plan to enjoy your retirement. If you don’t have a hobby, get one. Also get regular exercise. And look around for cvic and church groups you can offer your time and talents to as a volunteer.

Tags: Retirement