The Financial Steps You Need to take to Safeguard your Retirement
Life is a journey, and if you are a working individual, you need to start preparing early for the transition from a working life to a life of retirement. Starting early gives you plenty of time to get financially ready and here are some financial steps you should take to safeguard you days after retiring from a life of work.
Make an income off your savings:
The primary objective of planning for retirement is to have some money saved to secure your future. However, you also need to have a stream of money coming your way even after retirement. You can start improving your money options by researching your income options to create an income stream that will see you make money immediately when you retire. Get a financial advisor to help you develop a plan that will see you set up a suitable income after you retire.
Apply for Government Benefits in good time:
Apply for government benefits promptly to avoid delays in getting your benefits. Keep track of your calendar and schedule for a CPP application a year before your retire. Get in touch with the relevant government authorities to know more about government benefits before you even start the application process.
Evaluate your monthly income:
A working person with more than one source of income should be aware of how to consolidate all his or her monthly income from government benefits, savings and other pensions. It is a move that helps you know how much you make so that you can pay off your debits to avoid going into retirement with such burdens ogling at your finances. Just make sure you are debt free at least a year or so before you retire.
Have a Retirement budget:
The goal is to sort your existing money issues while contemplating on how much you will spend once you retire. Take an interest in saving as you plan out your expenditure during your years of retirement. Keep in mind that your income stream will change after you retire so you need to find ways in which you can spend less and save more as your work life draws to a close.
Evaluate your insurance:
Your insurance needs are subject to change as the years go by and as you grow older. As such, you also need to prudently adjust your insurance policies to suit the changes that take place as the years go by. A good example would be lowering your life insurance coverage if you have less dependents and fewer debts and applying for the long-term care or critical illness insurance policy.
Review your will:
Take time to review your will as soon as you retire to make necessary updates that will ensure your estate and investments are fairly distributed as per your directives. It is a measure that aims at protecting your loved ones from any legal or administrative burdens that may arise due to your death before or during your retirement. While at it, make sure you have a reputable and dependable power of attorney that gives a person you entrust the authority to make financial decisions and other such related issues that you will not be in a position to make.
For more information on how to take control of your retirement schedule a free consultation today. Start making money with safe strategies that the wealthy already use to grow their income. Become the Banker today!
Posted on 1/5/2017 at 9:43:00 AM