Thinking of retiring soon? Before you pull the trigger, make sure you have a plan! To help, we’ve compiled a list of 20 questions you should ask yourself before you retire.
- Are you really ready to leave your job? If not, consider changing jobs or delaying your retirement plans.
- Are you still in good health? Consider a physical checkup to be sure.
- Have you fully saved for your retirement? If not, it’s time to get serious about saving and investing more aggressively.
- Do you have a clear idea of how much income you’ll need in retirement? If not, develop a plan now.
- Do you know what your pension commuted value will be? If not, contact your employer and get an estimate.
- Have you considered all the tax implications of your retirement plan? If not, consult a tax expert before making any final decisions about your future plans.
- Do you know how long you can expect to live? If not, find out through an online search or by consulting a local certified financial planner who can assist with estate planning issues.
- What are your goals for retirement? What are your hopes and dreams for the years ahead? Take some time to think about these questions so that when the time comes, you can enjoy your retirement years as much as possible!
- Where do you want to live in retirement? Do you plan to stay in your current home or move to a new area? If so, where? And what type of community will you choose? Will you stay in your home, move to an assisted living facility, or opt for another alternative such as a retirement community or an independent-living residence?
- How will you use your time during retirement?
- Do you plan to travel, volunteer, join clubs and organizations, spend more time with family and friends, pursue hobbies, or do something else entirely? (Here is our list of things you could do in retirement)
- Do you have a health care directive in place? If not, get one now!
- Are your beneficiaries up-to-date and complete? If not, make sure you have current beneficiary forms in place.
- Do you have an estate plan in place? If not, consult a financial planner who can help you with estate planning.
- Do you have enough life insurance to protect your family if you die early? If not, start buying now.
- Are you sure you won’t outlive your retirement savings? If not, consider an annuity.
- Have you made a will and taken other steps to ensure your estate will be handled as you want?
- Do you have a financial plan that outlines the steps you’ll take to achieve your retirement goals? If not, get in touch with the team at Pension Solutions Canada and make one now.
- Have you arranged your funeral? As morbid as it might be, it’s an important step for peace of mind.
- Have you considered how your spouse will be cared for after your death? If not, consider setting up a living trust to provide for them after your death.
Now it’s time to take action!
Retirement planning can be an exciting, fulfilling, and even fun process. The more you plan ahead, the better your retirement years will be. The team at Pension Solutions Canada specializes in helping individuals prepare for retirement and protect their assets. We’ll also help you with estate planning, address tax minimization, and answer all of your retirement questions.
Our goal is to ensure you have a happy and fulfilling retirement!
Here are some more resources to help you plan: