Are you planning to retire within the next 10 to 15 years?If so, are you ready to take retirement preparedness to the next level?
Retirement is no longer an abstract concept when you reach your 50s. It’s important to take a closer look at your financial plans now, while you have time to make any corrections. Consider these five steps to ensure the retirement of your dreams – or at least avoid the retirement of your nightmares.
1. Outline Your Retirement Goals – What do you really want to do when you retire? Buy a retirement home on the beach? Travel abroad? Start an expensive hobby? It’s time to figure out how to pay for those goals.
Lay out your primary retirement goals and estimate the major expenses associated with them. Place those expenses on a timeline spread throughout your retirement. You now have an estimate of how your cash flow needs will change because of your retirement plans.
2. Rethink Your Expenses –