Retirement Fast Approaching? Follow These Tips

Retirement is one of those things that always seems far into the future....until it’s suddenly upon you. If you are fast approaching retirement, in this year or the next, you’ll be glad to know that there are things you can do, right now, to start getting ready for it, even if you haven’t been the best at preparing for it before. Obviously, the sooner you start preparing, the better, but if you’ve found yourself in a bit of a preparation time crunch, these tips can still be useful.   

Ask About and Utilize Workplace Benefits

If you haven’t already, make sure you are taking advantage of any workplace retirement benefits that exist. Your last few months or years at work are your absolute last chance to take advantage of and make the most of these benefits.

401(k) plans are an excellent starting point, especially for those 50 and over who can put as much as $24,000 in their accounts. Also check to see that you are vested in your retirement account, since this will allow you to keep all of your employer’s contributions to your account. Sometimes, you might have to work a little longer than planned to get vested, but it’s worth it for the extra boost to your retirement savings.

If you’re unsure of other benefits that may exist, ask, ask ask! This is your last chance to utilize your employer’s offerings, so by all means, make it happen.

Get New Health Insurance

If you, like most people, have health insurance through your job, you’re going to need new health insurance once you retire, so it’s wise to go ahead and set that up now. Doing so will allow you to budget for your new plan effectively and to shop around for the best rates to meet your needs.

Medicare is a good option for those who are at least 65 or within three months of turning 65, and the sooner you do, the more likely it will be that you can avoid high premiums. There is also the option of state sponsored health insurance, which is a good option for those retiring before age 65.

Start Planning

In addition to taking advantage of every last minute retirement savings offerings that you can, it’s also smart to start planning- REALLY planning- for retirement during this period. Determine how much money you’ll need to live comfortably, and honestly assess whether or not you’ll be able to meet your needs.

If not, then you can either start saving more and try to make retirement possible, or you can make the decision to work a little bit longer before retirement. No matter what, it’s  best to have a firm, workable plan in place before you actually go through with retirement.

Following these tips and working with a financial adviser can make your impending retirement go much more smoothly.