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Are you ready to retire?

by , 07 October 2014

Have you asked yourself if you are ready to retire?

Retirement doesn't ask before it comes knocking at your door, so you must be prepared.

Determining whether you have enough money to retire comfortably is the first step. After that, if you still have to catch up on your retirement savings, it's time to take action.

When trying to determine how much you need to retire and how much you have left to save, calculate your net worth. Substract your total debt from your total assets and see what you’re left with. If you’re left with a negative net worth, then it’s time to implement some drastic changes.
 
If you’re rapidly approaching retirement, consult a financial adviser who can help you consolidate your pension plan and diversify your investment portfolio.
 
In order to secure your retirement savings, you need to have an additional source of income.
 
This can be achieved in a multitude of ways: investing in real estate or other sources of passive income, starting a side business, getting a part-time job, continuing to work beyond the normal retirement age, etc. However, keep in mind that employers can refuse to hire you if you’ve exceeded the normal retirement age.
 
What else should you consider when you’re approaching retirement? Getting rid of debt should be a top priority. Your aim should be to enter retirement debt-free.
 
If you want to keep the same standard or living when you retire, then you need to save as much as 15 times your annual salary by the time you hit retirement.
 
Considering that you need to stretch out your savings over a period of 20 to 30 years, you should plan ahead wisely and avoid overspending in the first few years of retirement.
 
To avoid being caught unprepared, always calculate whether you’re on track with your retirement savings for your current age.
 
Make it a goal to save at least 10 to 15% of your current income, so you can enjoy the same benefits once you retire.
 
Don’t forget that health expenses will most likely increase after retirement, so take this into consideration before digging into your retirement funds. Save at least 25% of retirement funds for health care and other medical expenses that might come up.
 
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