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Five things to do before retirement

by , 17 November 2014

Is retirement knocking at your door? If you have only a few years or months to go until retirement, you should take care of certain issues first.

Here are five things you should do before you retire.

1. Determine how much money you will need each month
 
You may a rough idea of how much money you spend each month, but it’s time to get a more accurate view of your expenses. Determine a realistic amount, including health care, food, mortgage, entertainment, and bills. Make sure that you take into account higher health care costs during retirement.
 
2. Consider your options
 
No one says you have to stop working once you reach retirement age. You can continue to work part-time, start your own small business, or work as a freelancer. If you’re used to being very active and don’t enjoy sitting around the house, you should consider continuing to work or finding other interactive ways to spend your free time.
 
3. Increase your savings
 
If you enjoy spending more than saving, it’s time to become a bit more responsible about your finances. Start an emergency fund, if you don’t have one already, which should consist of at least three months’ worth of expenses, to cover emergency or unexpected expenses.
 
4. Review your investment strategy
 
It’s time to analyze your investment portfolio and make the necessary adjustments. If your portfolio has been more aggressive, you may need to tone it down and choose less risky investments for the next 20 years. A financial advisor can help match your investments with your retirement goals.
 
5. Determine how you’re going to spend your time
 
Since you’ll have much more free time on your hands than before retirement, you’re going to decide how to spend it. You may want to do a lot of traveling, take up new hobbies or play sports, there are plenty of options to choose from, all that matters is that you actually enjoy how you spend your days.

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Five things to do before retirement
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