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Obtain an estimate of your Social Security benefits from the Social Security Administration based on your expected retirement date. Consult with your legal or financial advisors about estate planning— organizing your financial affairs so that your money, property, and other assets can go to your heirs with a minimum of costs, taxes, and hassles.
Reduce your consumer debt as much as possible and consider the pros and cons of paying off your mortgage early. But if you think you’ll need to borrow money during retirement, determine whether you want to refinance your mortgage, take out a home-equity loan, apply for a credit card or otherwise take out a loan before you retire. You might have more options for getting a loan when you still have employment income. No matter what loans you have or how old you are, it’s impor- tant to keep your debts manageable.
How Much Should I Save?
When thinking about retirement, money is the biggest concern most people have. While the idea of spending your days the way you choose and doing some of those things you’ve always wished you had time for is something to look forward to, how to pay for them can be a big question. The sooner you start to plan for it, the more you will be able to enjoy it. With so many options to consider, understanding how to make a plan you can feel good about can be overwhelming. Consulting a trusted financial advisor is a good way to help you decide what options will be best for you. Your FFEF counselor can steer you in the right direction. The most important thing you can do to save for retirement is to—START. While achieving the goals you set is reward- ing, watching your progress is also a great source of happiness for you to enjoy everyday. Seeing the results as you move toward your goal makes a big difference to your willingness to stick to your plan. If you are making regular, consistent progress, your daily happiness will be much greater than if you meander along making deposits here and there. If you
Financial Planning for Retirement