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5 Steps to Get Ready for Retirement

Retirement PlanningNo Comments

retirement new life sign e1388784629918 5 Steps to Get Ready for Retirement1. Start planning. When planning for retirement, boomers need to take a long view; many will live 25 or more years in retirement. You need to figure out how much you need and then what you have to do to get there.

2. Decide on what retirement means to you. Everyone’s retirement is different; some of us will work either full time or part time, and some of us just want to lie on the beach. You need to envision your retirement lifestyle, including what you will do, where you will live, how much you will travel and plan accordingly.

3. Manage debt. Carrying high interest debt into retirement is a sure way to deplete your savings. Reduce as much debt as possible prior to retirement, including credit card debt, mortgage debt and any student loan debt you may be carrying.

4. Get help. The help of a financial advisor and an estate planning attorney can be invaluable in planning for retirement. Having the right team that can give you financial and estate planning strategies to help you fund your retirement can save you plenty in the long run.

5. Expect the unexpected. Having an emergency fund of at least six months’ living expenses can provide the cushion you may need for unexpected events that could severely impact your finances. You also need to have the proper estate planning documents in place – a will, durable power of attorney, health care directive, etc. – so you and your family are fully protected.

If you need some help with retirement planning in 2014, contact our Newport Beach law firm.