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When should you retire

Once you have all the wheels moving for your financial retirement, it is often difficult to wait

for that great and liberating day, but you have to take the time to make sure that there

are no details that have not been treated or that have been overlooked in the process

of planning.

Most of us worry if we are able to maintain a certain level of income when

we retire and little else.

The problem is that maintaining the same level of income during retirement is

often not enough to get things going and take care of all your family’s needs during retirement.

Have you checked the insurance costs?

You should make sure that all your current insurance plans cover you during

retirement or at least that you have something in order until your Medicaid benefits

come into play.

It is not just about medical insurance.

There are all kinds of insurance coverage we need to avoid potentially huge amounts

of debt during our retirement.

Some of the common types of insurance that you need to include are:

home insurance, car insurance, health insurance, dental insurance, long-term

care insurance and life insurance.

Once you have taken care of your insurance for your financial retirement.

Have you set a budget that you and your partner can live with during retirement?

You must be absolutely sure that you agree on the budget or if the hard feelings

could develop over time. Talking about things can do so much and smooth many

ruffled feathers that you did not even know existed.

Did you draw plans to do things together and individually?

This is another thing that is important.

While you are a couple, you are still individuals with independent needs and desires.

Make sure you have time and money to pursue interests that attract you both

as individuals and those you like in pairs.

Do you have any special needs that should be addressed in your

or planning?

Do you need a vehicle with disability access (they cost a lot of extra money in many

cases and they should be strictly budgeted when you make retirement plans) and you have a little hidden in your budget for emergencies that might arise?

Other important considerations include which invoices you have. Have your student loans been paid? How about those annoying high-interest credit cards? These can accumulate over time and you need to eliminate as many as possible along the way. You should also be very careful to make sure your house is paid and all taxes are taken. You do not want surprises that could jeopardize your security once it’s withdrawn.

The list may seem endless but every question is very important in the big scheme of things. You’ll have to make every effort to make sure there are no nasty surprises along the way. Those surprises could mean the difference in you that you will enjoy retirement and having to face the need to get back to work at a time during retirement, in order to replace the funds that must be spent for emergencies that were unexpected. Once you have all the answers to these questions and the answers are good, then you are ready to retire.

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