Are you planning to retire in 2015? If you really think it's the right time to say good bye to work, then you need to know about the changes in retirement plans and take steps accordingly.
Retirement means retiring from the stress of work and the associated pressure such as student loans, mortgage and so on. Unfortunately, retirement brings in another pressure and that is having no regular source of money. Money is important to sustain yourself and it is not a simple task to lead a retired life and pay for all the expenses. So, it is important to determine the changes before bidding farewell to your work.
Formulating retirement plans to retire in 2015
It is important to plan and save for your retirement so that you can lead a stress-free life after retirement. Find out how you can do so.
# Start saving money
It is important to start saving money from now onwards so that you can accumulate enough money to sustain yourself when you're not into a regular job. Without a regular job, there is hardly any scope to make regular income. Thus, it is extremely important to start saving money from now on so that you are able to get at least some money each month during retirement.
# Check if you're eligible for medicare
Christopher Rhim, a certified financial planner for Green View Advisors in Norwich, Vermont said, "You should start submitting the paperwork for Medicare up to three months before age 65". Check if you're eligible to sign up for Medicare. Check the premium amount, co-insurance policies, tax deductibles in order to trace the total amount of money to pay.
# Make on-time debt payments
Other than the above, you should also remember to make on-time debt payments so that you do not incur a huge debt amount. This will help you stay away from stress not only now but later in life too.
# Lower expenditures
You need to keep a check on what you're expending. Thus, you will have to try and lower your expenditures as much as you can so that you incur fewer debts.
# Build a shield against emergencies
It is essential for you to think about emergencies too. Try to maintain an emergency fund to meet the emergency bills. Try to save money in such an account that you can access at any point of time. Thus, you can get the confidence to fight back against emergencies. Think before making any investment because investing in the right way will give you flexibility during retired life.
# Follow a budget
You can follow a budget so that you are able to keep a close watch on expenditures. For that, you will not only require to prepare a budget but will also have to analyze and modify it from time to time.
# Plan about your leisure time
Set up your after retirement to-do list beforehand. Thus, you can meet your plan smoothly. As an example, if you're planning to visit abroad with your spouse, then you need to set up budget and plan accordingly. On the other hand, if you're a workaholic kind of person and hate to sit around the house, then you need to search another option to avoid boredom. There are many freelance jobs available. You can easily work at home and earn money and spend a peaceful life as well. So, make plans accordingly beforehand in order to avoid problems.
Finally, all these together can help you lead a good retired life. At last you can spend your golden time with your spouse without any burden of duties and liabilities. However, always keep a watch on what you're expending for and if it is at all needed.