You might already have a checklist for what has to happen before you retire in 2017, but make sure that these three things are on your to-do list.
Preparation is everything when it comes to retirement planning, according to Starts at 60 in “Three things you should do if you’re planning to retire in 2017.” But above and beyond all of the other things, these three are the most important ones to get done.
Your assets. If you want to retire this year, you should begin by taking an inventory of your assets. This will help you to determine your asset allocation. Asset allocation is the composition of stocks, bonds, and other assets in your portfolio. It is vital in determining the level of diversification and the level of risk you’re taking. Reviewing all of your assets gives you a better idea of what you have heading into retirement and the potential for earnings and returns in the future.
Consolidate your finances. Just like your desk or the garage, your finances can become cluttered. Consider your superannuation. You might have several superannuation accounts from different employers. Review your superannuation account balances and consolidate all your superannuation into one account. That will result in fewer fees and an easier time monitoring your superannuation to see how much money you’ll have with which to retire.
Create or update your estate plan. Yes, your estate plan needs to be in place before you begin retirement. Going through the process of creating an estate plan will clarify financial and legal matters that may impact retirement decisions. If you have not reviewed your estate plan in the last four years, you need to make sure that it is aligned with your current situation and changes to the law. Sit down with an estate planning attorney to create a will, powers of attorney, healthcare proxy and other legal documents. It is also important make sure to finish the whole process: stopping in the middle won’t do you, your spouse or your heirs any good.
Planning to retire in 2017? Congratulations! The Attorneys and Staff of Legacy Counsellors, P.C. are here to help. If you are a current client, we can help you revise your estate plan and update your beneficiaries. If you do not have an estate plan, we would love to help! Contact our office today!
Reference: Starts at 60 (January 18, 2017) “Three things you should do if you’re planning to retire in 2017”