If you’ve taken the proper steps to retire, you can finally sit back and relax in your 60s. Most of your big household expenses should be paid off and you should be at or near your peak in earnings. Before you retire, it’s time to assess and reassess your retirement needs.
- Review your retirement plan. By now you might have some idea of the age you want to retire. Use a retirement calculator to crunch some numbers and see how much you need to save to reach your retirement goals.
- If you need to play catch-up with your retirement savings, keep in mind the IRS limits the amount you can contribute to your retirement plan or investments.
- Would it help to put off retirement for a couple more years? If you’re not going to reach your retirement goals in time, putting off retirement for a year or two might help.
- If you’ve got a partner, have you thought about what he or she would do if you passed away? Don’t forget about creating a safety net in case either partners passes.
- Keep your will up to date, making sure you’ve chosen beneficiaries for your various policies and accounts. Also, keep your documents organized and in order.
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