Posted by Denise Kovach, CFP®, AIF®
Retirement planning is complex. There are so many moving parts that it can be a challenge to know if you’ve done enough. You run retirement calculators, rebalance your investment portfolio, and get a second opinion from an unbiased financial planner… all of which are positive. But here’s some other things you can be doing as well:
Seek out the best places to retire.
You might want to stay put to be near family and friends, or you might just want to make a big change. Take into consideration state income tax rates, cost of living, culture, beauty, and climate.
Rekindle and re-tool your hobbies.
You might be excited to finally have time to enjoy your hobbies, but once you start up again you may realize that technology has passed you by. Buy new equipment, if necessary, while you have an income.
Purchase or plan for your big ticket items.
As it pertains to big ticket items such as a new car or home repairs, you may not have as much time to do these big jobs now, but you likely have the resources to do so.
Tap into every employer benefit possible.
While you are still employed, tap into every employer benefit possible, such as researching what benefits may be available to you as a retiree. If you have former employers, have you left any money on the table? There are thousands of workers out there who have not claimed their pension benefits. Or, did you forget about an old 401(k) and the money is sitting there unclaimed? Check out Pension Benefit Guaranty Corp at PBGC.com or UnclaimedRetirementBenefits.com.
You can also take a trial run at retirement.
Estimate your retirement income and try to live on it now to see how you do.