To live a happy and independent life after retirement, it is crucially important to do proper planning for the life after retirement. Near about 78 million baby boomers are there in U.S. To be eligible for the social security benefits you must be 62 years old. In the coming few years many more retirements are expected and if you committed some mistakes or blunders near the last months of your retirement, you may face trouble in post retirement life.

These are some very important points; one must keep in mind before going to retire.

Bring it to book

It is important to note down all of your investment account, banks account, insurance policies etc of both spouse. The major purpose of noting down and making list off everything is that both spouses should be aware of household’s expenditure, investment accounts, policies etc. In case if one dies, so other should be able to manage all the things.

Social Security

When you become eligible to get social security retirement benefits, you should make assessment of your benefits and you should contact the social security administration. This can be done by calling the social security administration or through online application. Your application for social security benefits must reach to the administration three to four months before your actual retirement date.

Healthcare

when you are near to your retirement you need to plan for health insurance, especially how will u pay the insurance fee .when you are above 60 ,chances to get ill or caught by some disease increases so its is very important to plan accurately for your health insurance expenses. In case if u get retire little early, does your employer will provide you with health insurance or you have to arrange some private health insurance. Medicare will help you if you get retire at normal age but yet you need to pay some expenses. And for items like, eyeglasses, hearing aids, dental care and etc have to be paid by you.

Review Life Insurance Needs
Many events like marriages, children’s, divorces, change of job change your living style and as well as your life insurance needs. It is crucially important to keep reviewing your life insurance needs. For example, after having children’s you might be interested in policies which are offering full life insurance so that in case of you death your children and spouse could be supported. So a continuous review of life insurance need is compulsory near retirement.

Discuss Pension Options with Current Employer

If you get qualify for the pension, it is very important now to finalize the pension payment methods with your employer. This would be the most difficult decision to choose the payment option, weather you are willing to take a lump sum amount or payment on monthly basis etc, so you are required to carefully think about this. You need to finalize and sort out all matter with your employer four to six months before your retirement. One thing more could happen, if you are offered company stocks by your company you should consult financial advisor.

Maintain a Retirement Income Plan

This is a very important tip; everybody who is near to retire must maintain written budget and simple balance sheet. In written budget you need look upon in the future. You can write down your cash incomings and you cash outgoings. It would be better if you cash inflows are high then your cash outflows, if this is the case you will be in a good position to manage your post retirement life.

Next is making a simple balance sheet. You need to write down all your assets and as well as liabilities on you. Making a simple balance sheet will help you to determine what your current position/status is and you can plan more effectively according to your current position. You need not to forget the tax element in your balance sheet. Write down each and every thing clearly.

Long-Term Care Insurance

Near retirement try to have long term care insurance which covers a great range of activities. For example go for such type of policies which are providing daily nursing, visiting nurses at home, adult care centre, and assistance in daily activities. There are so many insurance companies which are providing this kind of long term care insurance. You also have options to pay to your insurance company in lump sum or on annual basis. It would be better to pay lump sum fee of insurance to avoid interest costs.


Update Estate Documents

Some retirees think that they don’t need any sort of estate planning because they have few estate but this is wrong. Every retiree should keep in mind that post retirement life demands more planning then job life. Some important and common items to keep in mind are power of attorney, healthcare surrogate, beneficiary updates.

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Establish a Cash Emergency Fund

More planning is required in retirement then during job days and only proper planning could make your post retirement days your golden days. Another important step is to establish a cash emergency fund. There are so many unexpected events like natural disaster, accidents unusual disease etc and you need to plane for such events GOD forbid if occur. Every retiree should have 1 to 2 years emergency funds separately kept only to handle the unexpected event or emergency. Cash emergency fund could also help you if you badly stuck in recession and your investment does not give you handy return.

Large Purchases

When you come near to retirement, you might have some plan in your mind for purchase of large and costly items like car, new home, world tour, boat etc. It is very important to consider that you must make all that type of large purchases before you retire, when you are earning. You should not pay for such big purchases from your post retirement benefits. Pay off for all the large purchases while you are working, prior to retirement. You might be thinking to get new insurance policy, so pay for it now before you retire

You are required to do proper planning and careful decision near to retirement. That is why last months, when you are going to be retired, are of great importance and you should complete all the tasks related to your post retirement life before you get retired. Wise and accurate decision at this time of life can make your life everlasting and your last days of life could pass with comfort, freedom and independence.