Retirement is an incredibly important life stage. Although it signifies the end of a huge chapter, it also signifies a new beginning: the start of life after work.
Since this is such a big change, it’s a good idea to prepare for retirement well in advance, so that you will be financially stable as you live out your golden years.
Once you finish that final shift at work, it is also worth ticking a few things off your checklist before you settle into retirement life.
Here are three things that you should do as soon as you retire – get these tasks out of the way early so that you can concentrate on lighter things, such as what activities to fill your days with now that you no longer have to turn up to work!
Take out insurance protection
The beginning of retirement is a good time to look for a suitable insurance policy that will cover the cost of your funeral and other final expenses that you may leave behind. Purchasing this type of insurance can prevent your family from being left with a financial burden if you were to pass away unexpectedly.
For a small weekly payment you can have peace of mind and enjoy life without worrying about it taking an unexpected turn.
Talk to a financial planner
No matter how hard you have saved, retirement can be quite challenging financially. Since you no longer have a regular income, it is important to make sure that your nest egg lasts the distance!
This is where a financial planner comes in. They will be able to help you budget and spend wisely. Talk to a planner to get some advice for making your retirement funds last well into the future.
Review your will
The start of your retired life is also a good opportunity to review your will and identify if anything needs to be altered.
Make time to sit down with your lawyer and discuss your will. Make sure that you have not forgotten to include anything important.
It could be a good idea to start going through the stuff in your home and see that valuables are allocated to the appropriate family members.
Another thing to do when reviewing your will is to write letters to loved ones – often words from you will mean more than being left an heirloom, so be sure to have those in order.
Once you have ticked these things off your list, you can go back to enjoying your time off in peace! If you would like to learn more about planning your retirement, download our Retirement Planning Guide.