4 Things you must not forget to do in the last 5 years of your job
Only 5 years are left from the day you’ll retire. You’ve already started dreaming about the fun filled days with your family – but remember you’ve not retired yet. You’ve to work for 5 more years and you need to make some more plans prior to making a retirement. There are numerous things that you need to do to ensure a smooth retirement. If you’re not aware of them, then read along the concerns of the article.
4 Things you need to do before retirement
Check out the 4 things that you need to in the last 5 years of your job to ensure a stress-free life after retirement.
1. Recheck your financial health: You may have made several plans throughout your working years. However, if any event has affected your financial health in a negative way, then its time review your financial condition. Find out if you can afford to retire in the next 5 years. Talk with a financial planner to find out if you’ve saved a sufficient amount for your retirement years.
2. Shift to a smaller apartment: Calculate how much you still owe on your mortgage. Decide if you need to shift to smaller apartment right now. You can easily tap in the equity of your bigger house. Other than that, you’ll be able to slash your property tax payments.
3. Be mentally prepared for retirement: It has been seen that retirees often get into severe depression after retirement. After all, it is not easy to make a transition to a life without any work. If you’re a workaholic, then it would be very difficult for you to spend idle hours after retirement. Try to get involved in a hobby. Plan your activities after retirement. Start interacting with people who can help you to pursue your favorite activities post retirement. This would help you have a good time after retirement.
4. Look after your health care needs: You can’t depend upon your employer’s medical insurance nowadays. If you quit your job before you qualify for Medicare, then you’ll have to purchase a policy from a private insurance company. The premium rate is very high. As such, have a talk with your boss about COBRA. This would help you qualify for group rate at least. You won’t have to pay high premium because of the age factor.
Finally, have a look at your long-term care insurance needs. The premium rate increases as you approach your retirement years. Re-evaluate your budget and find out if you can afford to pay the premiums. Otherwise, you may have to totally depend upon Medicaid to fulfill your requirements.