Other Considerations in Retirement
Aside from your finances there are many other things to consider in retirement. It’s not just about how you’re going to get there but how you’re going to spend it! Here are a few key areas you should also examine before retirement:
Leisure activities. What will you do with your free time? It is easy to get bogged down in all of the details of income expenses but remember that retirement is supposed to be about having more time and pursuing your interests. You should retire TO something and NOT FROM something.
Estate planning. Make sure that you have a will, and that it is updated on a regular basis. Consult with an accountant or attorney who specializes in such matters to take advantage for various estate-preservation techniques to coordinate your assets in accomplishing any goals you may have for your estate, charitable donations, needs of children and grandchildren, etc. This will prevent unnecessary and excessive taxation on what you have worked so hard to earn.
Power of Attorney. Designate someone (an “agent”) to make important decisions for you, in accordance with your wishes, should you be unable to make such decisions yourself.
Living will. State in advance your wishes regarding medical treatment and life-sustaining procedures.
Life changes. Consider what might happen if your marital status were to change during retirement, e.g. through divorce or death of a spouse.
Be careful of marketers. Sales people who may try to sell you a lifestyle or products that really don’t work in your best interest. Regardless of what financial products you may be buying, look for the hidden costs. Be wary of anyone who claims they can sell you a product that offers great reward without great risk.