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?Life begins at retirement.?~Author Unknown
Retirement is one of the most exciting phases of your life. However, it can also be one of the most frightening. Preparing for retirement is stressful, but a few years of preparation allows you to relax and enjoy the final third of your life. Many of your responsibilities will be in your past, but if you neglect to plan for this time, you will be faced with many regrets. Financial issues are one of the most stressful aspects of retirement and often the one that triggers the most questions for soon-to-be or new retirees.
Budget for Home Upgrades
Many seniors have an intense desire to continue living at home. While this dream is possible, it does take a bit of planning. Though you might not need home upgrades at the onset of retirement, there will come a time when changes must be made. Making these changes early on allows you to relax and enjoy the safety and security of your home.
As part of your retirement plan, budget for home upgrades that are safety oriented. Seniors bathtubs, bathroom grab bars, and hardwood floors are all upgrades that make your personal space safer. These upgrades also increase the value of your home, and in many cases make it more comfortable even before you need to worry about navigation and safety.
Save as Much as Possible
As you move from years of working to retirement, you will soon realize your income is greatly reduced. This is why saving is so important throughout your entire life. The closer you get to retirement the more important saving becomes. Even after you retire you should continue to save where you can. There is no way to know exactly how long you will live and exactly how much you will need. To keep your mind at ease, live within your means and do your best to keep a firm financial cushion.
Prepare for the End
It is unfair to leave your children or partner with decisions about your funeral and burial. Planning for these events is emotionally and financially easier on your loved ones. Make sure you have enough insurance to cover taxes, debts, and funeral costs. Ideally, you should have your funeral arrangements in place, so your family knows your wishes and can honor them appropriately. It is also important to pay for these things in advance. The average cost of cremation today is close to $10,000 and burial can cost $17,000 or higher. Paying for these expenses in advance allows your family to grieve and honor your memory instead of worrying about finances.
Do Not Leave Behind Burdens for Your Loved Ones
In addition to making sure your funeral and burial expenses are covered, it is important to not leave behind other financial burdens. Do your best to pay off your debts so your loved ones are not held responsible. When choosing a life insurance plan, be sure it is sufficient for covering your debts, your funeral expenses, and any taxes related to the end of your life. Though this topic might not be the most comfortable subject to deal with, facing it will leave you with a sense of peace.
Get Organized
Though organizing your home might not seem like as if it is related to finances, it is. Leaving behind a cluttered home filled with decades of living can cost your family a bundle. My husband?s aunt is a sad example of the importance of organizing your life before life ends. She is now 94 years old and her family has invested countless hours and dollars cleaning up her home because of her neglect. She had collected mountains of newspapers and her home was infested with mice.
Begin clearing your clutter and caring for your home as soon as possible and commit to keeping your home organized through your retirement. This prevents the resentment and wasted time that comes with cleaning up a loved one?s mess left behind when he or she dies.
About the Author
Karen Lee is a freelance writer providing valuable tips and advice for consumers looking to enjoy their retirement and senior years. Her website features home bath and health care products such as handicapped bathtubs to help you maintain an active and balanced lifestyle. She believes that planning for your retirement and senior years enables you to relax and enjoy one of the best phases of your life.
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