3 Actions You Should Take Before Deciding to Retire

Every year, millions of people make the life-changing decision to retire. After decades of hard work, retiring offers you an opportunity to relax and explore your hobbies and passions. Retirees take up activities ranging from golf to bird watching. With that being said, one of the most difficult parts of retiring for many Americans is learning to live on a fixed income. For people used to a certain standard of living, the idea of changing their lifestyle is at best uncomfortable and at worst terrifying.

When it comes time to make your retirement plans, do so with the confidence of someone who has fully prepared for their post-retirement life. That means considering your living space, financial situation, and insurance needs. Family and friends are valuable assets during this time, especially those familiar with Social Security. Social Security is one of the most important aspects of retirement, and you should consider it carefully before officially retiring. Understanding the tax implications and financial structure of Social Security is crucial to a secure retirement. In addition to your benefits, here are three actions you should consider before retiring:

  1. Construct an accurate, comfortable budget. Retirement financial planning is all about smart spending. Certain expenses, such as medication, rent, and groceries, are unavoidable. Build these necessary expenses into your budget to attain an accurate idea of your monthly spending to understand how your Social Security payments will fit with your needs.
  2. If you are committed to your current residence, consider remodeling. You take for granted your ability to turn a doorknob and climb your stairs, but in retirement, these actions become more difficult. It is best to take care of renovations while you are mobile.
  3. As funeral expenses continue to inflate, life insurance has become increasingly common. Understanding your plan in detail is essential to a smart retirement.

Contact an Indianapolis Social Security Lawyer Today

Approaching retirement age is an exciting time in your life. As you move towards this new chapter, careful planning is beneficial. At the Hankey Law Office, we understand the stresses Americans face as they approach retirement and have dedicated our careers to assisting you. We fight passionately for each of our clients and would be honored to represent you in any Social Security-related case. Contact us today at (800) 520-3633 for a free consultation with a kind, skilled legal representative.