Whether or not retirement is on your immediate radar, if it is within a few years for you, it’s no doubt something that’s on your mind. Preparing to leave the workforce, downsizing into a smaller home (maybe finding a home in a Jacksonville active adult community) and budgeting to live off of savings will all be an adjustment. The retirement experts at the Equifax Finance blog offers three tips for planning for retirement in the recent article, “
First, plan out how you are going to spend your time during retirement. Experts agree that it is important to find fulfilling ways for retirees to spend their time, from volunteering to pursuing a passion.
Second, decide when to claim Social Security. There is no magic time at which each person should do this, but it is something that should be carefully decided upon. Take into consideration your health, your cash flow and your employment during retirement. You can either take the reduced benefit starting in your early 60s or wait a few years to receive the full benefit. Contact your local Social Security office or visit www.socialsecurity.gov to assess your benefits.
Third, look into your current savings and decide if any changes are needed. Revisiting your asset allocation may show that you might want to lower the risk in your investment portfolio. Your portfolio should keep up with inflation without being too risky. Keep in mind, of course that asset allocation does not ensure or guarantee better performance, and it cannot eliminate the risk of investment losses. It can however, help you stay on track with your retirement plan even during fluctuations in the market.
Get more tips on retirement at the
Equifax Finance blog, where you can also get tips on credit, identity theft protection, taxes, insurance and more.