There are a lot of decisions to make before you retire. As a consumer in the marketplace, you are in a similar position to most other people in the country when it comes time to retire. You may have been planning for retirement for years or even decades. But in the year or so before you actually retire, there are some important decisions you need to make to ensure your financial security and happiness in your retirement years. Here are the things you should be deciding right now if you are approaching actual retirement.
1. Where Will You Live?
Are you going to stay where you are, or move to a dream retirement location? If your house is paid off, you might do better financially staying in it, and then just traveling as much as you choose. If you decide to move, getting a reverse mortgage on your current home will ensure you can sell it for fair market value, which may gain you enough money to pay cash for your new home and not have a mortgage on it.
2. Will You Start Taking Social Security?
The answer to this question depends on what age you retire. You may retire too early to take Social Security. If you are old enough to qualify, you might want to put it off. The longer you wait to take it, the more money you will get when you do. Whether you take it now or later all depends on what other sources of income you have to get you through till the Social Security money starts arriving.
These are just a few of the questions you need to decide in the year or so before retirement. There are other things to decide, but these are the most important. Answer them carefully, and your retirement will be financially comfortable and happy, as it should be.