Get Ready to Retire

As you get closer to moving into retirement, it is important to take some time to map out what needs to be done before you actually retire. As with all good plans, organizing your steps for three to five years before you expect to retire will help you ease into your next phase of life better prepared and with less stress.
1. Complete Any Outstanding Home Repairs and Improvements
Whether you plan on staying in your current home or selling it to downsize, it’s important to take care of any outstanding home repairs and make improvements to your property while you are still bringing in an income. These improvements will allow for a more comfortable retirement environment and/or will help you sell your property for a higher price.
2. Evaluate the Life of Your Automobile
Take the time to make sure your automobile is in good condition and able to provide you with your transportation for as long as you plan on driving. If your car is in need of repair, consider doing so while still working and/or purchase a newer vehicle that you can pay off before retirement, so you don’t have to worry about expensive repairs.
3. Create a Retirement Budget
Most retirees live on a fixed income, so it is imperative that you take the time to create a realistic budget based on your lifestyle. Take into consideration any pension you may have, your expected Social Security income, any 401k investments and/or Individual Retirement Accounts (IRAs) that you expect to use to live on in retirement. Equally important, create a list of expenses, to ensure you have enough money saved to cover your expectations.
4. Pay Off Any Debt You Have
Paying off any debt you have, including your mortgage, will make your expenses much more comfortable in retirement. This may require you to live on less income now, so you can pay off your debt quickly and retire with ease.
5. Look at Your Health Insurance Options
Take a good look at your after retirement health insurance plan options and pricing before you retire. If you decide to retire after 65, you will still want to review your health insurance options with an expert so you can chose the right Medicare plan for your needs.
For more resources visit our Retirement & Investment Resource Center.*
*Wheelhouse Investment Services professionals are registered representatives of CUNA Brokerage Services, Inc. Representatives are registered, securities sold, advisory services offered through CUNA Brokerage Services, Inc. (CBSI), member FINRA/SIPC, a registered broker/dealer and investment advisor which is not an affiliate of the credit union. CBSI is under contract with the financial institution to make securities available to members. Not NCUA/NCUSIF/FDIC insured, May Lose Value, No Financial Institution Guarantee. Not a deposit of any financial institution. CUNA Brokerage Services Inc. is a registered broker/dealer in all fifty States of the United State of America.

You are leaving Wheelhouse® Credit Union’s website. Links that may be accessed via this site are for the convenience of informational purposes only. Any products and services accessed through this link are not provided or guaranteed by Wheelhouse® Credit Union. The site you are about to visit may have a privacy policy that is different than Wheelhouse® Credit Union’s. Please review their privacy policy. Wheelhouse® Credit Union does not endorse the content contained in these sites, nor the organizations publishing those sites, and hereby disclaims any responsibility for such content.

Cancel Accept