Are you looking forward to your retirement? Unfortunately, there are many people who reach retirement and realize they haven’t properly planned for the years ahead.

Not planning your retirement in advance could mean that you aren’t able to live the lifestyle you’re used to.

It’s important to start planning your retirement as soon as possible. Here’s a handy retirement checklist to get you started.

1. Add to Your Emergency Funds

If you don’t have a rainy-day savings account yet, now is the time to create one. The same things that go wrong now will go wrong in retirement. Whether it’s car repairs, a new washing machine, or a flood, you’ll need some back-up money for those rainy days.

There can also be delays when it comes to your initial retirement pay-outs, so you may need something to cover you in the interim. Start putting at least 10% of your wage into an account and you won’t regret it.

2. Create a Budget

You’ve probably got big plans for your retirement. Perhaps you want to travel or invest in a second home somewhere. Maybe you want to spend more time eating out with friends and family or spoil your grandchildren.

They’re all great ideas in theory but will you be able to afford them in reality? Now is the time to look at your retirement income and work out what your monthly budget is. If you’re not happy with it, you’ve got a chance to change it.

3. Unexpected Changes

As we get older, our bodies aren’t what they used to be. You may find it increasingly difficult to work, depending on the job you do. Unexpected accidents are common and it can affect how your pension will work and how much money you’ll get.

Take a look at these Social Security disability programs for a better idea of the help available and the application process. 

4. Your Health Insurance

You’ll likely need your health insurance more than ever in your retirement but how will you pay for it? It’s important to look at how your health insurance will be managed during your retirement. 

Health insurance can be expensive if you plan on retiring early and although Medicare starts at the age of 65, you’re not likely to be covered for everything.

5. Use Online Calculators

Did you know there are retirement calculators and Social Security calculators online that can help you predict the situation you’ll be in when you retire? You can run different scenarios and find out which will be best suited to you. 

For example, you can change the date you retire and find out when would make the most sense according to your income.

Using the Retirement Checklist to Your Advantage

Using the retirement checklist could help you get the information you were unaware of. The last thing you want to do is head into retirement with any nasty surprises. 

Looking for more advice? Take a look at our Useful Tips section on our website.