GOBankingRates works with many financial advertisers to showcase their products and services to our audiences.
These brands compensate us to advertise their products in ads across our site.
This compensation may impact how and where products appear on this site.
Commitment to Our Readers
GOBankingRates' editorial team is committed to bringing you unbiased reviews and information.
you’ve got the option to read more about oureditorial guidelinesand our products and servicesreview methodology.
Youll need to befinancially preparedto spend two or three decades without a regular paycheck.
At the same time, you want to be flexible enough to tweak your plans if the need arises.
The planning part should begin when youre young and just entering the workforce.
This means having an accurate accounting of your assets and liabilities.
Next, review other assets such as investments,real estate holdings, personal belongings and valuables.
After that, add up all your debts.
Make a Budget
Budgets take on added importance in retirement because many retirees live on fixed incomes.
Sometimes folks forget the annual items like property tax, Roop explained.
Also, have a written income plan identifying the income sources for your retirement.
If you havent done so already, you should probably set up aSocial Security account.
Your 35 highest-earning years will determine your monthly payment.
Come Up With a Tax Strategy
Taxes dont go away just because youre retired.
More From GOBankingRates
Share This Article:
