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 might read more about oureditorial guidelinesand our products and servicesreview methodology.
Here are the eight money moves they recommend making if youreretiring next year.
Those retiring in 2025 that have not set up an online account should make it a priority now.
Take a moment to review your bank, loans and credit card statements for the last 12 months.
Write down the cost of each expense.
This includes mortgage, insurance, taxes, utilities, groceries, gas and vacations.
Then, Elkins recommends building a spreadsheet that outlines what you spent in the different categories each month.
Plan accordingly now to pay a little more.
This will enable you to see what after tax income you will need per year while in retirement.
Organize All Debt
If youre currently in debt, Craft said to organize this information.
Identity All Income Sources
Where will your income come from during retirement?
Craft said soon-to-be retirees should use this time to identify current and future income sources.
Understand Your Asset Allocation
How much money do you have in stocks, bonds and cash?
As you review this information, ask yourself if its an appropriate allocation for your risk tolerance.
If you dont know, Craft recommended completing arisk tolerance worksheetto determine what it should be.
Ask Yourself: Which Income Bucket Is Best To Withdraw Money From?
Elkins recommended asking yourself now which bucket you plan to withdraw from to get your income.
You may refer to a two-bucket or three-bucket model.
This buckets goal is to grow enough to cover expenses during this time frame.
You could lose a lot of money over time if you withdraw from the wrong bucket.
At a minimum, Craft recommended asking these questions as you begin to strategically plan for healthcare.
Review and Update Estate Planning Documents
These include wills and Powers of Attorney.
If its available, Craft said soon-to-be retirees may use agroup legal planfrom their employer.
More From GOBankingRates
Share This Article:
