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Also, the most important thing truly is our health, my dh needs to lose about another 50 pounds. I tell him nothing matters for retirement planning unless we consider our health the main priority!
you are a woman so this is not so critical
but for a guy-- get a few hobbies now and expand on them
when you retire--- otherwise you will be working again soon.
I'm glad you are downsizing. I've seen too many go the opposite route and then realize they can't handle it physically. I would add, live near family and good doctors. Also, think of great programs you can get involved in as a volunteer -- communities need retirees to fill all kinds of volunteer slots.
Thanks for the suggestions! Insofar as hobbies, yes, that's quite important, my father retired without hobbies and died within 3 years, mainly due to depression.
Yes, its imoportant to live near good medical facilities, face it, the older you get, the more you need medical care on a routine basis, and can't drive miles to get there. I refuse to move back to the Great White North", had enough of snow and ice to last a lifetime!
Here's someting else, not necessiarly for retirement, just part of the "aging" process---get rid of any potentially embarassing "memories" like old high school year books where you were voted "most likely to....", old letters from friends talking about the great trip to Mexico, etc.....
You know what I mean. Would you want your children to find such stuff and see you in a different light? Sanatize your past now!
Actually live off of the projected annual income you think you will need once you retire.
See if you can do it before you retire. Keep business related expenses separated as they will be gone once retired. Also keep track of any emergency expenses that may crop up.
I'm in year 2 of doing this now. 2009 was a good year with no surprises but 2008 I had the AC die and had to replace so that was a hit that I had to account for.
2008 I spent more than I wanted so resolved to do better in 2009 and By George I did it this year.
Cable and cell phone went bye-bye and I made better decisions on food shopping. But I'm not cutting so much that I can't still have fun or do stuff or buy stuff I want. I'm just tracking it and deciding how and when to go about purchasing it.
I'd say after 2 years it has really changed my spending habits. I've been able to power down financially and bank all that extra. I've got 2.5 more years til early retirement and feel so much better about it as I know now I can do it.
Totally agree with Happy Texan - try it. It'll be an eye-opener.
My 2 cents worth ...
Do your wills (yes, plural!) NOW.
Get to know your pension plans like the back of your hand NOW.
If you really think you'll need help with your 401K, do it NOW. Don't use a commission-based advisor. Take her/him all your financial info, not just the 401K info.
Haunt the Social Security website until you think you know everything. Then haunt it some more.
Do several 'what-if' budgets.
If your house isn't paid off, get going! If your credit cards aren't paid off, get going!
Start getting rid of stuff. Don't buy any more stuff. Less to downsize. If your kids still use your house as a storeroom, tell them to come clean it out.
Where do you want to move to? Start researching.
Starting up a new business would be at the very bottom of my list.
Do you really think your kids haven't already seen all the things you don't want them to see?
You don't already have a will and medical powers of attorney?
And even more unbelievable is you don't fully understand your pension plan!
Don't look now but you are waaaaaaaaaaaaaay behind the curve!!!!!!!
I'm just asking for suggestions, ot criticism.
We do have a will, just not updated. and our pension plan is a new situation, so excuse me if we're not familiar with it. We're not as behind the curve as you may think!
Ok, now, just asking for suggestions, sort of a check list. But thanks for the suggestions, keep them coming, we're doing a list and checking it twice!
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