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Your Guide on How to Retire

How To Retire

When one nears the age of retirement, they may have many questions about how to proceed to retirement. However, there are steps that should be taken long before that time comes. Those that are planning to retire, should have taken part in careful planning, including an estimated budget and an estimated income. As retirement nears, individuals should reassess those numbers to be certain that they are financially prepared to retire.

In fact, around ten years before retirement, individuals should go over their investment plan to be certain that the numbers are matching their estimated investment returns. It is also a good idea to reassess a budget plan and compare the two numbers. This is a good time to make any changes to investments, including a possible increase to 401k contributions and pension plans, especially if it appears that the retirement income will not cover expenses once retired.

These assessment should be made again around five years before retirement and every year thereafter. This can help an individual to determine if they can in fact retire when they intend to.

Once an individual has decided when to retire, they may wish to discuss it with their employer. This open dialogue allows the individual to discuss any questions and concerns, as well as granting the employer the opportunity to ask the employee to stay on a bit longer. In some cases, employers may wish to keep their employees past the age of retirement, even on a part time basis, as the cost of replacing them would exceed the employees salary.

Once an individual has gone through the process and picked a date for retirement, they should submit a retirement letter to their employer, which lists the date they intend to retire.

NEXT: Retirement Letter Explained

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