Retirement Planning During Your Last 12 Months at Work
You have twelve months or less before you retire, you are in the homestretch. You are so close you are probably very much ready, or so you think. There are still things that you need to take care of when you have twelve months or less before you retire.
The first thing you should do is to make sure that you are organized. This will help you to be able to locate any paperwork that you may need. You will want to simplify your life at this point. Getting organized can help to simplify your life and make many different things easier.
You need to make sure that you finalize your health insurance coverage at this point in your career. You will need to make sure you know what policy you will have for health insurance once you retire. You need to make sure that you have good coverage so that if you do get sick once you are retired, you will not have your saving wiped out because your insurance is not what you need.
You need to finalize your withdrawal strategy for your money once you are retired. You will need to figure out how much money you will need each month. Once you know that you will be able to finalize your withdrawal strategy. Think about your expenses and needs for when you retire.
Finalize your rollovers. Do you need to move money from one place to another so you have access to it during retirement? These are all things that you need to figure out and get ready.
The last thing you need to do is give your employer your notice of when you will be retiring. You should give plenty of notice so that a new person can be trained for your job and a new person to be hired if needed. Give them the specific date that will be your last day with them so that there is no confusion.
During the last twelve months or less that you will be working you still have things to take care of. Just because you have less than a year of working left does not mean that you are actually ready to retire. There are many things that need to be finalized and checked over. Make sure that everything is in place and ready for when you retire so that you will have less to worry about when you retire.