When people reach their 50s and 60s, the thought of retirement no doubt arises. However, certain steps should be taken to start preparing for retirement before it’s too late.
At Thornton Law Firm, we help clients across the Triangle plan for their future by assisting with wills, trusts, and the drafting of other crucial documents. We understand that decisions about estate planning and social security aren’t easy to discuss.
Ways to begin preparing for retirement today are:
- Evaluate Existing Savings. Write a list of questions to evaluate the savings you have in place at the moment for retirement. How much have you saved so far? Is it enough? Are there other options?
- Downsize. Housing is often the largest expense for retirees. Having so much space inside a home can become more of a hassle than a benefit as time goes on. Downsizing your living space could mean saving thousands of dollars a year in taxes and upkeep cost.
- Rethink your target budget. When working out a retirement budget, make the distinction between essential costs and flexible costs such as eating out or extra vacations. Determining essential and flexible costs allows the decision to cut which expenses later to become much easier.
- Max out your employer matching. If your employer benefits haven’t been maxed out, now is the time. This is free money an employer contributes towards each employee’s retirement, so why not take advantage.
Whether retirement is fifteen years away or just around the corner, it’s never too early to start preparing for the future. If any concerns arise in the process, contact Thornton Law today and we will come to you to help chart a better path for tomorrow.
