Ready to Retire? Here's How to Make the Transition Smooth

Once upon a time, retirement was a black and white event that marked the definitive end to a career in the workforce. However, in today’s world retirees have the option to retire a little at a time before leaving the workforce entirely. If you can, take your time; work part time or take long vacations before fully retiring.

Retiring means making many big decisions like when to stop working and when to begin Social Security. Before deciding on any of these crucial items, consult trusted friends, family members, and financial advisors and do your own due diligence to ensure you are making the choices that benefit you in the long run.

Once you’ve retired, you will likely be living on a fixed income, which means it's important not to overspend. Create a budget designed for the long haul, and give consideration to how your budgetary needs may change over time.

When preparing for retirement, you will likely want to ensure that your investments are relatively sound by moving them from medium and high-risk investments to those with low risk factors.

Retiring means you will suddenly find yourself with a lot of free time on your hands. Make plans for how you intend to spend so you can make the most of your well-deserved retirement.

Many people look forward to retirement because it means they’ll have more time to spend with loved ones. If you don’t live near your family and friends, think about where you want to live or where and when you’d like to travel.

As you transition to retirement, it’s important to consider your wishes in the event of a major medical event or your passing. Consult with an attorney to draw up or update your will and estate plans to alleviate ambiguity in the future.

If you have many bank accounts and investment accounts, it is a good idea to consolidate and simplify them as you transition to retirement. Simplifying your accounts can help you save money on banking fees and make them easier to manage.

Retirement offers you a lot more time to explore your passions and interests as well as take up new hobbies. Take time to think about what you’ve always wanted to learn, create, or experience and make plans to turn those curiosites into reality.