If retirement is on the horizon for you this year, you need to be sure you’re prepared, notes Starts at 60 in “Three things you should do if you’re planning to retire in 2017.”
Your assets. If you want to retire this year, you should begin by taking an inventory of your assets. This will help you to determine your asset allocation. Asset allocation is the composition of stocks, bonds, and other assets in your portfolio. It’s vital in determining the level of diversification and the level of risk you’re taking. Reviewing all of your assets gives you a better idea of what you have heading into retirement and the potential for earnings and returns in the future.
Consolidate your finances. Just like your desk or the garage, your finances can become cluttered. Consider your superannuation. You might have several superannuation accounts from different employers. Review your superannuation account balances and consolidate all your superannuation into one account. That will result in fewer fees and an easier time monitoring your superannuation to see how much money you’ll have with which to retire.
Your estate plan. Although your will and power of attorney aren’t directly related to your retirement, it’s a good time to review these documents before you retire. Reviewing your estate plan may entail drafting your will, creating a trust to transfer your assets when you die and signing power of attorney documents for your finances and health.
Reference: Starts at 60 (January 18, 2017) “Three things you should do if you’re planning to retire in 2017”