Payments To Take Care Of Before You Retire

American Investment Planners LLC

500 North Broadway, Suite 260, Jericho, NY 11753

(516) 932-5130 / (866) 932-5130

If you are a soon-to-be retiree, then you already know that there is a lot that needs to be taken care of before you leave the office for the very last time. But if you're not, then you may not be so sure of what will be required of you when the time comes! Since the transition from being an active employee to a retiree is quite a large one that signals a huge turning point in your life, it's important to make sure you are completely prepared for the change to minimize the potential for problems where your income and money is concerned. But where should you start? One thing's for sure, you should take care of these payments first:

1. The Mortgage: As one of your greatest expenses, your mortgage is one payment that should be completed or near completed by the time you retire. Even if your income is projected to be similar to what it was while you worked, to maximize your retirement funds this is one particular bill that you'll want to have for only very few months, if any, during the retirement phase.
2. The Car: Are you known to lease cars? If you're due to trade in your lease and you know that retirement is in the near future, you may want to reconsider and purchase a vehicle instead. This way, you can work on paying off your car loan before retirement sets in! Even if you've gotten a great deal and your monthly payments aren't too high, the less expenses you have each month when retirement comes, the better.
3. The House: Aside from your mortgage, it's best to take care of any other home-related expenses, such as a new roof, prior to retirement. If you suspect that you'll need repairs or replacements completed around your home a few years down the line, you're much better off paying for them now so that they don't consume your entire monthly savings should your income slow down.

Although you may feel ready financially for retirement, it's always best to prepare even more by eliminating as many expenses as possible while you're still out in the working world. If you have additional questions about retirement planning and what you should take care of in order to get ready for this change in your life, please don't hesitate to contact American Investment Planners LLC. After all, retirement planning is one of our specialties, and we have all of the tools and resources needed to develop a strategy for you and your family.

To speak with a member of our team about getting started, please call (516) 932-5130 today.