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Retirement goal age - Planning is key when it comes to retirement, and you’ll need to decide ahead of time when you’ll do it. This is because the age at which you retire will affect social security benefits and how you go about your retirement savings strategy.

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Create a budget -

You’re often unaware of your spending habits until you create a budget. Make sure you know where your money is going and if you need to budget in order to have enough savings for retirement.

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Lengthen your long-term plan -

Nowadays, some people who retire in their 60s live on till their 90s. That’s 30 years you’ll need to fill with experiences and money. Make you retire and know what you want to do with the rest of your life, and how you’ll afford it.

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Automate your savings -

To increase contributions to your retirement, automate your savings each much. It’s easy, hassle-free, and you won't even notice money is missing.

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Pay for yourself first -

As the age you retire will affect your finances, follow the golden rule of paying yourself first. So before you pay your student debt, mortgage, or any other bill, put some money directly into your retirement fund.

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Put extra money toward savings -

It’s important that you figure out if you have an income gap, and estimate how much you’ll have to spend in retirement. Extra money that comes in, such as a birthday gift or work bonus, should be put away in a saving or investments account.

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Pay your debts before retirement -

Try to pay down all debt because it will prevent a lot of stress during retirement. However, you shouldn't focus so much on paying off debts that your retirement contributions suffer. Try to find a balance between debt repayment and saving money.

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Don’t touch your retirement money -

Withdrawing from your retirement accounts too early will lead to the loss of interest. And the closer you get to retiring, the harder it gets to make up these losses.

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Take stock of your assets and liabilities -

Make a list of all assets, including cash, real estate, vehicles, stocks, and investments. It's important to know your personal net worth so you can plan around your income sources during retirement.

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Downsize your lifestyle -

Chances are, you'll have less of an income to live off of when you retire. Therefore, consider downsizing expensive habits, such as eating out every day or taking frequent, pricey vacations. 

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Don't let your kids ruin your retirement -

Saving for retirement should come before paying for your adult kids' expenses, such as college tuition or mortgage. They can always take loans for these, but you can’t do the same for retirement.  

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Build emergency savings - Even if you live a healthy and safe lifestyle, always plan for the worst. Consider having an emergency fund with three to six months of living expenses.

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Start saving for retirement no matter how old you are -

The earlier you start saving for retirement, the better. Even if you're 50, you still have 15 or more years to save.

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Talk with a financial advisor -

No matter when you're planning to retire, hiring a financial advisor is a great way to help you make smart money decisions before the time comes. Advisors can help you select the right retirement account, advise on investments, and help you create a budget.

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Check life insurance policies -

Having life insurance is a good way for your beneficiaries to be able to pay major expenses like a mortgage or funeral costs after your death. Double-checking on your life insurance policies will make the following years more relaxed and carefree.

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Evaluate your health before retirement -

Before you leave your job for retirement, take advantage of your employee healthcare plan. Make sure you’re up-to-date on annual checkups, prescriptions, dental care, and vision. 

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Map out your travel plans early -

Traveling is one of the best things to do when retired. Whether it's for a beach vacation or an RV trip across the country, make sure you plan ahead financially for your travels. 

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Come up with a long-term care plan -

Even if you're healthy, thinking about long-term care, like nursing home services or a home health aide, is crucial. A long-term health plan should also include financial coverage in case of disability, special needs, or spousal death. 

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Consider your housing needs -

You can't forget about housing when preparing for retirement. Consider if your current home will be suitable for your later years. Do you want to relocate to a new place or even a new city? Be closer to family and friends?

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Schedule your retirement with your partner -

If you're in a relationship, discuss your collective retirement goals. Being on the same page can help you plan and strategize how to best spend your retirement together. 

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Educate yourself about social security benefits -

While people pay into social security for decades, many don’t know the strategies for using the benefits and when it's optimal to collect. Get informed so you can fully take advantage of it. 

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Plan for unexpected expenses -

You want to be as prepared as possible, especially when it comes to money. There are many unforeseen expenses during retirement, so keep a fund just for that.

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Don't forget about senior discounts -

Don't forget that seniors for the most part get discounts when doing cultural activities, such as going to museums or to the cinema. 

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Have a hobby -

Retirement is the perfect time to pick up old or even try new hobbies. You'll finally have time to dedicate yourself to DIY projects or studying a foreign language. 

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Don't forget about fitness -

Regular physical activity is important in all stages of life, and retirement is an opportunity to make fitness a priority. Staying healthy will impact your happiness and also save on medical costs. 

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Mentally prepare for retirement -

Retirement can be a hard shift for many who are used to spending their days in the office. If you think retiring will be difficult for you, consider talking to a mental health professional about ways to prepare yourself. 

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Delay your retirement -

If you need to accumulate more savings before you enter retirement, it might be a good idea to delay it. This will give you an opportunity to catch up on your retirement savings.

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Make a retirement bucket list -

Create a bucket list of everything you want to do in your golden years. Whether it's visiting Machu Picchu or going sailing, it’s important to have plans in retirement that will keep you excited and motivated to save.  

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Make sure you retire into what you are passionate about -

You want to build your life around the things you love the most, such as family, travel, or volunteering. Live with passion and be purposeful about how you spend your years in retirement to fully ensure your happiness. 

Sources: (Forbes) (Go Banking Rates)

See also: Top tips for a happy retirement

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