Things to do Before Retirement

Are you about to retire?  If so there are some things that you need to make sure you address while you are still employed and working.  By addressing these issues you can have an easier and possibly better retirement.

Before you retire it is important that you get dental insurance in some form.  Medicare does not provide any dental coverage so without some sort of dental insurance you may be out some serious money in the event you have dental issues.  It is best to get dental insurance while you are working and have as much of the dental work you need done prior to retirement.  If you know you will have some dental expenses when you are retired make sure you save up properly for them as you will most likely not continue the dental insurance into your retirement years due to the costs associated with it.  The same will apply to vision insurance as it did with dental insurance.  These are two areas where people can properly plan for and in many instances have work done while they are working and insured.

If you plan on buying a house or second home in retirement you should consider doing that while you are employed.  Mortgages are difficult to qualify for regardless but it is easier to qualify if you have a reliable income source.  Also many lenders do not want to enter into long term loans with people that are older as the likelihood of them passing before the loan is repaid is higher.

Life insurance while important when you are younger and have people depending on you for financial needs may not be needed when you retire.  The key here is to remember that life insurance is meant to replace lost wages or income to the family after the insured dies.  If you have little debt, no mortgage, and are retired there is little need for continued life insurance.  Of if you do need life insurance you may not need as much and can lower your death benefit.

These are just some of the things that you need to consider before you retire.  There may very well be others depending on your situation.  As always it is best to consult with a financial planner to get a clear picture of your retirement, what your needs will be in retirement, and where you stand now prior to your retirement.

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