Money Moves You Should Make Before You Retire- Part 1

Retirement is a huge step in the life of a working citizen. After decades of diligent active employment, the decision to retire is often a monumental step in a person's life. A successful retirement requires a lot of preparation. Not only would you be ending your career, but you would also be treading into uncharted territory in terms of your financial security. If you are well-prepared for retirement, your financial situation will reflect this. If you are not where you would like to be in terms of your post-retirement savings and expenses, it’s not too late to start. Here is a look at 10 money moves you should make before you retire.

Pay Off Debts/Loans

 One of the most important things you can do to help create a better financial future for your retirement is to pay off as much of debts you may have incurred as possible. Go into retirement with as little debt as possible so that you will have more money to spend on other things such as bills, travel or entertainment. Determine How Much Health Insurance You Will NeedAnother important aspect of retirement that has to be considered is health insurance. Would the National Health Insurance Scheme be able to cover expenses for possible ailments? If not, you might want to consider signing on to a private health insurance scheme. The choice you make can help you plan towards your health after you retire.

Pay off Your MortgageIf at all possible, you should pay off your mortgage prior to retiring from your job. A mortgage is a big monthly expense, and if you can eliminate this before you retire, you will put yourself in a much brighter financial situation. Additionally, if you want to uproot and retire somewhere else, having your mortgage paid off will allow you to do so with no strings attached. SOURCE: Internet/PenTrust