MONEY MOVES YOU SHOULD MAKE BEFORE YOUR RETIRE-PART 2
Make a Last Will and TestamentPrior to retiring, draw up a last will and testament indicating who should receive your financial assets in the unfortunate event of your death. While no one likes to prepare a last will and testament, it is a necessary part of adulthood. Rather than allowing your assets be distributed by a lawyer, take control of your own estate and specify how you would like your assets to be divided.
Confirm the Balances of Your Pension PlanBefore you walk away from your job completely, you may want to confirm the balances of your pension accounts with both SSNIT and PenTrust. Doing this will allow you to resolve any discrepancies so upon retirement, you know exactly how much you are entitled to and so you can claim your pension entitlements in peace.
Create a Detailed BudgetCreating a detailed budget that works well for your household is of the utmost importance during retirement. Since your sources of income will be limited, it is highly important that you strictly control where your money is going. Do a Mock RunOnce you have configured a household budget fit for retirement, do a mock run. Try living under your retirement budget for a month or two, to see how you fare. If you find it difficult to work with it, you may want to make some alternations. Continue SavingIn the years prior to your retirement, you will want to save as much money as possible. The more money you save, the better your retirement's financial picture will be. Have a Back-up PlanLife has the tendency to be a bit unpredictable. Should your retirement budget or plan not work the way you want it to, it is always a good idea to have a back-up plan. Don't be caught off guard by medical expenses or a spike in your utility tariffs. Make sure to have a fund saved for rainy days. The Bottom LineRetirement can be an exciting yet intimidating time for many citizens. To better prepare yourself for the big transition from the office to the world of retirement, get your financial matters in order. When you have dedicated years of preparation to your retirement and strategically prepped for the big move, you are much more likely to be able to enjoy your golden years.
SOURCE: INTERNET