Making the switch from working to retirement takes vigilant financial planning. But what should you include in your plan and how do you create it? CB&S Bank has produced these 3 tips to help you prepare financially for your retirement:
- Save!—The first step to being financially prepared for retirement is to save. It's a good idea to have a savings to rely on in case of any delays in your pension or Social Security. Open a Savings account to begin saving. You could also consider opening an Individual Retirement Account or a Roth IRA to save additional funds for retirement. CB&S Bank also has an IRA Savings Calculator and a Roth IRA Savings Calculator to help you reach your retirement savings goals!
- Re-evaluate your Insurance needs—It may be a good idea to re-evaluate your insurance coverage... Make sure that all of your coverage is necessary to your situation and be sure to adapt, if needed.
- Create and test a retirement budget—Just because you retired does not mean you no longer need a budget. Create a list of all your expenses before retirement and keep in mind of things that may change once you do retire... Once you have done this, try to implement your proposed budget and see if you can live comfortably with your projections.