Think About What Could Go Wrong
Lastly, the step we all hate. Nobody likes thinking about all the things that could go wrong, but you have to. After all, nobody anticipated COVID-19 or the Great Recession, and millions of people had to suffer because of it.
While you may be unable to look into the future- and if you can, drop us a message because we have a lot of questions- but you can save yourself a lot of headache and heartache by simply having an emergency fund at the ready. That way, no matter what happens, you’ll at least be covered for a couple of months until you figure things out, namely your finances.
Aim to save six months’ worth, at the very least, so that if worst comes to worst, you’ll be OK.
Finally, don’t go around thinking that just because you’re healthy today you’ll be just as healthy a decade or two later. Set plans in motion in case you get sick or suffer an accident. If you’re unable to make medical decisions for yourself, figure out who will. All of these decisions should be clearly outlined in your estate plan.
You should also update your will, not just to ensure that your assets will be transferred seamlessly towards your heirs, but also to add a durable power of attorney if needed.
We hope that this list has helped give you an idea of what you should expect going forward. What are some things you did not anticipate about retirement that you wished you knew earlier? Comment down below with your thoughts!
