Getting ready for retirement?
Some people prefer to make an abrupt transition into retirement. One day they’re working, the next day they’re done forever.
Others like to ease into it and kick the tires first.
We talked to financial writer Alina Tugend of Kiplinger’s Personal Finance about the pros and con of taking a retirement test drive before quitting work cold turkey.
“The idea of test-driving retirement—whether by cutting living expenses, staying for a few weeks at a potential retirement destination or hanging out at home for a week without work—makes sense to a lot of people,” writes Tugend.
We talked about some of the ways that future retirees can really get it wrong, and need to do some extra homework before setting retirement plans in motion. If you’re thinking about relocating, make sure to check out the new locale – perhaps by renting – before you sell your home and buy a new one in the retirement destination.
And do get a firm handle on your retirement income sources and spending needs before you hand in that resignation letter. The last thing you want to do is quit before making sure you’ve got a solid plan to make the money last, even without working.
Read Alina’s article to learn what future retirees should be thinking about now, and to see if a retirement test drive might be right for you.