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Are you recently retired, or approaching retirement? First of all, congratulations! Second of all, do you feel prepared? It’s a major lifestyle shift, and one that deserves careful planning.
It’s always wise to work with a financial planner or advisor to ensure that your financial needs will be covered. We don’t provide financial advice here, but we’ll cover some helpful tips and discuss a few things you might not have thought about yet.
Without further ado, here’s how to prepare for retirement in Seattle (although much of this advice applies to retirees anywhere).
This is the obvious one, but also the most important. You’ll want to double check that your financial situation is set up for a comfortable retirement.
Again, this is where you’ll want to work with a certified financial planner for best results. Be sure to account for an accurate estimate of your expenses during retirement (including things like travel) when preparing your finances.
What is your current living situation, and is it conducive to the retirement lifestyle you want? Is it too much space, or too little? And is it the home where you want to spend the next several decades in?
Many retirees choose to downsize their home in retirement. There are several benefits to this:
With the Seattle housing market being, well, the Seattle housing market, many retirees who own their own homes are in a good position to sell and consider renting. While this can feel intimidating, it might be worth considering, particularly if you want more flexibility in your retirement.
Whether you choose to downsize your home or not, entering into retirement can be a good time to declutter your home, and make some extra money in the process!
We wrote a whole round-up of how to sell valuables in Seattle. If you’re selling items like jewelry, coins, watches, collectibles, or precious metals, Bellevue Rare Coins is the best place to sell valuables in Seattle.
Our friendly team members are here to assist you 6 days a week, at our 4 locations: Bellevue, Issaquah, Lynnwood and Tacoma. Come see why Bellevue Rare Coins has been trusted in the Northwest since 1979.
When you’re retired, you’ll be living off your savings, or off the profit from your investments. You may also have Social Security or a pension, but for many retirees, investment portfolio distributions will be integral.
This is another area where it makes sense to work with a financial advisor. With that said, it may be prudent to take another look at what you’re invested in, and make sure it aligns with your goals.
The general idea is to reduce your risk level as you approach retirement, so that your savings won’t be as affected if the stock market tanks. Things like bonds, real estate, and precious metals may play a role and offer a way to spread out your bets.
Considering investing in precious metals like gold or silver? Bellevue Rare Coins is the Northwest’s premier source for investment-grade bullion.
For many of us, our careers provide more than just money: They provide a sense of purpose, community, and something to fill our time with. Many new retirees find that jumping straight into other activities in retirement helps them stay busy and feel fulfilled. Others just want to relax and enjoy their hard-earned rest. The choice, of course, is up to you!
If you do wish to explore some new activities, there are many to consider:
And of course, the most important step: Enjoy your retirement! If you’re feeling uncertain, just try to lean into whatever comes. Maybe you sit on the couch for the first 2 weeks and do nothing. Great! Maybe you book a trip to Europe on a whim. Excellent!
The point is, you have the freedom to choose what you want to do, and when you want to do it. Enjoy it!