7 Things to Do to Get Ready to Retire
It seems like you just started empty nesting, you are still paying for college, and now you need to think about things to do to get ready to retire. So many questions like:
Do we have enough retirement savings to ever quit work or at least cut way back? What am I going to do when I retire? Do we have enough insurance to pay for our care? Will the kids know what to do when we are sick or how to settle our estate?
You may have 20 years or more before you plan to retire, but it is time to get ready. Read on for 7 Things to do to Get Ready to Retire.
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7 Things to Do to Get Ready to Retire
Things to do to get ready to retire: What will retirement look like?
What is the big picture for retirement look like to you? Does retirement mean not working at all? Does it mean part-time work? Where do you want to live? What kind of lifestyle do you want? Do you want that lifestyle to be the same as you live now? Do you want it to be more luxurious than your current lifestyle or do you want to live more austerely in return for not working or saving as much?
My husband and I talk about this periodically. We admired and appreciated that our parents came to us or to a sibling in the later years of their retirement. We want to do the same so we can be close to our children and not burden them with having to travel to us. We want to do this also while we are young enough to enjoy our future grandchildren and help with them. We also know we want to travel. He wants to play a lot of golf!
Things to do to get ready to retire: What am I actually going to do?
When thinking about what you want retirement to look like it is fun to think about all of the things you are not going to do anymore – like work all the time. But, what do you actually want to do? Sitting around doing nothing gets boring after a while. Adjusting to not working or working a lot less will leave you with time on your hands. Like when you became an empty nester it is time to decide what you are going to do with your extra time. It can be really jarring to suddenly wake up with no place to go and nothing to do.
My empty nest hobbies have included dog training in obedience and agility and continuing to work on this website. I also like to write and continue to play around writing a novel. If you are at a loss for ideas or if you just need a few more, take the Empty Nest Super Power Quiz. It can help you come up with some ideas. Another helpful post is More than 50 Empty Nest Hobbies.
Things to do to get ready to retire: Take a retirement financial checkup
Now that you know what you desire for retirement, it is time to take a retirement financial checkup. There are a number of online options for completing this checkup. If you have your retirement savings at a particular brokerage house, use their checkup because it will incorporate your savings there. I used to be able to do ours through Fidelity and was impressed with the 32 page report I was able to print out. It included estimates for spending and saving, as well as suggestions for possible changes in investment strategy.
Life and savings have gotten more complicated since the death of both of my in-laws, so we now have a financial planner. He has been so helpful with the more complicated things like the required minimum distributions from my father-in-laws IRAs. If you have gotten to a point where you don’t have a clue what some of the things in your retirement plan are or have experienced settling an estate, paying someone to help is worth it.
Things to do to get ready to retire: Consider your deby
None of us like to talk about debt and I am not a No Debt Ever Guru. For my thoughts on paying down your mortgage read Why You Should Not Pay Down Your Mortgage and Other Lessons from my Dad. I wrote it over 10 years ago and have not updated it, but the principle holds true. Our retirement planner has not wanted us to pay down our mortgage because we can earn more than the interest rate on the mortgage with investments. It is a personal choice, but for now I am comfortable still having a mortgage.
However… there are a few things that do not go together like a leisurely retirement and credit card debt or excess mortgage debt and car loans. You are going to have to pay off any consumer debt before you retire and the sooner the better. You also can’t not pay down your mortgage and not save at the same time. For it to work out, you have to invest what you would have spent paying down the mortgage.
Things to do to get ready to retire: Are you adequately insured?
Are you adequately insured? None of us are getting any younger, so we are going to have to prepare for some stuff. Do you need long-term care insurance or do you have the retirement savings to pay for long-term care? Do you or your spouse still need life insurance? Term or whole life?
You can read about our journey through hospital care, skilled nursing, memory care, long-term care, and hospice in this post: 6 Caring for Aging Parents Terms to Know. My father-in-law’s and mother’s trips through these all of these types of care in 2025 were a baptism into a world none of us are excited about. A little knowledge helps so you at least know what they are talking about when the professionals say these words to you.
Things to do to get ready to retire: Do you have an estate plan?
Estate planning is more than a will. You no longer have to make sure your kids have guardians in case you pass away, but at what age do you want them to receive your estate? Even a fairly small estate can be a stumbling block to a young adult or make them prey for people who might want to take advantage of them. What does probate look like in your state? Do you have a power of attorney and HIPAA releases in case you are incapacitated? Are your kids old enough and mature enough to make medical and financial decisions on your behalf? An estate plan includes naming people to make these decisions for you.
Spending money at the lawyer’s office is like buying tires for your cars. You are not going to post your new documents on Instagram for all your friends to coo over, but it has to be done. Depending on your situation, you may be able to complete your documents through Mama Bear Legal Forms. You can read more them in our Complete Review of Mama Bear Legal Forms.
Things to do to get ready to retire: Make the plan
If you are 10+ years out, it is ok for the plan to be a bit fluid. We are still thinking on ours. As you walk through the 7 Things to do to Get to Retire the number one priority is to determine if you will have enough savings and sources of income to fund the retirement you are envisioning and to make sure your legal documents are in order.
Related posts for 7 Things to Do to Get Ready to Retire:
Checklist of Life’s Most Important Documents
4 Simple Ways to Organize Your Important Documents
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