The first thing you need to do before retiring in 2020 is to double-check your retirement accounts. This has been a rough year for many in the financial world, and some of them can’t miss investments on which you might depend to fund your account haven’t been as useful as they may have been in the past. Taking the time to review all of your accounts and ensure that your investments are still sound is a necessary first step no matter when you’re planning to retire.
The next step should be to look at what your plans will be for your life. COVID-19 has definitely changed the way that travel works, so make sure that you’re going to be able to relocate if that was part of your plan successfully. You’ll also want to stop and think about how a year of working remotely and spending less time with your friends and family has impacted how you will want to spend the next several years.
It’s also a good idea to figure out exactly what your financial plans will be while you are retired. What does your budget look like for each month? How are you going to deal with factors like increased prices and general inflation? Are you going to be relying entirely on what was in your retirement account, or do you have other sources of income on which you can rely? These are all questions that should be answered before you stop working.
Retiring always seems like a daunting prospect, but it should also be rewarding. Do a little investigating and a little planning before you stop working so that you can feel safe with your next move. If everything still looks right, you should be able to retire with more anticipation than fear.