Following are some aspects you need to prepare before retirement:
- Medical Coverage for You and Your Near Ones: Medical coverage is essential for you and your family members. A health insurance policy will give you coverage if any of your dependable family members need medical treatment. Resultantly, you do not need to deplete your savings.
- Presence of a Social Network: Generally, people’s social circle becomes limited to their office colleagues. The office itself becomes a part of your identity. However, when you retire, you should ideally have a group or community other than the close circle of your colleagues. You can get their assistance during emergencies.
- Financial Security: When people retire, they can face critical financial difficulties if they do not plan it properly. You should, therefore, be financially well-prepared. If there is any debt, you need to ensure that it will not be difficult for you to repay them with your life savings and current assets and lead a financially stress-free life.
Furthermore, during your retirement, you should also ensure sufficient savings to meet your post-retirement expenditures.
There is no best age to retire. Instead, you need to consider your physical and mental health, your ability to handle stress, etc., to ensure whether you need a permanent break from work. Further, you will also need to ensure that it will not be manageable to manage your expenses after retirement.