Retirement Readiness with Downsizing Expert Kimmy Rolph is your guide if you are considering retirement or if you are ready for retirement? Hi, I represent retirees on The Main Line in their real estate transactions. Often that means downsizing, so we have lots of resources to help you prepare. Today I want to go over a preliminary retirement checklist. First, take inventory of your assets. Write your current budget, income streams, debt, liability, car insurance, home insurance, etc. Cars count too, so really be thorough in your asset inventory. Second, build out an emergency fund. Experts recommend 3 months of expenses, but many of my Main Line retirees look at this in terms of years. Passbook accounts or money market accounts are good options for this. Third, eliminate all debt. Interest rates are variable and rising right now, so we cannot stress this enough to erase or eliminate your debt. Next, determine your retirement needs. Do you anticipate selling your home? Are you interested in moving to a 55+ community? Are you looking to travel more? Budget for these and start to plan the move, and certainly contact a specialist in this type of real estate. While you considering aging in place communities or living, be sure you square away health insurance. Be absolutely positive that your health insurance policy supports aging or your community supports it. Next you plan your estate. Estate planning is not fun, but it is completely essential to make sure that your loved ones are prepared and your wishes are followed. You really cannot be too young to plan an estate or have an estate plan. If you would like more resources, I am happy to provide them. We have a ton of great resources below. Please reach out if you have questions, Kimmy Rolph sells The Main Line and local areas.
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