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The weather is getting cooler, the colors are changing, and the scent of pumpkin spice fills the air signaling the beginning of fall and holiday season. But October isn’t just known for pumpkin carving and corn mazes, October is also the month for financial planning. It’s a great time to review the fiscal year thus far and begin planning for holiday spending and traveling. Before you break out the long sleeves and pumpkin spice lattes, here are five things to add to your October to-do list:

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5 Signs You’re Ready to Retire

You are nearing the average retirement age and each day it becomes closer and closer. The question is, are you ready to retire? Check out these 5 signs you’re ready to retire.

1. Your Savings Exceeds Your Retirement Goals: At one time or another, you sat down and made an investment plan so you could retire happily. Now the time has come to see if all your savings has paid off. When calculating the savings you have and if it will be enough for retirement, consider using ‘Rule 25.’ This rule states you should have 25 times the value of your annual expenses.
2. All Debts Are Paid Off: When entering retirement, make sure you don’t have any large payments you will have to make. Big expenses such as mortgage, loans, and large credit balances are things you want paid off before you consider retiring. Paying off large bills before retirement will allow your money to go farther so you can enjoy your life after work without worrying about saving for your next large payment.
3. You Can Currently Live on Your Retirement Budget: More often than not, when you enter retirement you live off of fixed monthly income that is typically less than when you were working. Before retiring, consider living on your ‘Retirement Budget’ so you can determine if you can live comfortably on your new budget.
4. Healthcare Is Covered: Regardless if you are on the verge of retirement of not, healthcare can be very costly. Simple things like blood tests and non-generic prescriptions can make your expenses skyrocket and cause you to not live the retirement you dreamed of. When exploring options, see if you can stay on your employer’s plan, if not your spouses. Does your company offer a Health Savings Account (HSA)? You can use this for tax-free distributions to pay for out-of-pocket medical expenses. If all else fails, sign up for private healthcare, just make sure the monthly cost is included in your ‘Retirement Budget.’
5. Have a New Plan or Project for Retirement: Although it may seem like a distant dream now, retirement will be upon you before you know it; and while you might be looking forward spending long days doing nothing, research shows this can lead to an unhappy retirement. Before you retire, brainstorm some of the hobbies you enjoy and/or consider looking for a part-time position to pass the time. Do you like golfing? Replace your weekly meetings with weekly golf outings. Just like you should test-drive your ‘Retirement Budget’, take a week or two off from work and spend your days just as you would in retirement.

Deciding when to retire comes with a lot of considerations, from being healthy and debt-free to living on a budget; make sure you are more than well off before considering the move into retirement. After reviewing these signs and feeling confident about your decision to retire, it is always best to consult a financial professional to make sure you didn’t miss any areas and aren’t in for any surprises when you open the retirements doors.

*Content derived from Investopedia.com

Disclosure: This information is provided as general information and is not intended to be specific financial guidance. Before you make any decisions regarding your personal financial situation, you should consult a financial or tax professional to discuss your individual circumstances and objectives.

The post 5 Signs You’re Ready to Retire appeared first on Adult Financial Education Services.

Provided by: Adult Financial Education

Although it’s not even August yet, storefronts and businesses are beginning to advertise what some kids dread, and others cherish, back to school time. In a report from Huntington Bank Backpack Index, school supplies have increased a whopping 88% since 2007. With this statistic, here are 3 tips to consider for this back to school season.

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Are you planning to get away from the normal this summer? According to AAA, so is about 35% of Americans. With vacation season in its prime, businesses everywhere are hiking prices and fees in anticipation of a busy season. With this, here are 5 quick tips to save money on your summer travel.

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Happy Half Year! Time flies and the first 6 months of 2018 are already here and gone! With the second half of the year fast approaching, it’s important to know how your finances are stacking up compared to your goals when the year began. What better way to that then to check out these quick tips for a mid-year financial check-up:

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Retirement on your mind? Whether you are on the brink of retiring or already there, you want to make sure you saved and protected your assets to ensure you’ll have the income to exceed your retirement dreams. 65 years of hard work should not go to waste which is why it is crucial you make sure you are planning for retirement that maybe 30 years or longer!

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Are you on the verge of retirement? Then you are probably asking yourself when you should stop working and how long after that do you take Social Security benefits? While your first thought may be to take both as soon as you are able, the reality is a little more complicated.

Here are the top Social Security questions answered when you should take Social Security Benefits.

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February is here — the month that celebrates love and romance and of course, Valentine’s Day. In a recent survey, Life Happens (a nonprofit life insurance organization dedicated to consumer education) found that people would much prefer their romantic partner plan for their financial future (44%) than buy them gifts (8%).¹ Does this statistic surprise you?

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You may already be retired or you’re just starting to plan for it; either way, this is the time for making New Year’s resolutions toward your financial goals.

Make 2018 “the year of making the right choices.” Take these five easy steps to reach your retirement goal sooner.

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