A retirement planning seminar is a great way to prepare you for
retirement when your retirement is five years away or less. You get to
rub shoulders with other people more or less in the same boat as you
are. To get to know the fears and hopes of others nearing retirement.
If you are working for a large company or an institution the chances are that your employer would offer annually retirement planning seminars for people approaching retirement. The larger insurance and investment companies also conduct seminars. Employers tend to be very sympathetic towards their employees approaching retirement and would probably support it and pay for you attending a seminar.
Your retirement planning advisor would be a good source of information. Or ask your employer, insurance company, or the investment company where your retirement account is held. Even your local church or municipality might conduct seminars annually.
Such a seminar would stretch over a couple of days. It might even be split into separate seminars for people some years away from retirement; for people within five year of retirement; and for people already retired.
The seminar should cover the following topics:
Revisit your retirement financial planning
Get to know your existing Retirement Provision Plans, including deferred compensation plans, in detail. When would it start paying out and how much? Complete a comprehensive retirement income planner that takes note of inflation and include the expected inflation, taxes, and returns when estimating your annual net income. Be conservative in your estimate.
How to monitor spending
Compile a comprehensive schedule of expected expenses and implement a system whereby all spending is tracked on a monthly basis. Even before your retirement.
How to manage your health care
Scrutinize your health and medical provision plan. How to implement a private emergency fund for if and when your health care provision proves to be inadquate.
Revisit your estate planning
Estate planning should have been part of your retirement financial planning, but this seminar should revisit it and at least make sure that your will is in order.
How to avoid scams
Retirees are often the target of scams. I have personally been scammed! The scammer came over so sincere. I thought I found a new friend! Fortunately, I stuck to my own rule to invest in a high risk venture only what I'm prepared to lose. And lost it I did!
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