Retirement is everyone’s dream. Who wouldn’t want to quit working 8 hours a day and 5 times a week? Even businessmen and investors have their own timeline to retire. If you are an expat, no matter where you are right now, you have to keep a checklist before you retire from work. This checklist may help you in a number of ways you won’t imagine.
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Do you have any criteria before you retire? Say, for example, you want to own a house and a car before you quit your business or job. If you have, then that’s the sign that you’re still on the right track. If not, it’s time to ask yourself what are the things you want to accomplish before your retirement age. For those who don’t have any idea on what to attain, here’s what you need to put in your checklist.
Checklist Before Retirement
You have enough money in your savings or investment account
This has to be in your checklist before you decide to retire. Your pension might not be enough to cover up your expenses when you stop working especially if you’re an expat and you chose to go back to your original home. The thing is, it’s quite often that expats forget to pay mandatory government benefits when they are abroad.
You have paid enough so you can receive a significant amount of pension
If you have an end goal to go back to your home country and retire there, make sure that you’re paying your government benefits as an overseas worker. This is to ensure that you will get enough pension when you grow old. If you think you won’t have enough savings by the time you quit working, the pension fund is a big help already.
You have accumulated enough assets for you and your family
Before you retire, ensure that you have enough assets for you and your family to use. It can be a house, a vacation villa, a business, a car, etc. It depends on you what type of assets you want to save up. One good reason why assets are on this checklist is that they last longer than cash. Some assets even appreciate in value.
You are ready to leave your work
Some people who have enough money already choose not to quit working because they are too attached to it. Some value they work so much that even if they don’t really need it, they do it because they love what they are doing. If you want to retire, you have to make sure that you are emotionally prepared to detach from work. This applies to businessmen.
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You have told your family about it
It’s important that your family knows about your retirement plans. If you are the breadwinner in the family, take into consideration the financial stability of your family before you quit your job.
This is just a simple checklist, yet, very essential to expats looking forward to retiring soon. Be sure to check each and every item and once you’ve got it all checked, it’s time to prepare for your retirement!