If you are planning to retire in 2019, you want to start planning now. There are so many factors to take into consideration and you want to iron out the details before you cut off your income for good. Here are a few tips to make sure you’re on the right track to retire:

Test Drive Your Retirement Budget

You might think you are ready for retirement, but those estimates are likely based on a projected budget. You might think your monthly budget is accurate, but can you really live on it? The best way to fool-proof you retirement budget, is through a test run. Take six months and try to live off the estimated budget. Is it feasible? If you find yourself constantly going over, or toe-ing the line extremely close, you might want to revise your estimated retirement budget and see how your finances stack up then. The last thing you want is to run out of money in retirement!

Shift Away from Volatile Investments

This one is a no brainer and any financial advisor that advises differently might not be a financial advisor you can trust. When you’re getting close to retirement, it’s important to protect the wealth and savings that you have accumulated. Otherwise, a market crash like we experienced in 2008 can severely delay your retirement timeline. Most advisors will encourage you to have less than 40-50% invested in stocks.

Plan to Take Advantage of Medicare

Healthcare is a huge expense in retirement, if you retire before you are able to take advantage of Medicare. If you’re retiring around 65, be sure that you apply right away. You can actually apply for Medicare up to three months before your birthday, and up to three months after. If you enroll before, coverage will start on the first day of your birth month. Enrolling afterwards and you can be delayed up to six months. It’s important to mark your calendar to enroll, because premiums increase 10 percent for every 12-month period you delay.

Are you ready to close your medical practice and retire?

If you’re planning on retiring in 2019, it’s time to start planning now. That means making sure you’re ready to apply for Medicare, that you have adequate savings and that you can live within your projected budget. For physicians, it’s also good to start planning to close your medical practice. There are so many tasks to be completed and you want to be sure you are prepared.

Thankfully, My Retired Doctor is here to help! We offer assistance with your document management after you retire. From scanning and storage to serving as your Release of Information Provider, we do it all! If you’re interested in learning more, visit us on the web at My Retired Doctor. To get started, call 877-328-2343 to speak to our knowledgeable and friendly staff!