Preparing for emergencies in retirement

Our thoughts and prayers go out to the thousands of people affected by the unprecedented destruction caused by Hurricane Harvey. Look for ways to provide assistance at the bottom of today’s post.

The events of the last few days in Houston and surrounding areas remind us how crucial it is to ‘expect the best and prepare for the worst’ in retirement.

We all have our own idealized visions of how to spend our post-career lives: Traveling to Europe, spending idyllic days with the grandkids, boating, golfing, hiking, attending college classes, gardening, mentoring, hanging out with old friends. But, all it takes is one crisis – hurricane, flood, car accident, house fire, cancer or other life-changing diagnosis, late-life divorce or any number of catastrophes that may affect your family members – to throw our plans off course.

That’s why the Fit-To-Retire approach to transitional planning includes a comprehensive Pre-Retirement Checklist to make sure you’ve got your ducks in a row before you embark on those retirement adventures…. just in case the worst occurs.

For example:

• Have you updated your homeowner’s insurance coverage to reflect the current value of your house and its contents?
• Do you have supplemental health care coverage in addition to Medicare?
• Are your important papers and records in a safe, water-tight and fireproof place where you can easily access them?
• Are your documents (living will, powers of attorney, end-of-life directives, etc.) up to date and notarized, if required?
• Do your adult kids or designees know the names of your financial advisor, attorney, insurance agents and other important professionals in your life?
• Do you have a sufficient cash fund?

These are a few of the questions your Fit-To-Retire coach will ask as you work through the checklist to prepare for a retirement that provides peace of mind. Then, you can move on to planning the fun stuff!

Emergencies happen. And, retired or not, it’s important to be prepared. Your retirement transition is an opportune time to make sure you are ready for any eventuality.

If you would like to start your transition, take our complimentary readiness assessment today. Your assessment results will determine the scope and content of your Pre-Retirement Checklist, the most important piece of the planning process.

Here are some ways you can help the victims of Harvey via the New York Times.