LIFESTYLE

5 steps to take before you retire

By Rishabh Raj

1

Reduce debt

Accelerate your mortgage payments and clear any debts you have before you retire. Opt for cash payments when making major purchases to prevent accumulating new credit card debt.

2

Emergency fund 

Create an emergency fund. To ensure you have enough cushion, aim to save at least six months' worth of living expenses in this fund.

3

Travel

As you age, your body will stop supporting you enough to be able to travel. So, don't wait any longer, plan your dream trip, pack your bags, and explore the world while you still can.

4

Repair your home

Get your home repaired while you are still earning. You don't want to spend your retirement years dealing with constant repairs. Do you?

5

Make necessary purchases

If you are planning to buy a new car or furniture or want to replace your old home appliances it's best to do so now while your pocket still allows it.

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