Three things you should do if you’re planning to retire in 2017

For many people, retirement is on the cards in 2017 and with it comes all the planning and preparation.

While you’ve no doubt been planning your retirement for several years now, there are a few things you really need to get cracking on if you want to retire in 2017.

Here are three things you should if you’re planning to retire in 2017.

1. Review your assets

There’s no time like the present to  sit down and take a look at your assets. Wealth advisor Brice Carter told Forbes  that people looking to retire this year should begin 2017 by Begin “taking an inventory” of their assets. “This will help you determine your asset allocation. Your asset allocation is the composition of stocks, bonds and other assets in a portfolio and is vitally important in determining the level of diversification and, therefore, the risk you are taking,” he writes. “It’s important not just to know what funds you own but what those funds are made up of.” Reviewing all your assets will give you a clearer picture of what you have heading into retirement and what potential there is for earnings and returns during your retired years. If you get suck, a financial advisor will be able to help you and work out whether your assets are aligned with your retirement goals.

2. Consolidate your superannuation

Just like you cluttered garage or office, your finances can become cluttered too. Take a look at your superannuation for example, you might have several superannuation accounts from different workplaces you’ve worked at. Now is the time to get in, look at your superannuation account balances and consolidate all your superannuation into one account. Not only will you be paying less fees, you’ll also be able to keep track of your superannuation easier and get a clearer picture of how much money you’ll have to retire with. Now is also the time to look at any money you have put away in savings accounts, evaluate the returns and see if you could be getting a better deal somewhere else. Make sure you’ve informed yourself of how consolidating your superannuation fits with the new superannuation laws that come into effect on July 1.

3. Get your estate plan in order

While your will and power of attorney might not be directly related to your retirement, it’s one of those things you should try and get in order before you retire. Carter writes that although facing your own mortality is tough, planning a proper estate is a must. “Though estate planning is vital to ensuring the proper disposition of your assets at death, it is also important in making sure your health care wishes are fulfilled,” he said. Getting your estate plan in order can include drafting your will, working out your trust to transfer your assets when you die and putting together power of attorney documents for your finances and health.

Are you planning on retiring this year? Have you done any of the steps above?