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If done correctly, the transition into retirement should be a smooth process. It’s a point of significant change not only for yourself, but for the entire family. So before you decide to let go of the job and resort to the sandy beaches for relaxation and tranquility, proper planning is in order. Follow this checklist so that you know what you’re in for.       

Consider your lifestyle and how it will drastically change over the next 20 to 30 years. Think about it: your money may begin being devoted more to travel, hobbies, and entertainment since you'll have more time on your hands. To add, insurance costs will rise and even the cost of living, if the plan is to relocate. It's wise to get a clear understanding about how much these things will affect your pockets. 

Try to head into retirement with the least amount of debt possible. Bankrate suggests that if retirement is on the horizon and you have debt, compensate those with the highest interest rate first. 

Prepare a balance sheet

Balance sheets portray your assets and liabilities, which determine your net worth. Assets include personal possessions of value, investments, and real estate. Liabilities are your debts and legal obligations. 

Estate Planning

Everyone needs an updated will. Be sure to seek out the expertise of an attorney and appraiser in order to properly assist in this process. Instruction to the executor detailing who should receive which personal heirloom is not binding, but a great help to a family in mourning. Think about future needs when remodeling your home. Seniorresource.com recommends handles and doorknobs that are easy to maneuver and installing a shower with a low threshold and shower seat.