What does Retirement mean to you? Perhaps it means trying out a new pastime or enhancing an old hobby. Maybe it means becoming a world traveler. Or, it may mean that you take your full-time job and transition to a part-time position, so that you are able to spend more time with family. No matter what retirement means to you, we all have a vision of what we would like that chapter of our lives to look like. The true challenge is preparing yourself financially to achieve to bring that vision to life. We can help you be on your way to a smooth retirement with a few simple steps. Individuals at all ages can benefit from the following tips and tricks, as you can never start planning too early.
Define What Retirement Means To You:
Everyone is different. You may be have a different retirement goal than the next person. You will first need to determine what you envision your retirement life to be like. Don’t focus on budget for now, but instead focus on ideas of how you can spend your retirement years. Do you picture yourself riding a bike through Paris’ streets, or do you picture yourself cradling one of your precious grand-babies while the parents are at work? We suggest limiting your goals to your top five must-do objectives.
Determine How Much You Will Need to Save for Life After Retirement:
Whether you use an online calculator or you crunch the numbers yourself, it’s important to get a good idea of how much you will need to sustain life after retirement. This determination will depend on how you defined retirement and what your overall goal/vision looks like. Be sure to pay attention to key affecting factors: economic climate, inflation, investment returns, and your personal situation.
Create a Retirement Budget:
Once you’ve determined how much money you will need to achieve your retirement goal, you will want to set yourself a budget. This should include how much money you will earn, how much it will cost to reach your retirement goal, and how much debt you have. It may be helpful to track your expenses for a month or two to get an idea of how much you’re spending month-to-month, and go from there.
Simply put – hold your personal health at a high priority. We get it, healthcare is expensive, especially as you get older. According to Fidelity Investments, it is estimated that the average couple will need $280,000 for medical expenses during retirement. This estimate varies based on when/where you retire, your health, your life-expectancy, and several other factors. Check out this link, and determine the factors that are playing a part in your longevity. From there, you can take these factors and learn how to make them better.
Research Different Insurance Plans:
It’s always good to see what options are available to you. The cheapest option isn’t always the best, and neither is the most expensive option. Different supplemental health plans are available to you that will not be covered under your Medicare plan. There’s also always room for discounts, especially on your car and home insurance. Fitting insurance into your budget is possible, but it’s a matter of taking the time to research and speak to a professional about your options. Contact us, and we can help get you in touch with one of our agents.
Take Advantage of Local Community Retirement Classes:
Any questions that you have about the retirement process and the benefits it comes with may be answered here. Sure, there’s always the internet, however, in-person advisers typically offer more clarity and comfortability. This is a good, free resource offered at your disposal. You can find these types of events by Facebook, Eventbrite, MeetUp.com, or simply by Googling it.