A secure and enjoyable retirement doesn’t just happen. You need to plan for it. And the sooner you start planning, the more time you’ll have to make changes and adjustments to meet your retirement goals.
Here are seven things you should consider for your retirement plan.
What will you do? Retirement could last 20 or more years, and you’ll probably need to find something to do with that time. Most happy retirees set goals for themselves. Also, you should have some idea of what you want to do to make sure you can pay for it.
Will you work? More and more people plan on working after retirement. If you do, make sure you realistically assess the opportunities for the kind of work you want to do.
Where will you live? This is going to be affected by other decisions, like what you want to do after retirement. If you want to spend time with your family, you’ll need to live nearby. If you plan to work, you need to make sure you live near potential job opportunities.
How much will you get from Social Security? You can get a personalized estimate of your SS payments at ssa.gov/myaccount. Make sure you look at how your benefit changes depending on what age you are when you sign up and how best to coordinate with your spouse (if applicable) to maximize your benefit.
How much additional money will you need? Once you know what you can expect from Social Security, you need to determine if that and your other assets are enough to pay your monthly bills.
Do you have health insurance? You’re eligible for Medicare at age 65, but you’ll almost certainly need some form of supplemental insurance as well. If you retire before 65, you’ll need to find another form of coverage until then, either through private insurance or your state’s health insurance exchange.
Have you stress-tested your finances? The unexpected will still happen – you may need a new roof, a new car, or have an unexpected health issue. Make sure you’ve got an emergency fund to help you get through these situations.
Tags: retirement planning, retirement
Kestra IS, Kestra AS, and NFP Retirement do not approve, endorse, nor are affiliated with these sites or any of the material contained therein. NFPR-2019-72 ACR# 324845 8/19