Retirement is near with peace and relaxation in your future, but before you officially stop punching the clock we suggest having a few things in order to make the transition into retirement that much easier.
- Take stock of your assets and liabilities
- Having your finances in order before you retire is essential to a smooth exit from the workforce. We suggest having a detailed list of all your assets; this includes cash, real estate, vehicles, owned land, stocks and bonds, and any investments you might have. Then create a list of your liabilities; this includes all loans, mortgages, and debt you might still be paying off. Paying off all of your debt should be an achievable goal to have before you enjoy retirement.
- Create your retirement budget and income plan
- Once you have a strong grasp of where your money is coming and going from, it’s important to have a retirement budget and income plan. Have a spreadsheet or doc set up with all of your monthly costs; this list should include groceries, gas, housing, taxes, and monthly insurance premiums. Having this information at your convenience will help you decide how much money to pull from savings every month and potentially areas where you could cut back on. We suggest talking with a financial advisor to iron out any snags and create an emergency savings fund.
- Review your insurance coverage
- Understanding your insurance coverage is important for all retirees! Depending on your age, when you retire you will have a couple different options for your insurance. If you have not yet turned 65 when you retire you can receive retiree medical coverage through your employer, if you are married you can enroll via your partner’s employer if they have yet to retire. When you turn 65 you will be eligible for Medicare through your social security. Medicare has options to enroll in prescription drug plans and supplemental coverage. Call Senior Benefit Services today to get in touch with an agent who can help you with your Medicare coverage.
- Come up with a long term health care plan
- Everyone wants to enjoy their retirement to the fullest! This is why we suggest coming up with a long term health care plan that will be sure to protect you for years to come. When you are choosing your health insurance coverage it might be worth looking into Medicare long-term care or speaking with your insurance agent who can assist you with the ins and outs of important and worthy coverage plans to enroll in.
- Enjoy your time as a retiree… you have earned it!
- Now comes the time to enjoy what you’ve worked so hard for. You decide now how to spend your time; pick up a new hobby, travel across the country, maybe you want to work a part time job or spend time with your grandkids, the freedom is your’s. Congrats new retiree!
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