Whether it’s a just few months or years away, be ready.
Tens of thousands of baby boomers are nearing retirement and for many of them, it’s a welcome and easy transition. But others face difficulties because either they haven’t planned well (or at all) or they are already struggling to make ends meet. If you’re a part of the generation who’s heading for retirement, here are some things to keep in mind before you collect that gold watch.
Are you footing the bill for anyone else?
If you’re the kind of parent and grandparent who happily (and generously) helps your grown children and their children with various expenses like buying a new house, college expenses, or other costly ventures, it’s time to consider how this will affect your financial situation once you’ve stopped working. After all, money doesn’t grow on trees and for many folks, retiring from a career means a big reduction in income. So while it may not be a strain financially now, dishing out those dollars after retirement may hurt. The best thing to do is to sit down and map out all your expenditures and your projected income after retirement to determine how much “help” you can afford to give.
Don’t forget about your health
You’re healthy and active and that’s great! And if you eat right, exercise, and continue to follow good habits, you can reduce your risk of heart disease, stroke, diabetes, and other conditions. But as you get older, you need to be mindful of the rising costs of healthcare and medications and the reality that you will need healthcare for the rest of your life. It’s important to consider how much money you’ll need in retirement for future medical expenses and to plan ahead for long-term care.
Consider life insurance
If you don’t already have a life insurance policy, it’s a good idea to consider getting one before you retire. If you will receive a pension, you have the assurance that as long as you live, you’ll have income that can sustain you and your spouse. But it’s important to consider what will happen after you pass away and how your spouse and other loved ones will get by financially without you. A life insurance policy can give you the peace of mind that your family will be taken care of and that they will not be burdened with unforeseen expenses.
Don’t wait for your goodbye party to plan out your retirement—because if you do, you could end up looking for a part-time job or dealing with financial strife. Retirement should be a carefree time for taking it easy and catching up on all those activities you didn’t have time for while you were working. Follow these tips and get in touch with Avante Insurance at 305 648-7070 or through our online contact form to discuss your insurance needs. We will be delighted to help you find the right solutions to fit your lifestyle and help you plan for your retirement.