10 Thing You Need To Know Before Retirement
10 Things You Need To Know Before Retirement
To start planning your retirement you need to know what your goals and objectives are. Ask yourself: what am I trying to accomplish? Retirement is both an emotional and physical process, so there needs to be some thought put into it. Here are a couple of things to consider.
- Plan for a long life: Social Security is not intended to be a retiree’s sole form of income. Have a plan for at least 15-20 years after you retire.
- Health care expenses may increase: Older age may bring on chronic health conditions, requiring more medical attention. This is a key component of your retirement strategy because health care costs can represent a significant portion of the retiree’s expenses.
- You may need a housing plan (or two): Selling your home may not provide the backup retirement income you anticipated, or perhaps you’re considering relocating to a senior community.
- Plan for long-term care assistance: With a longer life comes the greater likelihood of needing assisted living or long-term care. Individuals who delay buying long-term coverage may be considered high risk and may be charged higher premiums or even denied coverage.
- Consider the potential impact of inflation: Studies show that older Americans devote a substantially larger share of their total budgets to medical care and shelter than the general population.
- Reconsider your goals: You want to ask yourself what you want your savings to do for you in retirement, and how you can best achieve those goals.
- Social security benefits: There are many factors to consider when determining what age to begin social security distributions.
- Taxes in retirement: Social security benefits are income-tax free for the most part, however, if your income falls within established thresholds a portion of your benefits may be taxed.
- Distribution strategies: Once you reach retirement goals and are ready to retire, you face the challenge of figuring out how to take the retirement savings you have accumulated and manage it during your retirement years.
- The role of insurance products and strategies in retirement: By utilizing a variety of financial outlets, such as life insurance or annuities, you can create a strategy that meets your needs and goals for retirement.
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At The Resource Center, we’re dedicated to helping individuals and families with their financial needs. Our purpose is to provide the tools you need to help enhance your financial wellbeing and help secure your future. With our financial planning services, our team will help develop a plan that diversifies your assets, is consistent with your level of risk tolerance and allows you to maintain your current lifestyle.
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We are an independent firm helping individuals create retirement strategies using a variety of insurance and investment products to custom suit their needs and objectives. This material is intended to provide general information to help you understand basic financial planning strategies and should not be construed as financial advice. All investments are subject to risk including the potential loss of principal. No investment strategy can guarantee a profit or protect against loss in periods of declining values.
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