Seven Tips to Help You Prepare for Retirement

A fulfilling retirement requires careful planning and a well-constructed process. Starting now will give you plenty of time to make the strategic changes as you pursue your retirement goals. 

Here are seven things you should know to strengthen your retirement strategy:

1. What will you do? Establish definite objectives and plan for a retirement that will last for at least 20 years. Satisfied retirees generally set goals for themselves that include both monetary stability and personal fulfillment. Ensure your aspirations align with a financial strategy that supports these goals.
2. Will you work? The current trend of working into retirement-age requires a realistic evaluation of the opportunities that are accessible. Determine whether doing the kind of work that best suits your interests and abilities will make it easier for you to transition into your post-career goals.
3. Where will you live? If being near family is a priority, then proximity will be a crucial element in where you decide to settle down. A good location is also crucial for anyone thinking about working after retirement to reach possible career goals.
4. How much will you get from Social Security? Get a personalized estimate at www.ssa.gov/myaccount to maximize your knowledge about Social Security (SS) benefits. Be aware that SS payments vary depending on your enrollment age and coordinate with your spouse, if applicable.
5. How much additional money will you need? Once you know what you can expect from SS, you need to determine if it, along with your other assets, are enough to pay your monthly bills.
6. Do you have health insurance? As you approach the age of 65, eligibility for Medicare grows nearer. However, securing supplemental insurance remains essential. Those retiring before this age should explore alternative coverage options through private insurance or state health insurance exchanges.
7. Have you stress-tested your finances? Stress-test your financial situation to be ready for life’s unexpected obstacles. Have an emergency fund on hand to handle unforeseen costs, such as house repairs, car replacements, or unanticipated health problems, to help maintain financial wellbeing.

If you would like to discuss more about strengthening your retirement strategy or ask questions about your plan, please contact your financial professional.