It can be both exciting and scary to make the leap into retirement. The idea of spending your days outside of the office might thrill you, but giving up a regular paycheck induces anxiety. While nothing is ever guaranteed, addressing these four primary concerns will help you prepare for a stable and satisfying retirement.
Protect your health. If you aren’t taking good care of yourself, get started now. Quit smoking, reduce alcohol consumption, eat a healthy diet, exercise regularly, and see your doctor for regular preventive care. The cost of health care rises every year, and entering retirement in good health can help you ward off high medical bills. You will also enjoy your retirement more if you’re able to participate in the activities you enjoy.
Address your insurance needs. Insurance helps you protect yourself against large unexpected expenses. You already have homeowner’s and auto insurance, but you might need additional forms of insurance as you enter retirement. Have you assessed your life insurance needs and created an estate plan to protect your spouse or dependents? What about Medicare supplemental insurance or long-term care insurance? These items can help you protect your retirement income by covering unexpected medical bills.
Take care of your social connections. Retirees enjoy life much more when they are socially connected. Make plans to stay in touch with family and friends, and even the coworkers whose company you enjoy. You might also enjoy volunteer work, babysitting your grandchildren, or taking on a part-time job. Choose activities that you find fulfilling, not the ones that others expect you to do.
Get prepared financially. Of course, the most worrisome aspect of retirement is your financial readiness. Will you be able to cover your living expenses, with enough money left over that you feel comfortable? Entering retirement without excessive debt is an important step to financial stability, and setting a reasonable budget is another. But the very first step to stability actually began years ago, when you first started your career. Aside from Social Security, you should have some source of retirement income, such as a 401(k) plan, an IRA, an annuity, or something else. Give us a call, and we can help you assess your projected retirement income, and discuss any other questions you might have about your retirement.
This information has been provided by a Licensed Insurance Professional and is not sponsored or endorsed by the Social Security Administration or any government agency.