As you reach retirement age there are a lot of things to consider including your will, healthcare needs, and how you will afford to live.
About 10,000 Americans hit retirement age every single day. Whether or not they can afford retirement, many will retire anyway.
But money isn’t the only thing you need to consider for your retirement planning. There’s a lot else on your plate that you should try to tackle while you’re still young. Here are the top things you need to consider.
When you think about retirement, money is probably the first thing you consider. Can you even afford it, and how do you know if you can or can’t?
It used to be that retirement was considered a 3-legged stool. Retirees could count on social security, their pension, and their own savings to get them through the later years in life.
But today, companies gave up pensions for cheaper 401(k) plans that are a good tool, but not as good. For anyone currently under 40, they’ll likely never see a penny of social security.
Which leaves savings. Our 3-legged stool is now a pogo stick.
Hopefully, you started saving for retirement when you were young, but most likely that wasn’t the case. Use a retirement calculator to figure out how much you need to be saving, and what you can live off of.
A Place to Live
Housing is currently the biggest expense most people have. Now is a good time to think about retirement homes where you can live affordably throughout your golden years.
Some of the best places to retire include Florida and Arizona since the weather is typically warmer. If you own your home, it may be worth downsizing into a cheaper, smaller home that’s easy to upkeep when you’re gone. You can use some of the profits from selling your home to bolster your retirement savings.
Your End of Life
While you may have a full 20 years from the day you retire to the day you leave this world, you never know when you’re going to go. So it’s smart to plan out your funeral and your end of life wishes ahead of time.
This will make it easier for your loved ones when it’s time for you to go. And if you can prepay for as many of the funeral and burial features as possible, you’ll save them a big financial burden.
Consider the cost of cremation vs burial and other major funeral purchases to help you save money.
There’s a Lot to Consider When You Hit Retirement
There are a lot of things you need to consider when you’re planning for retirement. People used to retire at 65 when the life expectancy was 67. Today you’re likely to have 20 full years after you retire, so there’s a lot you need to think about.
Making sure you have enough funds, a place to live, and as few expenses as possible is a great place to start your retirement planning.
Now you know what you need to consider for retirement. What else would you like to know more about? Keep exploring for more insights.