The retirement plan you design should really be your desires, your dreams of what you expect out of retirement. Yet whatever your personal plan is, it will come with many avenues to consider and of course some major and minor bumps in the road.
Retirement is more than just about saving money for when you are no longer working. It is also about how you control your life, your health, your family your finances and how you manage your financial situation to last your entire life time. Retirement is about making decisions about your monthly income flow, balancing out your resources to estimate how
long it will last and how you will make it last during your remaining years.
Making the wrong decisions when you are in retirement years can be nerve racking, can cause irreversible results, can lead to hardships and lives that are forever lost in the world of trying to “catch up” or struggle on a daily basis.
Your Retirement Needs Now:
- Have a financial plan or estate plan in place
- Have the understanding and know how to change your retirement plan whenever you need to make adjustments.
- Be able to understand all the facts if your spouse always took care of the financial aspects concerning family matters and where your road to retirement will put you.
- What most people forget when they retire is the issue that they will be losing a regular work income and moving to the status of living off the savings that they have saved up.
- Learn as much as you can about saving and building your retirment
Longevity and life expectancy is projected for most people to reach into the age of 90 and beyond. Can you see yourself living in a wonderful retirement well into your 90’s or perhaps even longer? Perhaps you should better prepare yourself.
Actually what you need to do is to make out a budget plan of what you pay out each month and figure in what your income flow will be and most importantly where it is coming from.
Before retiring factor in such things as:
- Pay off your mortgage, credit cards, loans and any large debt you may have. You can get it done fast when you stick to a strict budget, find ways to spend less and give up a few of the frivolous thrills. The less bills you have in retirement the more you will have to project your retirement needs.
- Understand what your tax rate is in regards to your income and assets. Will your social security, your retirement accounts or pensions be taxed? Will you be pushed into a higher tax bracket? Can you get creative and find ways to keep more of your income and pay less taxes. Do you have a plan to be in control of and have a better handle on your income?
- Life issues will still happen, learn to be prepared as best that you can. The death of a spouse, a long term illness, long term health care, are just a few things that could become serious roadblocks if you do not get a good handle on how to take care of these issues.
- Medicare and insurance will be a huge issue that you need to have a good and complete understanding of and what your best opportunities can be. Health care costs for an average 65 year old throughout their remaining years averages well over $100,000 in cost.
Here is a BIG ONE – Understanding Social Security:
With over 2800 rules on the issue of Social Security, understanding the whole maze of Social Security and the way it can work best for each individual needs to be taken seriously. What has happen in the past is that the majority of Social Security recipients apply for their benefits and just accept the low amount given to them. Many people do not take the time to figure out their best avenue and the options that would work best for them.
Social Security was never meant to be the sole income for retirees. It was suppose to contribute an average of 40 percent with the remainder income coming in from pensions, savings, Individual Retirement Accounts or what ever savings you have socked away for those retirement days.
When taking into consideration your lifestyle, health, whatever income sources you may have, and especially your age when you retire, there are hundreds of different possibilities for filing when it comes to Social Security, so make sure to check it out to receive your best possibilities.
Play it save or take some risks. The investment opportunities are plentiful when it comes to saving for retirement income. I always like to share videos from financial advisor Dave Ramsey where he talks about what you can do to save do for your retirement . You need to check it out.
The problem with retirement is that people do not plan efficiently and especially do not understand the proper age of when they should retire. It does take time and your planning and careful thought as to when the proper retirement time is best for you and your situation!
Some individuals rely on the factor that their usage of certain items and products will decrease and they hopefully will have their debt paid off. Yes when children leave the nest the household expenses on such things as food, and monthly expenses on phones, cable, insurance, car usage, utilities can be reduced. But what most retirees are finding out is the difficulty of living on a reduced income flow compared to what was coming in during their working years.
Another issue as one ages is the health issues and the major cost that is involved when it comes the health coverage, Medicare, out of pocket expenses, and unexpected cost and concerns with aging health issues.
My grandmother would always tell me to to stay in good health and to take care of myself. Back in those days I was just taking her words as a generalized statement such as “have a good day”. Now I know what she was talking about. Maintaining good health and living a healthier lifestyle is vital and it is all connected to how you will live and survive in preretirement and especially throughout your entire later years.
In our society right now, and projected for the next ten plus years, on a daily basis there are over 10,000 people that are turning 65 years old each day. Do you fall into this category? Check out this story of When To Take Social Security and also How To Get The Most From Social Security, then start deciding the best time for you and your family.
What works for some may not be the best options for someone else. Surveys have shown that approximately twenty five percent of retired Americans are coming up short in their monthly money needs and what is even more frightening is that preparing for retirement years is growing worse for American people over time.
So truly The Retirement Plan should be your plan. You should map out, revise, be knowledgeable and be self sufficient for your needs when that day arrives. So what I have to say to all of you is to plan, plan and then redo your plans.
It’s hard but….”suck it up buttercup” you control your own destiny.
Never Stop Learning…Angela