When planning for your retirement, you need to review both your current finances and the overall health of both you and your partner. Once you’ve done that, your retirement plan starts to piece together a lot better. Please utilize the information and checklist below to ensure you retire on time and comfortably.
1. Reviewing Your Current Finances
Do You Have Any Debt?
If no, that’s great! If yes, how much and how long will it take to pay off? This will play a major role in your overall retirement timeline. You want to make sure you’re debt-free before retiring.
How Much Have You Saved?
You may feel as healthy as a horse now, but with age often comes health complications. Do you have enough to cover unexpected expenses or medical emergencies for both you and your partner?
Healthcare costs will more than likely make up the biggest percentage of your retirement. In fact, according to HealthView Services, a 65-year-old, healthy couple can expect to spend $266,600 over the course of their retirement on Medicare premiums alone. This does not include out-of-pocket expenses or long-term care costs.
Simply put, it is necessary that you save enough for medical costs.
Remember to Review Your Credit Score
Having good credit is essential during retirement. Many think that once you get into your 50’s and 60’s that your credit score is not as important anymore, but that is not the case. Having good credit allows you to receive:
- Reduced Travel Costs
- Lower Insurance Rates
- Family Care
- Approval For Moving or Downsizing
- Coverage For Emergency Expenses.
Aside from the benefits mentioned above, monitoring your credit score also allow you to prevent and identify possible identity theft.You can get a free copy once every 12 months at www.annualcreditreport.com.
Are You on Track to Retire on Time?
Once you take into account some of the factors mentioned above (current debts and savings) as well as the health factors mentioned below, you’ll have more insight into whether you’re on track or not. If you’re still unsure, please contact our team of retirement advisors. We will help to relieve any uncertainties you may have.
2. Reviewing Your Current Health
Are You and Your Partner Healthy?
Do you expect you’ll need medical assistance during retirement? As mentioned above, medical costs make up a huge portion of your post-retirement expenses.
Review Your Current Healthcare Insurance and Research Other Options
Make sure you have the most affordable and reliable options to limit your expenses as much as possible.
