No matter your age or your profession, retirement is certainly something to look forward to. As with any other major change in your life, some preparation early on will serve to shower you in benefits and simplicity later on, and with that being said, continue reading to discover some invaluable advice for those who due to retire soon.
Concentrate on Your Healthcare Plan
First and foremost, the only way you can enjoy retirement and all the myriad of adventures that you no doubt have planned is if you’re relatively healthy, and as such, your health care should be of optimum priority.
As long as you’re over the age of 65, then as an American citizen, you are of course eligible to enroll into the Medicare health system, and if you haven’t yet retired or you haven’t yet reached this age, prepare to apply in plenty of time. If you’re retiring before 65 due to medical reasons, be sure to check out the Affordable Care Act (ACA) to check if your company provide any coverage for their retirees.
Consider Using Your Property for Income
Downsizing is one of the most popular choices for both retired couples and retirees living on their own both to free up some extra cash and enjoy living in a home that’s much easier to maintain.
If downsizing simply isn’t an option, or else you have no desire to leave the home you’ve been living happily in for many years, you could instead look into reverse mortgages. Although controversial, the success of a decision to go ahead with a reverse mortgage is solely based on the individual circumstances of each homeowner and is certainly worth looking into to find out whether it’s the right choice for you.
Hire an Experienced Wealth Manager
There are more than a few reasons why wealth management firms online are so popular with older adults who are due to retire in the next few years, not least due to the simple fact that, when they know they won’t be receiving the same amount of money every month in a pay packet, they realize they need to prepare financially.
Even a one-off consultancy appointment with a renowned and established financial planner will afford you invaluable advice on everything from savings and budgeting to future investments, too.
Work out When to Take Your Social Security
Finally, another crucial component of anyone’s financial retirement plan is to assess when the best time is for them to take their social security.
You do need to find out, as soon as possible, whether you’re entitled to receive the full amount of money, or else a reduced level of benefits. As a general guide, if you were born no earlier than 1955, your final payout will be determined by how many years after 1955 you were born. Alternatively, if you were born between 1943 and 1954, then you’ll be able to receive the entirety of your retirement benefits from the SSA when you turn 66.
