10 Things You Need to Know Before Retiring - Part 2 of 3
Most Americans have no idea when or even if they can retire. In this three-part post, we'll look at the 10 things you should be thinking about when it comes to planning your retirement:
4. Plans for staying healthy. Baby boomers are changing the face of retirement, making it a more active and engaging time of life than ever before. Most of us know that for a retirement to be enjoyable, you need to stay healthy so planning for a healthy and fit lifestyle throughout retirement should be a goal as well.
5. Insurance needs. Unplanned - and uncovered - insurance expenses can totally derail your retirement plan, so you need to examine all your policies - homeowners', auto, life, health, etc. - to be sure they dovetail with your retirement plans. If you plan to retire before you qualify for Medicare at age 65, you will need to have an individual health insurance policy in place and finding an affordable alternative can be difficult and, at the very least, take time. Plan for your insurance needs in retirement well in advance.
6. Know what Medicare covers. Visit www.medicare.gov to learn about Medicare benefits, what your monthly premium will be and any extra coverage you may need for the things that Medicare does not cover.
7. Social Security benefits. Visit www.socialsecurity.gov/retire2/ to access the Social Security Retirement Planner. This tool will walk you through several scenarios so you can make an informed decision about the best time to apply for benefits. The longer you wait to apply, the larger monthly check you will receive, so it may be to your benefit to wait a few years to receive the maximum payout.
The Flanigan Law Group provides Southern California residents with personal attention for estate planning, administration and litigation legal services. When disputes between families, arise, they are very successful in resolving legal estate issues quickly and efficiently while preserving financial and emotional resources. Contact the Flanigan Law Group at 949-450-0042.