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Preparing for Retirement

July 11, 2012

ImageWhether you are 25 or 55, retirement should be on your mind.  Retirement is an investment in YOU, so why wouldn’t you take it seriously?  Where do you want to retire? What do you want to do?  What truly makes you happy?  Today’s retirees as well as future retirees will have a new kind of retirement.  With people living longer and healthier lifestyles than previous generations, you may be an active older American.  Whether your dream is to buy a boat, travel the country in an RV or simply “relax”, it is important to plan ahead of time for your retirement.  Saving money for retirement should be a habit to stick to.  Here are a few tips to help you to plan for your retirement.

  • Know your retirement needs to save.  Take charge of your financial future, it is your responsibility.  Statistics show that Americans spend about 20 years in retirement.  What do you plan/hope to be doing during those 20 years?  Be sure to plan ahead and save, save, save.  If your employer offers a retirement savings plan, such as a 401K, sign up and contribute to it as much as you can.  Your taxes will be lower and your company may match or exceed what you are putting away.    
  • Find out about your Social Security benefits.  Your Social Security pays on average about 40 percent of what you earned before retirement.  The Social Security website has a retirement calculator you can take a look at here website
  • Live on your projected retirement income while you are still employed.  You always test drive a car before you buy it, so why not “test drive” your retirement finances?  If you start living on your projected income for retirement while you still have a steady income, it allows you to make adjustments if needed. 
  • Put your health insurance plan in place.  Be sure to take the time to find a good health insurance plan and understand the different options.  It is important to already be enrolled or can immediately enroll in a health plan as soon as you are no longer covered by your employer.  Sign up for Medicare Part B at age 65, or when you leave your employer, because premiums go up 10 percent for every year that you are eligible but delay opting into the program.  Health insurance is a major cost for retirees, plan ahead and find good insurance.

Remember, retirement is an investment in yourself.  Hopefully these tips will get you on the right track to prepare for your retirement.  As mentioned earlier, retirees today are more active than past generations.  If you are looking to stay active and healthy, take a look at our Active Adult Communities and enjoy your retirement!  If you have any questions, feel free to contact us.

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