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Four Ways to Prepare for Retirement by Cleo Gib
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Four Ways to Prepare for Retirement |
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Finance & Investment
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Though everyone expects to one day retire, most people do not begin planning and saving for retirement until their 40s and 50s. While it’s not too late to plan at this age, it’s to your advantage to begin saving as early as possible. Regardless of whether you feel prepared or not for your retirement, it doesn't hurt to periodically evaluate your plans and ensure that you're set for the day you finally call it quits. These basic steps will allow you take stock of your preparations for retirement and help you to better prepare. Calculate Costs The first step to preparing for retirement is checking the state of your finances. Retirement is expensive, and you may not be able to count on Social Security and other benefits to pull you through. To ensure that you’re sufficiently prepared, you should do a basic assessment of your current expenses as well as your projected expenses for retirement. Evaluate your assets and determine if your current savings and investment plans will be sufficient to sustain you during retirement. If not, you may want to meet with a financial advisor to discuss options for getting you on track. Start Cutting Expenses It’s a good idea to begin living on a retirement budget early to test how comfortably you can do it and to determine whether your budget is reasonable. If you find yourself constantly breaking your budget and tapping into savings, you’ll know that you need to adjust the budget to be more realistic, or you'll find that you need to begin looking at new ways to adjust your lifestyle in order to meet your budget. As you begin to prepare, you’ll also want to start making cuts in your regular expenses. It’s best to make these cuts before retirement rather than after so that you can put away as much money as possible and ensure that you have some financial breathing room during retirement. Take Stock of Your Health Health costs can quickly deplete your retirement savings if you’re not prepared. To have a better idea of what expenses you can expect, you may want to meet with your doctor to assess your potential healthcare needs. If you already know of pre-existing conditions, you should determine how much it will cost you to continue treating them through retirement. If you don’t have any pre-existing conditions, you should still set aside funds for any unforeseen changes in your health. You may also want to consider insurance options that will help you to cover the large costs of care. You can easily find options for long-term care insurance and life insurance in Greenville, SC, that can meet your needs. Learn about Social Security If you’re considering retiring before the full retirement age (65 or 67 years old, depending on the year you were born), you may want to think again. The longer you wait to collect your Social Security benefits, the larger your monthly check can be. If you have other financial resources prepared for retirement, it may make sense to delay collecting your Social Security benefits until you have reached the full retirement age. If you begin to prepare early, you won't have to worry when it comes time to retire. Start now by looking into retirement options in your area. Review local health care options and life insurance in Greenville, SC, and meet with a nearby financial advisor to help you set a manageable plan for your retirement savings. Those who plan wisely for their retirement can avoid extra stress and strain during their final years of work, and they can ultimately enjoy a more comfortable and relaxed retirement.
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