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When it comes to retirement planning in San Diego, it's never too soon or too late to start. The most important part is that you do start and make plans according to the current stage in life and your career you are in. If you start later, you will have to set aside more money and plan carefully to ensure a comfortable retirement, but it can be done. Whether you have started retirement planning yet or not, consider these 5 key steps for the financial aspects and beyond. Create Self-sufficiency Many people see a retirement income as just the product of setting aside as much money as possible during working years. But the most important part of having a retirement fund at all is so you can feel self-sufficient and not dependent on your family and loved ones. Retirement should be a time where you can enjoy the fruits of your labors, not to stress about making ends meet every month. In order to have enough money during retirement, you must be honest with how much money you will actually need each month and plan accordingly. If you ignore expenses or don't take into account other lifestyle changes, you will only be hurting yourself. Plan for All Scenarios Some problems, such as unforeseen health issues, can cause your retirement account to take a huge blow if you aren't adequately prepared. Because of this, it can be a good idea to look into long-term care insurance as well as life insurance. If you do end up requiring long-term care, you won't have to exhaust all of your assets in order to qualify for Medicaid. Of course, always be aware of the monthly rates and know if and when they may go up. Keep Good Records While it might seem very far off, will your family know how to access all of your bank accounts, legal documents, and more if you were to die tomorrow? You don't want to add more stress to the situation when they are already grieving the loss. If you don't have the basic documents, like a will or trust, drawn up yet, do so with the help of a professional as soon as possible. Then, make multiple copies of all important documents and let the person or people you trust the most know where they are. If you just have the digital copies on your computer, back them up on an external hard drive or on a cloud backup. Since you surely have multiple online accounts as well, keep a record of your usernames and passwords. As often as you can remember, go back over all of these documents to always keep them current. Determine Where You Want to Live Whether you want to stay in your current home indefinitely or move to a retirement community when you have reached that stage in life, determine how accommodating the place will be when you can't do the things you used to be able to do. Make sure your home has potential to be wheelchair friendly and that you will be able to get to the grocery store, pharmacy, doctor's office, and other important places without having to travel too far. If you want to move to a retirement community, know your price range and have an idea of where you want to go and why. Solidify Your Final Wishes An essential part of retirement planning in San Diego is to know what your final wishes are and to communicate them properly. You will want to decide where to want to be buried, how you want the funeral to go, etc., while you are still of a sound mind.
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