- Posted September 7, 2022
Financial Planning Decisions to Make at the Start of Your Retirement
When you retire, it is important to have a plan in place so that you can enjoy your retirement without any stress. There are many things to think about when planning for retirement, such as how much money you will need to live on each month and where you want to live. There are three of the most important decisions that you need to make at the start of your retirement. With proper financial planning ahead, you can ensure a smooth and stress-free retirement.
Decide When to Take Social Security
One of the first decisions you need to make when you retire is when to start taking social security benefits. If you start receiving benefits at full retirement age, you will get the highest monthly payment possible. However, you can also start receiving benefits as early as age 62 or as late as age 70. The later you wait to start receiving benefits, the higher your monthly payments will be. There are several factors to consider when making this decision, including your health, your life expectancy, and your financial situation. Ultimately, the best decision for you will depend on your unique circumstances. Talking to one of our certified financial planners can help with this decision.
Sign Up for Medicare
The second decision that you need to make at the start of your retirement is when to sign up for Medicare. You are eligible for Medicare when you turn 65, but you can also sign up early if you are disabled or have End-Stage Renal Disease. If you are still working when you reach 65, you may not need to sign up for Medicare right away. Check with your employer to see if they offer health insurance that meets the requirements of the Affordable Care Act. If they do, you can delay signing up for Medicare without having to pay a penalty. Programs like Medicare cover the costs of in-home hospice care. It also covers doctor's visits, hospital stays, and prescription drugs. You can also choose to purchase a supplemental insurance policy to help cover the deductibles and copayments.
Your Priorities for Retirement
The start of your retirement is an exciting time. You've finally reached a point where you can relax and enjoy your golden years. But before you can truly enjoy your retirement, there's one last important decision you need to make: what are your priorities for your retirement? Do you want to travel the world? visit new places and experience new cultures? Or do you want to spend more time at home with your family and friends? Perhaps you want to dedicate more time to hobbies or charitable causes. No matter what your priorities are, it's important to make sure that your retirement plan reflects them. That way, you can be sure that you'll be able to enjoy your retirement exactly the way you want to. So take some time to think about what's most important to you in retirement, and then create a plan that will help you achieve those goals. With a little planning, you can ensure that your retirement is everything you've always wanted it to be. Our certified financial planners can help you with retirement and investment planning.
When you retire, it is important to have a plan in place so that you can enjoy your retirement without any stress. There are many things to think about when planning for retirement, but there are three of the most important decisions that you need to make at the start of your retirement. By planning ahead, you can ensure a smooth and stress-free retirement.
Check out this article on how to fill the gaps in your retirement plan!
Contact Tenpath Financial Group for certified financial planning services.