5 Things to Do BEFORE Announcing Your Retirement
August 15, 2019
Leaving the world of work, though an attractive prospect to most of us, is just one part of the excitement of transitioning to the golden years. Retirement also means making memories with loved ones, creating opportunities to travel and forge new interests, and taking the time to appreciate the simple things in life. Before you make that big announcement, though, make sure you’re ready to retire with confidence by putting some important details in place.
Check Your Finances
Analyzing your financial situation is most likely at the top of your list as you prepare for retirement. Evaluating your retirement savings, however, is just the first step toward ensuring that you’re ready to make the big announcement. You will also want to consider where you stand in each of the following areas:
- Healthcare costs, both now and down the road
- Post-retirement tax changes
- Social Security benefits (which will vary in amount depending on your age at retirement)
- A monthly budget that accounts for both fixed and discretionary spending
- Estate planning: your will, living will, and trust
Consider Your Housing Needs
Retirement often means a change in housing, whether that means downsizing; making improvements to your current home in order to increase comfort and mobility; or even moving to a new city, state, or country. It’s also important to keep your long-range housing needs in mind. Will you need assisted living in the future, and if so, do you want to “age in place” in a community that can meet a variety of changing needs? Since it’s more difficult to secure a loan without an income, you may want to purchase any new real estate while you’re still working.
Plan Your Down Time
Planning your down time may seem like an oxymoron, but post-retirement depression is all too common in people who haven’t given structure and purpose to their lives. Set some goals before you retire, whether that be learning a new language, instrument, or skill; volunteering in your community for a certain number of hours per week; or getting a part-time job in a place where you can interact with people and things you enjoy.
Take Stock of Your Health
Need to update your eyeglasses, dental work, or prescriptions? Taking care of health needs before you retire is a smart move, enabling you to get the most out of your employee healthcare plan while you can. If you need to make any changes in your roster of healthcare providers, line that up before you retire as well. You want to hit the ground running (or at least walking briskly) with your fitness, nutrition, and medical care so that you can maintain the good quality of life you’ve looked forward to in retirement.
Sign Up for Medicare
You most likely already know you become eligible for Medicare Parts A & B once you turn 65. But what about Part D, Medicare supplement insurance plans, and Medicare Advantage? What about pre-existing conditions, prescription costs, future hospital and nursing home costs, and open enrollment periods that vary by state? There’s a lot of information to navigate, and you can’t afford to wait for retirement before getting those Medicare details ironed out.
Classic Insurance & Financial Services is an independent brokerage that specializes in helping clients select the right type of Medicare health insurance for their specific needs. Learn more about our services or subscribe now to receive quarterly updates and guidance about navigating retirement and Medicare enrollment.
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