Retirement

Questions you should ask yourself:  Should I take Social Security early?  Take it Later?  Continue to work?  Your decisions around Social Security can make a big impact on your retirement – especially considering that Social Security administration estimates say it makes up about 40% of the average 65-year-old’s retirement income today.   

Resource to help you get the Answer when you are considering:  Social Security has created several retirement planners to help you decide what would be best for you and your family.  Social Security has an online calculator that can provide immediate and accurate retirement benefit estimates to help you plan for your retirement.  To use the Retirement Estimator, go to their website at www.socialsecurity.gov/estimator. 

Explore four Pillars in Retirement: 

     Pillar 1:  HEALTH Part of what’s new about retirement is a longer lifespan and more years in this life stage.  Good health offers choices.  Unfortunately, most adults spend 10 years in poor health.   Understand your Medicare options-costs and coverage and enrollment timing. 

     Pillar 2:  FAMILY Family is the greatest source of satisfaction, support and purpose.  On the one hand, adults 50+ worry about becoming a burden on their families. On the other hand, they are willing to offer financial support to family regardless of how it affects their future.   

     Pillar 3:  PURPOSE Retirees say their greatest source of purpose is from spending time with loved ones.  They also value learning and growing.  Yet now, with more than seven hours a day of free time, one in three new retires struggles to find purpose in retirement. 

     Pillar 4:  FINANCES The role of money in retirement is to provide security and freedom.  Over half of retirees wish they had budgeted more for unexpected expenses.  When it comes to the unexpected, the cost of health care is more worrisome than a recession. 

Some Tips to prepare for retirement, follow these tips to create the retirement you desire. 

     1) Start saving as soon as possible, it is never too late.  Review debt, consider if there is some you should pay down now versus carrying into retirement.

     2) Think about the “What ifs”, Don’t let unexpected events stop you from achieving your goals.

     3) Determine your emotional readiness, there is no perfect age to retire-only you know when you are emotionally and financially ready. 

     4) You have planned, dreamed and talked about retiring for decades – and now it’s in sight.  Determine how you’d like to spend your time – working part time or spending time with family, volunteering, traveling and more.