Retirement is a huge milestone… and it can mean many things to many people. It can become the time to reward oneself with peace and relaxation, travel the world, pursue long overdue passion projects, or engage in other meaningful work.
Whichever might be the case for you, retirement is a significant new chapter in life that requires careful consideration and responsible action.
To help you get started, here’s a quick guide:
- Set your retirement goals
What is your idea of the retired life? Is it a tour around the world? Moving to a beachfront home? Volunteering with the community? Cozy afternoons with your grandkids?
Writing down your goals and aspirations can shape your mindset as you prepare for this next chapter. Having clear objectives in mind will guide your financial preparations, as well as temper any unrealistic targets early on.
- Save and make a budget
How much do you need to save for your golden years? “As much as you can,” according to financial planners. If you’re in your 20s, that means 10% to 15% of your income.
You can also sign up for your employer’s 401(k) retirement savings plan. This allows automatic savings from regular paycheck deductions (before taxes).You can also explore investing part of your assets in a balanced portfolio of stocks, bonds, and mutual funds.
In the same manner, the habit of making a budget is essential in preparing for retirement. Having a plan to manage your cash flow is especially important when your income is not as secure or predictable.
You can use this online retirement calculator from AARP to run different financial scenarios to guide your retirement plans.
- Learn how your retirement income is taxed
Even if you plan for a diverse and well-balanced selection of income sources – occasional or part-time work, investments, social security – don’t forget that these are still subject to taxes. Each type of income comes with its own tax rules. To accurately estimate your tax rate, consult with a financial planner.
- Review and adjust your insurance needs
As you approach retirement age, your insurance needs are likely to change –leaning more towards coverage for health-related needs like critical illnesses and long-term care.
- Get healthy
Preparing for retirement requires more than investing in yourself in financial terms. While taking stock of your savings, income sources, and the specifics of your insurance coverage are important, you also owe it to yourself to take necessary steps to ensure your own good health.
It can be as simple as committing to a self-regulated diet and exercise routine. If you need the help of medical professionals and specialists – do so. Investing in your health will allow you to make the most of your retirement years
- Find a good, secure home and a neighborhood with plenty of amenities.
There’s nothing like a sunny and breezy locale to spend one’s retirement years: A gorgeous home along the South Florida coast. Exclusive gated communities offering topnotch security. Sprawling golf courses to indulge your favorite leisure activity. Convenient access to essential amenities and services.
Verona Walk Realty can bring you to your dream retirement home. Contact Vic Cuccia at (239) 417-3300or email firstname.lastname@example.org to start a conversation.