Finances can be stressful when you're approaching retirement; but not taking an honest at your financial picture can make things much worse later on. Consult a financial advisor to help you understand where your at, and make adjustments that will make your retirement years stress-free. Here are a few important areas to consider:
Healthcare: It's likely that as you age, you'll spend more, not less, on healthcare. If you have benefits that will continue after you retire or are close to eligibility for Medicare, that's a bonus. Consider deductibles and other out-of-pocket expenses that may not be covered by your benefits, and make a budget.
Investments: Having a stable income and retirement fund are critical. Make sure you're doing everything you can to maximize what you have, without putting yourself at risk.
Insurance: In addition to health insurance, you'll want to make sure you have the coverage you need so that you're protected from the unique risks that come with growing older. Work with a trusted insurance agent to review your auto, homeowner's and other insurance policies to get the right coverage and take advantage of any senior benefits.
Consider how you'll spend your time:
Retirement usually sounds like a dream come true but it's important to consider what your day to day life will look like once you no longer have to show up to work. How will you spend your time? How might your relationships change? Jot down some ideas for things you hope to do after you retire things like traveling or attending concerts as well as ways you might find meaning and enjoyment like volunteering or getting into a hobby after the transition.
Invest in your overall health and well being:
Your golden years will be much more golden if you're in decent health: physical, mental and emotional. Many people experience a sense of loss as they get older and are not able to do the things they used to do. Fortunately, there are so many ways to educate yourself, get healthier, and develop a positive mindset about the next phase of your life. Think about joining a support group, taking a health class, seeing a therapist, trying yoga or talking to your doctor anything to help you invest in your own health and well being and make a smooth transition to retirement.
Downsize and simplify:
If you've considered what's really going to matter to you in retirement, there are probably a few things you will want to let go of before you make the leap. In addition, you might need to make some changes in order to afford retiring in the first place. This might mean letting go of some of your belongings and moving to a smaller home; letting go of obligations that are no longer important to you; or scaling back your spending in certain areas. Whatever you need to do, start early so that the change isn't so abrupt and you can feel a little more in control of the situation.
For all of your insurance questions, call or contact Robins Insurance today.