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Tuesday, September 29, 2020

3 Ways to Prepare for Retirement at Age 65 or Older

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If you are preparing to celebrate your 65th birthday, you may need to do some work to make sure you enjoy it to the fullest.

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As you plan to leave your career behind, it is time to think of your glorious retirement where you are free to travel, spend more time with your family, take up your favorite hobbies, or get a part-time job based on your passion instead of your paycheck.

When you think about all the rewards coming your way, a little paperwork and planning to make sure it all comes together in harmony doesn’t seem like such a sacrifice. It may help you to take stock of all you need to do before you retire to ensure smooth sailing.

Here are three ways to prepare for retirement at age 65 or older:

1. Set Firm Plans for Your Retirement

It is one thing to have far-fetched fancies about riding off into the sunset in an RV or on a motorcycle once you leave your job and sell your family home, but is that what you really want to do for the rest of your life?

Ideally, take this step at least five years before your retirement. Sit down on your own or with your spouse, and map out your vision of this time in your life.

Write down your objectives, such as selling your home, spending more time at your family vacation home or volunteering at your grandchildren’s school. Then make a plan to see these goals through.

2. Pay Off Debts and Start Saving for Your Emergency Fund

These goals are also ones that you ideally started at least a decade before retirement, but it is never too late to tighten your belt to enjoy your golden years.

Before you set aside funds for savings, pay off all consumer debts, so your savings and emergency funds are yours, free and clear.

Work with your spouse, a financial planner or a consumer counseling professional to create a strategy to whittle down the numbers if you have amassed significant debt.

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Then set a retirement budget to live on. Make sure it accounts for inflation, taxes, healthcare and unexpected costs.

3. Enroll in the Medicare Program

One of the key advantages of retirement is receiving Medicare at 65, which you paid into your entire working life.

It is an earned reward, so you want to make sure you do everything necessary for it to kick in upon retirement. Learn when and how to sign up, how much it will cost, and what you need to know if you continue working once you reach your eligibility age.

Don’t stop there, though. Learn how Medicare has become much more than just an insurance provider.

Through private, Medicare-approved companies like Anthem, you will discover that Medicare is now an amazing resource for seniors and those entering retirement to lean on for a successful transition from work life to retirement life.

Stick to Your Plans to Enjoy the Retirement of Your Dreams

Work on adding these preparations to your retirement planning so you can stockpile savings, have proper medical insurance, and know how you will spend your time in retirement.

Doing so will guarantee that you make the most of your golden years.

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Disclaimer: This article is purely informative & educational in nature and should not be construed as medical advice. Please use the content only in consultation with an appropriate certified medical or healthcare professional.

Editor
Editorial Staffs at Healthtian, A team of Writers.
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