It’s often said that it is never too early to start saving and planning for retirement. As you get older and start living your life, you realize just how true that is. You want to make sure you have everything in order so you can have a happy and worry-free retirement. Planning can seem daunting and sometimes you’re not always sure about what to do first. This quick guide can help put things into perspective and help you plan for your future. It may even give you a few ideas of your own!
Your Health and Healthcare
Health is above all. Everyone needs to take care of themselves so they can live a long, happy, and fulfilling life full of great memories to revisit during retirement. Make sure you are eating good nutritious balanced meals, spending time outdoors, and exercising regularly. This can be as simple as taking a walk, a light jog or a bike ride for a few minutes each day.
Additionally, ensure good health during retirement by having the best Medicare plan and health insurance available to you. And, see your physician on a regular basis or as needed. There are many options, and it is good to explore and find what is best for you. Websites such as Medicare and Health Care can help you find Medicare and health insurance tailored to what you need. It is also essential to designate a healthcare proxy. This person will make the best medical decisions on your behalf in the event that you are unable to do so.
Have an Emergency Fund
Nothing in life is predictable and it is always good to be prepared just in case something goes wrong. An emergency fund can help cushion the blow of unexpected occurrences that can impact you financially. It is usually good to have at least 3-6 months’ worth of expenses in case of emergencies. Saving can seem difficult but with proper budgeting, you can work out a good financial plan to help you save. Even if you must start small with a few dollars here and there. It can be kept accessible in a separate account that can be accessed as needed for emergencies. Some people keep credit cards and credit lines open for emergencies, a topic we will visit later.
Withdrawal Plan and Budgeting
How are you going to pay for normal expenses? A withdrawal plan is essential for retirement as it is most retirees’ main source of income. Most income among retirees comes from Social Security. It is also important to determine the terms of your pension, 401K, or IRA and determine the best withdrawal plan for you. Most banks offer financial advice to help with your planning for retirement. And, you may be able to manage all your finances out of one financial institution that you already have an account with. Speak with your local bank branch manager about financial plans and services for retirement.
This would also be a good opportunity to look into active investments and decrease your exposure to high-risk stocks and investments. Once you have figured out the best withdrawal plan for yourself, you can work out the best budget and maybe even contribute a little to your emergency fund! Budgeting can be easy if you know how much money is coming in and how much you need to spend per day, week, and month. Some people budget their finances using their chequebooks, online banking or sometimes using a notebook specifically for finances. Or, digital spreadsheets such as Excel Spreadsheets and spreadsheets available on platforms such as Quicken and QuickBooks.
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Pay Off Debt
Retirement usually comes with a fixed income, and no one wants to pay off old debts with their retirement income. If possible, try to have your debts paid off before you retire. It’s good to start with credit cards and loans with the highest interest rates. On some accounts, such as credit cards and accounts that run on lines of credit, you can choose to keep them open once they are paid off for emergencies and work them into your Emergency Fund. This will also ensure your credit score stays healthy enough for you to take out a loan if you ever needed to in the future. Paying off debt and proper budgeting will be greatly beneficial when it comes time to plan what you want to do with your time during retirement.
Hobbies and Your Bucket List
Now that you are retired and have more time on your hands, what do you want to do? Do you want to peacefully sit at home and paint? Do you want to spend your days on a boat fishing or catching some sun? Maybe you want to take up tennis or golf! The list of hobbies to choose from when you retire is almost endless! It is also a good time to start crossing off things from your bucket list. Take that cross-country trip to the Grand Canyon and spend a weekend in Las Vegas or travel overseas to see the Alps or the Great Pyramid! Spend your retirement doing the things you love and have always wanted to do. If you’re worried about how you are going to manage all of this excitement without overdoing it, the next tip is for you.
Travelling With EasyGo
Having mobility issues while travelling can make things difficult and could hinder your experiences. With an EasyGo, you can travel and enjoy all your travel experiences without being held back due to your mobility impairments. EasyGo Power Chairs are fully portable and will travel with you wherever you need to go! It is TSA and FAA approved meaning you can drive it through the airport all the way to your terminal gate. EasyGo Power Chairs fold in under 30 seconds to the size of a small suitcase and do not need to be disassembled to be folded or stored.
It can also be taken on a cruise and can be stored safely with the cargo when travelling by bus or train. If you are taking your EasyGo overseas, you will have to purchase an adapter for the charger. There is also a travel case available for the EasyGo Standard Model in case you prefer to check your EasyGo when flying. Make enjoying your retirement easy with an EasyGo Power Chair.
Estate Planning
A very important part of retirement planning is estate planning. Make sure you designate a power of attorney to make financial decisions on your behalf as well as beneficiaries on your insurance plans, retirement accounts, investment accounts and any other assets you hold. It is also very important to have a will and keep it current. Decide what and who to include in your will, which usually involves deciding what assets will pass on to whomever you choose after your passing. Figure out who will be the executor of your will and most importantly, make it official by signing it in front of witnesses making it legally valid. However, it cannot be signed by your executor or anyone who inherits something as part of your will. Requirements and rules will change per state so it is good to research the requirements for your state.
Closing Statements
These are just a few helpful tips that will help guide you in the right direction of retirement planning. How you want to live during your retirement is completely up to you so take the time to plan things out and explore your options. Take whatever steps you feel are necessary for you so you can be on your way to enjoying what the future holds. It is your future after all so why not make it the future you want?
If mobility is becoming a problem as you get closer to retirement, EasyGo Mobility can help ensure you have the mobile independence needed to enjoy your retirement. Please feel free to call us at 1-833-709-3499 to learn more. Good luck with planning and have a happy retirement! You’ve earned it!