July 4, 2021
Retirement used to happen at about the same age and about the same way for most people. At the very least, there was a stereotypical idea of retirement that it started when you were 65, and it meant slowing down. These days, a person on the verge of retirement might be 50, 65 or 80. Many of them have plans for the years ahead that look at least as activity-filled as their life before retirement. There is no one route to retirement or one way that retirement looks any longer, but there are certain things that most people should take into account to make sure that their transition to this new lifestyle is a smooth one.
There’s a lot to think about here. First, do you have adequate health insurance? Next, do you need long-term care insurance, or do you need to take steps to protects some assets from a Medicaid spend down? On the other hand, if your children are grown and independent, you may no longer need your life insurance policy. However, you have options beyond simply surrendering it. You may be surprised at the value of your policy with a life settlement, which allows you to get cash. You can check out your instant valuation from dawnlifesettlements.com to see what the value is. This might be an unexpected windfall for your retirement years, and you might use the money to do a home renovation or take a trip.
Ideally, if retirement is looming, you’ve been thinking about finances for a long time, but you might want to sit down with a financial planner to do a check-up just in case. You’ll need to take a realistic look at your lifestyle and how it might change after retirement, and figure out how much money you’ll need for the decades ahead. Of course, not everyone who retires quits earning an income. You might be leaving a high-stress career to pursue a dream job that you weren’t able to afford to work at during your prime earning years.
Also, when you are looking at your retirement savings, remember to account for Social Security benefits. If you start drawing these later rather than sooner, you can usually get bigger payments. You may want to find out if you are eligible for more than that as well. For example, if you were married for more to a decade to someone who made substantially more than you, you might be able to draw on their benefits instead. This may not affect the benefits they receive.
Spend some time thinking about how you want to spend the years ahead. If you have a high-pressure job, you may not have time for this while you’re still working, so schedule in some downtime to unwind and ponder the next stage after your final day at work. Retirement can be tough for some people, particularly those who defined themselves by their career. However, there are many ways you can continue to have an active and engaged life without going to work every day. Volunteering, starting a new business, consulting in your area of expertise, traveling, going back to school or helping to raise grandchildren are all examples of rewarding ways people choose to spend their time after retirement.
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