How to Achieve Your Retirement Goals
Does the process of retirement planning in 10601 leave you feeling overwhelmed? You’re not alone. Yes, this may take some time and effort. However, you can do something today to make sure that you’ll be able to maintain the kind of lifestyle you’ve always wanted in your later years.
What You Can Do Today to Achieve Retirement Success
Have an Emergency Fund Savings Account
Do your savings or checking accounts have only a minimum of three months’ worth of living expenses in them? You better start thinking about building up your emergency fund savings account. Otherwise, you won’t have savings to rely on if you experience delays in the start date of Social Security or your pensions.
Come Up with A Retirement Budget
One of the biggest mistakes most people make is underestimating their expenses. For this reason, it’s crucial for you to work through your before-and-after retirement budget. Take time to come up with an estimate of your current expenses and think about what could change after you retire.
Prepare for Any Tax Impact
Unfortunately, some of your income may have to go toward taxes. You’ll be in for an unpleasant surprise if you don’t try to learn how different retirement income sources will be taxed.
Make A Timeline for Your Retirement Income
You should create a retirement income timeline so that you’ll know when you can expect various sources of your income to begin. The best way to manage your cash flow is to line the timeline against your possible retirement expenses.
Know Your Options for Health Insurance
Be sure to include medical expenses and health insurance in your budget. Retiring early could mean spending more money on health insurance coverage. Also, don’t expect Medicare to cover all of your health care expenses because, in most cases, it only covers half of the total cost.
Learn the Basics of Medicare
Be reminded that Medicare starts at the age of 65 and that Medicare Part B premiums are hefty on high-income consumers. Do yourself a favor and try to understand how Medicare works before you retire.
Talk to An Expert in Retirement Planning 10601
Trust the financial experts at 1879 Advisors to help you reach your retirement goals! Schedule an appointment today to receive a comprehensive analysis of your current financial situation and get specific recommendations.