R is for Retirement Done the Right Way

R is for Retirement Done the Right Way

Many of us hope to see retirement in our futures. And many of us are doing everything we can to plan and prepare for the best retirement we can have. But you cannot just wake up at 65, quit your job, and expect a happy and successful retirement. There are quite a few things you must prepare for before, during, and after retirement to have it done the right way.

Before You Retire

Save like your life depends on it – because it does! This means making smart investments based on how much money you are currently making and what you need to save to enjoy your lifestyle. Use a retirement calculator or talk to your financial advisor to ensure that your savings are on track. 

As You Retire

Retirement isn’t as simple as just not working. Many important decisions need to be made. Getting the appropriate health insurance for yourself (and your partner) is of the utmost importance as you may no longer be relying on healthcare through your employer. Sign up for a Medicare plan that works best for both your health needs and your finances. Also, planning when to cash in on Social Security benefits, IRAs, and 401(k)s can be tricky. Unless you absolutely have to, wait until you are of appropriate retirement age (and actually retired) before you start withdrawing from these accounts.

After You Retire

Your retirement years should be one of the best times of your life, so don’t forget to make the most of it! But it is also important to live within your means. Many retirees opt to have a part-time job to keep busy and to keep a little income coming in. Knowing that you have saved enough to live the retirement lifestyle you desire can lift the burden of work off your shoulders. 

Retiring at any age can be daunting to set up. But the more you know, the better prepared you will be for your best financial future. So if you want your retirement done the right way, do your research, set some retirement goals, and call your financial advisor today. It can be the best decision of your life!

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