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Retirement planning is critical in the day of financial troubles and uncertainty. It is a smart ideat to start planning early so that when the time comes, retiring is an easy process. Some things to think about in this process are described below.
Health coverage
Health insurance should cover short term and long term medical needs. Short term medcial needs such as hospital visits and wellness checks should be included in the policy. A contingency plan regarding retirement planning hass limitations in Medicare. Having secondary coverage is always a positive.
Budgeting
A major component of retirement planning is the amount of money needed after retirement. Discretionary spending should be limited since the constant flow of income is no longer available. Approximately 85% of income should be dedicated to household needs. Remember to factor in possible moving expenses such as purchase of a smaller home or a retirement home in your retirement planning.
Tax and risk implications
Investment models such as 401K or IRA’s are tax deferred. After retirement, the amount saved will be significantly lower. Consult your tax advisor and factor this amount into the budgeted retirement planning. If not, retirement budgets will be inaccurate and over spending could occur.
The investments made early in a career with high risk can come back and haunt. During retirement planning, ensure all investments are maximized and the return will be beneficial. If not, consult a financial advisor to adjust accordingly. Remember long term growth is better than a quick, short-term gain.
Finances and Health
Retirement planning also must take into consideration a healthy lifestyle. Poor habits will affect a planner’s longevity. A lifestyle consisting of a healthy diet, exercise, and modern amenities allow for a longer life. Retirement planning should reflect a change in life expectancies.
The value of goods and services today will be different tomorrow. The failsafe way to avoid inflationary prices is to save more than the required amount. Accounting for inflation in retirement planning allows the planner to account for this fluctuation.
The times of waiting to the last minute are over. Retirement planning is necessary in a volatile economy to secure a retiree’s future. Decisions made today can and will affect the future.
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