Aging and Elder Care SPECIAL SECTION
Aging and
Elder Care
Some guidance for every step of the way, so you can feel comfortable and confident in your retirement.
BY MANDIE GIAMBRONI
Planning for your future is important at any age, but when you’ re close to retirement, you’ ll want to make sure you’ re set up for success. If you feel overwhelmed or are looking for some guidance, there are financial advisors and legal counsel who are available to assist you every step of the way, allowing you to feel comfortable and confident in your retirement.
Retirement Financial Planning
Retirement planning helps to ensure that you are set up to live comfortably during your retirement years. Every dollar you save leading up to your retirement contributes to a successful future. When preparing to live off a fixed income, it’ s important to establish a plan with your spouse, partner, or loved one who will share in your retirement. Knowing that your goals and dreams are aligned will make planning that much easier.
When you put some thought behind your retirement plans, you can start by asking yourself these questions:
• What age do I want to retire and where do I want to live?
• What will my lifestyle look like?
• What do my retirement incomes equal?( Social Security, 401( k), IRA, pension, etc.)
The answers will provide you with a good baseline for determining what is needed for your retirement and how you can adequately prepare.
In addition to the questions above, it’ s essential to think about what you’ ll be spending in retirement. You’ ll want a good
understanding of what your daily spending habits total, or if there are times of the year you spend more or less. As you age, you’ ll also want to factor in unexpected health care costs. This could include copays, out-of-pocket costs, or even dental care and assisted living costs.
According to NerdWallet, you should prepare to replace approximately 70-90 % of your annual pre-retirement income for retirement expenses. For example, if you make $ 90,000 per year before retirement, you’ ll likely want to plan to have between $ 63,000 and $ 81,000 in retirement. This income would be made up of both savings and Social Security payments.
Finally, you’ ll want to look at your housing situation. Are you going to stay where you are? Downsize? Find a retirement community? Sell your house and move somewhere tropical? The possibilities are endless, but you should identify all your viable options and look into costs associated with each to plan accordingly.
Retirement Living
Retirement communities offer those entering retirement( or as young as 55 +), and beyond, a community designed to fit the lifestyle of older adults. Homes are typically fit to satisfy smaller families of one to two people, offer single-level living or condostyle homes, and are low- or no maintenance, offering several amenities.
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