Retirement should be a fulfilling stage of happiness and fun with the people you love. However, some retirees' greatest concerns are unexpected medical bills, declining health requiring long-term care, inflation, and a nose-diving portfolio.
Without proper retirement planning, the worst of these fears are bound to materialize. And what should be the beginning of a new life chapter quickly spirals into a nightmare. Take control of your retirement by planning ahead. Here’s how to do it:
Plan for future medical costs
If you’re 65 and above, you can sign up for Medicare to help pay most of your healthcare costs. Original Medicare (Part A and Part B) covers hospital care and related services, doctor’s appointment, outpatient care, durable medical equipment, and other services.
Medicare Advantage plans, sometimes called Part C, cover other things that Original Medicare doesn't typically cover, such as gym membership and some dental, hearing, and vision services. Other Medicare parts include Part D and Medigap.
However, Medicare isn’t comprehensive and doesn’t pay most of your long-term care costs. You can consider buying traditional and hybrid long-term care policies to help with long-term care expenses and protect your retirement savings.
Diversify your portfolio and invest for growth
One essential retirement plan is to diversify your portfolio adequately. Rather than invest in a single asset, spread your investment across other assets like stock and bonds. The long-term yield from a well-balanced portfolio may just be what you need to sort out medical bills and other expenses when you retire.
Review your financial investments
Knowing where and what you are trying to accomplish is imperative to plan for the future. In a financial world that is constantly changing, it is important to maintain flexibility and control as your needs and desires change over time.
If you have made various investments over time, part of your retirement focus should be to make out time to sit with an expert to review your financial investments. By taking stock of your investments, you’ll gain a comprehensive overview of your worth and how your assets can best benefit you and your loved ones in your twilight years.
Consider estate planning
An important aspect of retirement planning, estate planning enables you to transfer your assets to your loved ones according to your wishes. It typically includes a will, trust, and other documents. Another crucial part of estate planning is life insurance, which ensures your loved ones do not experience financial difficulty when you pass away. The benefit from a life insurance policy can be used to pay your child’s college tuition and mortgage. It can also cover the everyday living expenses of your loved ones.
Retirement planning doesn’t have to be overwhelming. Let’s secure your future so you can enjoy the retirement of your dreams!
Planning for retirement can be overwhelming. But with the expert Lancaster PA retirement planning team working with you, you can take that important step towards financial security, peace of mind, and the lifestyle of your dreams in your golden years. Call us today, and let’s create a comprehensive plan that’s uniquely yours.