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Getting Ready to Retire?

As exciting as retirement is, it can be overwhelming. You are making big changes in your life psychologically, physically, and financially, and that’s not easy! By checking all your bases, educating yourself and creating a plan with a retirement specialist, you can head into retirement with confidence.

Here is a short checklist to get you thinking.

Get Financial Advice

Your financial situation is unique and deserves special attention. While there is a lot of information available these days, it can be very hard to discern what the best thing to do is. _ Getting expert advice to look at your situation and formulate a plan to better manage your income and investments, as well as how to avoid unnecessary taxes is in your best interest.

You can contact us anytime to set up an appointment with our retirement specialist. No obligations.

Decide When to Start Social Security

You are eligible to start taking Social Security payments beginning at the age of 62. It is important to note that if you do this, you will receive reduced payments. It is best to wait until you are at your “full retirement age”, which is dependent on when you are born.

Full Retirement Age (FRA)

  • Born between 1942 and 1954: FRA is 66

  • Born between 1955 and 1959: FRA is between 66 and 67, that is, 66 plus a certain number of months. For example, if you were born in 1958, your FRA is 66 and eight months.

  • Born 1960 and on: FRA is 67

You are able to increase your monthly payments if you sign up for Social Security after your full retirement age and each year you wait, your monthly benefit will grow by about 8% up to age 70.

Sign Up For Medicare

Medicare coverage starts at the age of 65. When you first become eligible for Medicare, you can join a plan. If you want to make changes to your plan, the open enrollment period is from October 15 through December 7th of every year. A Medicare specialist can help you choose the Medicare plan that is best suited for you.

Learn more about Medicare here.

Take Advantage of Work Benefits

Be sure to cash out on unused vacation time, or take that last (and well-deserved) vacation. If you have vision and dental insurance, you may want to get that one last pair of glasses or get any serious dental work done before you exit the company. If your company has employer-sponsored college scholarships, see if the scholarship will continue after you leave or plan your exit accordingly.

It’s a good idea to talk with your human resources coordinator to familiarize yourself with the company’s retirement policies and package.

Consider Your Investment Options

With longer life expectancy than ever, retirement savings need to last you a long time. Investments such as annuities, stocks, dividend-paying stocks, bonds, or real estate investment trusts can help secure good retirement financing for years to come. It is a good idea to do your research on these topics and to discuss them with your financial planner to ensure you are choosing the options best suited for you.

Getting on a path to a secure retirement may take time and effort, but it’s worth it once you make the decision to stop working. If you need some ideas, have some questions, or want to get started please reach out. We’re excited to meet you.



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