As your retirement approaches, you would have begun planning for what you’ll do after. Your schedule suddenly seems much more open, and you’ve got all the time in the world. You’ve invested well in the last few decades and built up a modest sum to fund all your expenses. While this is all well and good, the bottom line is that you need to have good estimates of your financial standing, expenses, and retirement plan. This is because once you retire, it’s a done deal. Finding a new job that pays as well as your previous job is difficult! Here are a few things that should be topmost on your retirement checklist.
Calculate Your Monthly Expenses
$200k, for example, may seem like a lot but if your monthly expenses are two grand, then this will last you just 8 years. What then? Thus, it is important to be very clear about what your monthly expenses are. Start with day-to-day expenses like food, grocery, and transportation. Next, consider your rental or mortgage (if any). This is your essential spending. Next, think about your wants, what you’d like to save up for, such as hobbies and passions like traveling.
Plan When You Will Claim From Social Security
The good news is that you can start claiming social security benefits from as early as 62. However, this is not advisable unless you’re really tight on finances. This is because your monthly payouts will be lower with no increase. Many in a good financial position wait till they’re 70 to start receiving benefits. This is because there’s a yearly 8% increase in payouts the longer you wait. Discuss this with your family before you reach a decision
Think About Your Medical Needs
Have you thought about the healthcare costs you’ll incur? This is not only meant for those with chronic conditions like diabetes or arthritis but generally, as one ages, bones and muscles will weaken. Some may experience hearing and vision loss too. Ensuring that you have good health insurance is only part of the equation. Will you have access to good personalized physical therapy? Are you getting nutritious meals every day? Living in a retirement community like ours can help you in this aspect.
Planning Your Estate
While it is hard to think about no longer being with your loved ones, estate planning is important. Consider speaking to a financial planner and an attorney to draft your will as they can help guide you on the proper protocols.
Considering Where You Will Live
You must start thinking about where you will live in your golden years. Are you living near family? Do you have a trusted support system in case of an emergency? Are you independently able to travel to and from places? If the answer to any of these questions is no, you might want to look into living at Discovery Village At Sarasota Bay.
Why Choose Discovery Village At Sarasota Bay?
Discovery Village At Sarasota Bay ensures that our residents have all that they need for a fun and fulfilling retirement. We offer personalized care and support so that our residents can live their best lives with us.