Planning a Successful and Worry-free Retirement

Retirement is the harbinger of a new lifestyle. However, it is very important to consider your financial stability before beginning to live a retired life. There are a number of things to consider such as where you plan on spending your retirement, the number of travel plans a year, insurance policies opted for, etc. while planning your retirement.

In this blog post, we present you a checklist of considerations you need to make before plunging into retirement. This checklist is only for general guidance; to gain more clarity on your financial plans get advice from our financial planner or your lawyer. They will help you see the bigger picture.

Prepare balance sheet:

Determine your net worth by showing assets and liabilities on your balance sheet. On the assets side include cash, real estate and investments. Under liabilities you can include debts and legal obligations. Using technology like Excel, or accounting software will make this task easier. The purpose of this is to help you understand what you have on hand so that it will help you plan the spend for the next few years.

Pay off your debts:

Enter into your retirement life after paying off all debts. Prioritize on paying off debts with high interest rates first. Pay off credit card debts, and car loans. You can pay mortgage in the end as they generally have lower interest rates compared to credit cards. This is an important step because you don’t want debts to eat into your savings on a regular basis once you are retired. Being debt free will really help you live a stress free retired life.

Assess life insurance requirements:

When you approach the retirement age, term and permanent life insurance becomes costly. Select the right insurance policies so that your spouse and family can continue getting its benefits even after your departure.

Oversee estate planning:

Review your will and accounts every five years, especially before giving up work. While planning for your retirement, provide all your personal data including date of birth, Social Security number, bank account numbers, lawyers, insurance policy numbers, and the location of a copy of the will well in advance; so that your loved ones don’t get stressed over finding these vital details should they ever need them.

Prepare a budget:

Plan a budget so that you can get an idea about the living expenses you need to incur once you stop working. Some expenses, such as money spent for transportation to work or professional attire, completely get negated once you stop working. Consider if you wish to travel once or twice a year. Based on your budget, you will be able to decide if you wish to work part-time. Plan your expenses with a monthly as well as a yearly budget.

Say no to fund college expenses:

The ideal time to pay for your children’s college education is when they are young and not when they are matriculating or when you are on the edge of retirement. Never invest your retirement contributions in college funding. Children can avail a number of options for funding their education. These include loans, grants, scholarships, and student work programs.

Consider senior housing options:

Planning your future housing needs is essential to ensure that you continue living a good life even in your senior years. There is a broad array of housing options available to seniors. For housing after retirement you can consider anything from staying in your own home to specialized facilities that provide round-the-clock nursing care as well as several other benefits.

Here are some of the senior housing options you can consider when planning for retirement:

Aging in Place: With this option, you stay at the same place where you enjoy familiar environment, community, and neighborhood. You can either stay in your home itself or find a home care service in the neighbourhood where you will not only get extra services but also good company to spend time with.

The Village Concept: With this, active seniors can remain in their own homes without relying on family or friends. Members of ‘village’ can avail of specialized programs and network with other members of village.

Naturally Occurring Retirement Communities (NORC): Seniors opting for this can stay in their own homes and make use of local services, volunteer programs, and other social activities.

Independent Living: This is a housing arrangement designed for seniors. These might be apartment complexes, condominiums, or free-standing homes. The housing is designed in a manner which is easy for seniors to move around.

Assisted living: It is a housing option for seniors who wish to live an independent life but need help with some activities of daily living as well as need help in taking medications.

Nursing Homes: This option is for those needing highest level of medical care outside of a hospital. A licensed physician oversees each resident’s care and a nurse or medical professional always stays on the premises.

All in all, planning is the key to a worry-free retirement. It makes you attentive about matters which you never bothered to look at. Retirement planning is a must to live a care-free retirement life.

No matter what the needs of seniors, we at Holiday Retirement strive to make life a pleasurable experience. With our personalized care synced perfectly with the empathetic attitude of our caring staff, you will look forward to each day with liveliness. Our services are oriented towards giving you the right environment which reveres your independence and at the same time assists you right when you need.

Just give us a call at 860-233-8208 to know how you can utilize our services and amenities at our assisted-living facility at Wyndemere Woods in Woonsocket, Rhode Island, or Fill out this online form to book a tour.