Like many people, you probably plan to retire at some point in your mid-sixties. So upon your 60’th birthday, it’s time to kick retirement planning into high gear! Those last years before retirement provide the perfect opportunity to refine your plans and make last-minute decisions that will greatly influence your life satisfaction in the future.
So, what do you need to do once you’ve reached your sixties? Take these five steps to begin the transition into retirement.
Analyze your Social Security benefits, and then decide upon a time to claim them. It’s time to meet with an expert who can estimate your future Social Security benefits, and then show you the different amounts you can expect based upon the time that you file your claim. This information can help you pinpoint a retirement date and make other decisions around your retirement income.
Start researching Medicare plans. Maybe you pictured yourself turning 65 and simply enrolling in Medicare. Well, it’s not that simple! You face the choice of Original Medicare, Medicare Advantage, and various supplemental insurance plans. You need to understand your options so that you can match up with a plan or plans that suit your healthcare needs.
You might not even be required to enroll at 65, if you or your spouse are still working and covered by a group health insurance plan. Or, you might wish to enroll in both forms of insurance.
Research long-term care insurance NOW. Many of us end up needing long-term nursing care at some point, and Medicare doesn’t cover much of the cost. Since premiums are lower when you enroll earlier in life, the time to research long-term care insurance is in your late fifties or early sixties.
Claim your tax breaks. Many areas offer property tax breaks to seniors, but you must know about them and claim them. They usually aren’t automatically calculated for you.
Get your discounts. Beginning around age 60 to 65, you can begin claiming valuable discounts at retailers, restaurants, hotels, airlines, movie theaters, and much more. Ask about discounts every time you spend money; they add up, and will help you budget in retirement.
And of course, continue to meet with your retirement experts. Give us a call to schedule a consultation, and we’ll help you get your retirement plans in order.