Retirement Considerations You Shouldn’t Overlook


Retirement is a stage of life that everyone looks forward to.  The time comes when you want to stop working and enjoy the benefits of your lifetime of hard work.  However, retirement is not just about hanging out and relaxing.  There are many considerations to think about before you make that final decision.  Below, I will discuss some of the most important retirement considerations.

Investopedia says,

“Retirement planning is a multistep process that evolves over time. To have a comfortable, secure—and fun—retirement, you need to build the financial cushion that will fund it all. The fun part is why it makes sense to pay attention to the serious—and perhaps boring—part: planning how you’ll get there.

Retirement planning starts with thinking about your retirement goals and how long you have to meet them. Then you need to look at the types of retirement accounts that can help you raise the money to fund your future. As you save that money, you have to invest it to enable it to grow.”

Retirement Savings

The primary thought is your retirement savings.  Your nest egg will keep you going during your retirement years.  It is important to have a clear picture of how much you have saved and whether it is enough to sustain you.

If you have not started saving, now is the time to start.  The earlier you start, the more you can accumulate over time.  Most experts recommend saving at least 10-15% of your income for this purpose.

Health Care

As we age, our health is more of a concern.  You may start to experience health issues, sometimes major, that require specialized attention.  And that is why health care is a very important consideration as you move into the later stages of life.

Medicare is a federal health insurance program that covers most people who are 65 or older, as well as some people with disabilities. However, Medicare does not cover all healthcare costs. You may need to purchase supplemental insurance to cover things like prescription drugs, dental care, and vision care.


Where you live during your retirement years is another important consideration.  Do you stay where you are or are you planning to downsize?  If you want to move, where would that be?  You need to ask yourself these questions.

Social Security

Social Security is a federal program that provides retirement, disability, and survivor benefits to eligible individuals. To be eligible for these benefits, you must have worked and paid into the Social Security system for a certain number of years. The amount of your Social Security benefits will depend on your earnings history.

Retirement Lifestyle

What do you want to do during your retirement years? Do you want to travel, volunteer, or pursue a new hobby? Whatever you choose to do, you need to make sure that your retirement savings can support your lifestyle.

Long-Term Care

Long-term care is another important consideration when planning for retirement. LTC or long-term care refers to the services and support needed to help people with chronic illnesses or disabilities manage their daily activities. This can be provided in a nursing home, an assisted living facility, or in the home.

This type of care can be expensive, and it is not covered by Medicare or most health insurance plans. That is why it is important to plan for long-term care before you retire.

Estate Planning

Estate planning is the process of planning for the allocation of your assets after you have passed.  This process can help confirm that your assets are distributed according to your wishes.

Included in this process includes creating a will, naming beneficiaries for your accounts, life insurance policies, and creating trusts to manage your assets.

Tax Considerations

Taxes are an important consideration when planning.  You need to consider the tax implications for this next stage in life.

Retirement can be about having the time to enjoy the things you have always wanted to do. Put your retirement concerns at ease by planning ahead and laying a good foundation for your financial security.

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