Assess your finances and plan your retirement. Consider predicted expenses, healthcare costs, and income sources including Social Security and retirement funds.
Learn how Social Security works, including the age at which you can start receiving benefits and how early or delayed retirement may affect your benefits.
To reflect your current intentions and circumstances, review and revise your will and estate plan often. This includes choosing beneficiaries, updating power of attorney, and establishing a living will or healthcare proxy.
Know Medicare and consider additional insurance for retirement healthcare. Long-term care insurance may help cover future healthcare requirements.
Reduce debt, especially high-interest debt. To avoid retirement stress, pay off loans and credit cards first.
Assess your risk tolerance and financial goals to alter your investment portfolio. Consult a financial professional to verify your assets match your retirement goals.
Keep an emergency fund for unexpected costs. A financial safety net can avoid retirement fund withdrawals in tough times.
Set and follow a budget. Track your expenditures, minimize costs, and budget for housing, healthcare, and daily life.
Watch out for senior frauds. Learn about financial scams and protect yourself against fraud and identity theft.