It’s tempting to delay retirement planning. After all, you may feel anxious about it or wonder how to begin. Check out these tips to start preparing for retirement and regain your peace of mind.
Consider your financial needs for retirement.
Because everyone’s financial needs in retirement are unique, consider your specific goals — plus the remaining number of years you plan to work before retiring. It’s also a good idea to start investing regularly and saving money in an emergency fund if you aren’t already.
You might start with a free online retirement calculator to create a rough target to save and invest toward. Then, do a more detailed analysis based on your personal circumstances. When doing the math, keep this in mind: You may need as much as 90% of your pre-retirement income to live comfortably during retirement.
Check your Social Security benefits.
Keeping track of your Social Security benefits is another key retirement planning step. Through the Social Security Administration’s website, you can review the accuracy of your lifetime earnings history and estimate your Social Security retirement benefits.
Review your insurance needs and options.
A major lifestyle change like retirement may necessitate updates to your insurance policies. Since Medicare coverage doesn’t generally begin until you’re 65, you might need a private health insurance plan to prevent a gap in coverage if you retire earlier.
Additionally, if you don’t already have life insurance, you may want to consider purchasing a policy before you retire. It could provide financial security for your loved ones.
Do you have questions about life or health insurance? We’re here anytime you need help.
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