No matter at what age you retire, there are a few things you should settle before you decide to leave your old job and settle into a comfortable post-retirement life. It is important to review and make final adjustments to your retirement plan, including financial and health decisions.
Things to consider when retiring include:
When to Start Social Security
From 62 years onwards, you will be eligible to claim Social Security payments. Do note that this amount is reduced if you start collecting benefits before hitting your full retirement age:
- 66 years for people born between 1943 and 1954
- Retirement age increases gradually for people born between 1955 and 1960
- 67 years for people born after 1960
This means that the longer you wait, the more your monthly benefits grow (by roughly 8% up to 70 years). It would be beneficial for financial planning to calculate how much you will receive based on when you start your social security.
Benefits at Work
Many companies often offer their employees benefits such as healthcare, vision, and dental coverage. Take the opportunity to claim last-minute benefits; instead of forfeiting these benefits, visit the dentist, schedule a health checkup, or get a pair of new glasses before leaving the company. This would be your last chance to take advantage of your company’s benefits, after all!
Health Insurance and Medicare
If you are planning to retire before the age of 65, you may need to plan for medical insurance that is not linked to your job. This is because Medicare coverage only begins at 65 years, and is independent of your Social Security full retirement age.
Some workarounds include checking if you qualify for health insurance through a professional organization or a working spouse’s company health insurance plan. Otherwise, you may choose to apply for health insurance options in your state until you turn 65.
It is important to evaluate the daily costs of living and manage your finances properly in order to stay financially independent. These include taking into account healthcare – including medical emergencies – and living arrangements. For example, choosing to move into a senior living community that suits your budget.
Decide On the Kind Of Life You Would Like
A great post-retirement life awaits you, and you have the ability to choose the best life you would like to lead. To achieve this, spend some time envisioning what sort of life you would be comfortable in. One option to explore is retirement communities that would provide the support for daily activities, as well as provide enrichment programs and amenities to ensure the best quality of life.
Why Choose Conservatory At Alden Bridge?
If you are considering moving into a retirement community in Texas, Conservatory At Alden Bridge is an ideal choice for providing the best professional health and fitness services in an all-inclusive setting. This includes superior living accommodations and a caring environment for our residents.
For more information or to schedule a tour, please feel free to contact us.