Not sure where to start with retirement? We’ve outlined the five essential questions you should be asking yourself in preparation for the next phase of your life. Retirement should be about relaxation and fun – not stress – so sit back, and let Renew be your guide!
Renew has defined three major categories we believe are core to the retirement experience: health, money, and time.
Health will be a key component to your quality of life over the next 25+ years, and choosing the right Medicare coverage is a pivotal step in ensuring a healthy (and happy) retirement.
Money is at the center of the majority of your choices in retirement. The amount that you have to spend in retirement will help inform how you spend your time and take care of yourself.
In retirement, time management is about prioritizing what matters to you: your family, home, community, travel, and more.
We know these topics are big and can’t necessarily be reduced to a simple checklist, so instead we’ve defined some big picture questions to get you started on the right path.
The first five questions you should ask:
1. How much have I saved?
It’s time to get those finances in order. Make sure to start by calculating your retirement savings accounts and any other assets you have set aside for retirement. This will give you an idea of the bulk of what you’ll have to spend in retirement. You can read more about this in our article, ”Do I have enough money to retire?”
2. How much will I earn?
Similar to question number one, you should also sketch out how you expect to earn some money during your retirement years. For most people, this starts with your social security benefit. The amount you receive from Social Security will vary according to your personal work history and at what age you begin collecting, but your monthly payments will remain consistent for as long as you receive them.
3. What will I spend money on?
It’s helpful to sit down and write out some of your spending priorities; this exercise should address both how you currently live and how you expect to budget in retirement. Do you travel a lot? Will you cut back on any expenditures, perhaps by relocating to a smaller space or a more affordable area? Are there bucket list items you want to explore?
Once you’ve given your goals some thought, put together a working budget for yourself. Don’t worry about getting the numbers exactly right. Your initial budget will serve as a foundation to work off of so you can better plan for things like part time work, healthcare costs, and more.
4. What healthcare coverage is right for me?
Regardless of whether you’ve given thought to health insurance before, now is the time to get informed and make a wise decision about Medicare. There are several sensitive choices in the beginning of the process that could impact how you receive healthcare for the rest of your life. It’s incredibly vital that you understand your options and the full spectrum of costs associated with Medicare in order to find the best plan for you.
If you are ready to explore available plans in your area, click below to browse Renew’s Medicare Marketplace.
5. What do I want my life to look like?
We know this is a philosophical question, and, more often than not, a moving target. Nevertheless, it’s exciting to imagine what you will be doing with your hard-earned PTO, and you should take the time to write down your ideas. Have you always wanted to live in a different part of the country? Maybe you’re destined to start a new pseudo-career through volunteer work. The options are boundless, and it’s your time to shine.