Retiring is the goal of every worker who dreams of  leisurely breakfasts and time in the garden. However,  getting to retirement takes some financial effort and  strategic planning. The reality of having no job means  that you’re on your own when it comes to every facet  of your financial life. Before you send in that letter of  resignation, get familiar with the top questions that you  need to ask yourself before retiring. You’ll have less  stress as a result of these well-answered questions. 

What’s Your Plan For Healthcare? 

When you’re working, your employer’s coverage keeps  you healthy with reasonably affordable policies. All of  that changes when you retire, however. Ask yourself if  you have a plan for healthcare coverage. Ironically, the  time of your life when you really need healthcare  coincides with the lack of an employer’s policy.  

Luckily, the federal government offers Medicare. From  the moment that you turn 65 years of age, you can  take advantage of this program. It covers the bulk of  your medical needs, and there are supplemental  programs for options that you care to invest in.  

COBRA insurance coverage is possible between your  employment period and signing up for Medicare, but it  only lasts for up to 18 months. It can also be very  expensive because the employer isn’t paying for part of  the cost. Ideally, you’ll want to rely solely on Medicare  while looking for supplemental programs to cover  speciality items, such as vision.

What Will Your Income Include? 

On average, Social Security will cover about 40 percent  of your income in the golden years. You can start  payouts as early as age 67, but many retirees choose  age 70 because there’s a higher monthly payout as a  result of waiting. Your retirement savings must cover  the bulk of the remaining shortage. 

Many financial experts teach the concept of the 4- percent rule. In essence, you can take 4 percent of  your funds from a retiring account each year, and you  should still have enough money to cover your  remaining years. There are other calculations to  consider, such as understanding how much money  you’ll need each month in these relaxing years.  Although some experts believe that you can live off of  70 or 80 percent of your previous earnings, it’s ideal to  shoot for a comparable income as earned during your  working days. With this tabulation, you have extra  funds for hobbies and traveling. 

Do You Have Plans For Your Time Off? 

Planning for your golden years also means that you  need to fill the time that is now open to you. Isolating  yourself from your social network at work can be  detrimental to your health. Make rough plans for your  golden years because filling the time can be a  rewarding prospect. Volunteer with charities, help out  the family or get a part-time job. Working as a  consultant with your previous employer might be an  option that keeps you connected while still enjoying the  spoils of retiring in your 60s. 

It’s natural to try new things, but then you’re not too  thrilled with them. Continue to explore as you grow  older because you might find a hobby or talent that  sparks creativity in your mind. Many retirees find  themselves starting a business as they learn how to  offer a product or service that counts in the  neighborhood. 

Stay updated with your retirement plan by logging into  your funds regularly. By knowing how much you have  and where it will be allocated gives you a clear view of  your retirement pathway. Retire with confidence that  your plans will stand the test of time as opportunities  spread out ahead of you.

Does your plan meet all your retirement needs? Schedule an appointment now with one of our advisors for a complimentary review of your retirement plan.