Retirement provides a chance to enjoy the fruits of your labor. However, an enjoyable retirement requires proactive planning. In putting together your plan, be sure to ask yourself these five questions.
1. Where should you live in retirement?
You’ll need to weigh the benefits and drawbacks of any potential locations and choose the one that best suits your lifestyle. Living in a city gives you cultural attractions, convenient mass transit and excellent doctors and hospitals, but may cost you a premium for real estate. That affordable country home may take you many miles from friends and family. Or, a carefully chosen retirement community can provide security and organized social activities, but you may find that you miss being near younger people. Only you can decide what’s important.
2. Should you plan to work in retirement?
Retirement isn’t what it used to be. Today most people say they plan to work in retirement because they’ll need to supplement savings or because they want to stay connected. The key is being able to work on your own terms with less stress and flexible hours.
3. How do you navigate the Medicare maze?
AARP found that 62% of boomers have not fully accounted for health care expenses in their planning. To keep yourself in-the-know, stay up on the health care reform bill changes and choose your policy wisely. We recommend reviewing your options carefully at medicare.gov or by calling 800-MEDICARE if you have additional questions.
4. How will you live when the paychecks stop?
Working longer, saving more today, and being realistic about spending assumptions will all help make for a workable plan. Take a look at your self-directed and self-funded tax advantage savings accounts, including IRAs and 401(k)s. You’ll want to optimally fund these accounts now in order to draw them down at a sustainable rate during retirement.
5. Who can help me?
You have many choices when searching for help in building and managing a retirement plan. As the financial advisor at 1st United Credit Union through CUSO Financial Services, L.P. (CFS), Rahil Machiwalla can answer questions or help provide direction. He is available to chat by phone or can meet you at any 1st United branch. Call Rahil at (925) 598-4718 or schedule your appointment today.
*Non-deposit investment products and services are offered through CUSO Financial Services, L.P. (“CFS”), a registered broker-dealer (Member FINRA/SIPC) and SEC Registered Investment Advisor. Products offered through CFS: are not NCUA/NCUSIF or otherwise federally insured, are not guarantees or obligations of the Credit Union, and may involve investment risk including possible loss of principal. Investment Representatives are registered through CFS. The Credit Union has contracted with CFS to make non-deposit investment products and services available to Credit Union members. Please consult a qualified tax advisor for specific tax advice.
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