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 Osaic Institutions, Inc., 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.
This information brought to you by:
Rahil Machiwalla, Osaic Institutions, Inc.*
CA Insurance Number: 0G20361
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*Investment and insurance products and services are offered through Osaic Institutions, Inc., Member FINRA/SIPC. Osaic Institutions does insurance business in California as Osaic Institutions Insurance Agency. CA Agency License #OH30186. Osaic Institutions and 1st United Credit Union are not affiliated. Products and services made available through Osaic Institutions are not insured by the NCUA or any other agency of the United States and are not deposits or obligations of nor guaranteed or insured by any credit union or credit union affiliate. These products are subject to investment risk, including the possible loss of value.
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