After retiring, you should be able to enjoy the golden years of your life and the rewards of all of the hard work you have done over the years. However, what you may not consider is that having a successful and enjoyable retirement requires thoughtful planning. The team at Bush & Taylor, P.C. is here to explain what you can do in order to have the retirement that you deserve.
Focusing On Retirement
Before retiring, it is important to consider what type of retirement you would like to have. Do you still plan to work part-time? Do you have established methods of passive income? These factors can impact how you acquire income and the benefits you receive. Furthermore, you should still have activities and commitments in place after you stop working, as this can benefit your overall health and well-being.
What Are Your Income Needs?
Depending on your situation, you will have different income needs. For example, you may have unpaid debts or other reoccurring expenses to account for, such as caring for elders or any children that you may have. This will impact your timeline and ability to retire without stress or worry about your financial well-being.
Avenues of Income
After you retire, there are several avenues of income to consider. Many are familiar with Social Security benefits, however, they may not know the importance of deciding when to draw these benefits. Your monthly benefit amount will be impacted by when you decide to start drawing. You may also receive other government or job-related benefits, which will also influence your income. It is best to have a document or portfolio that dictates your income throughout retirement.
Healthcare during your retirement will be crucial. You will need to explore all of your potential options, such as enrolling in your spouse’s care plan or obtaining government-based medicare. You can also purchase your own long-term health insurance to make sure you get the care that you need during your retirement.
Plan With An Attorney
In order to make sure that you get the most out of your retirement, working with an elder law attorney can help. The team at Bush & Taylor, P.C. is here to help you when you are ready to plan your future.
Reach our office today at (757) 926-0078 to schedule a consultation.