Actionable Steps for Your Retirement in 2020 Laurent Carrier
Something good is finally brimming on the horizon, your retirement! After years of working, planning and saving, it finally time to take some rest and make your golden years truly a golden one. That is if you are fully prepared financially. While some can boast of financial stability and adequate preparedness for the retirement year, the financial ground is still shaky for others. Whatever the case, if 2020 is the year you will finally be bidding bye to the working world, Laurent Carrier, a certified retirement planner in Colorado Springs, share some actionable steps to take to get you prepared for the coming years and ensure you live a comfortable life free of financial worries.
Create an Initial Budget Plan for Retirement ╺
What are your retirement goals? How will your expenses be affected in retirement?
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And how much have you saved up? It all depends on the lifestyle an individual wants to live during those freedom years.
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While some just wants to tend the garden and have some family bonding time, some might just want to travel around the world and some are still planning to fund their children’s education after retirement.
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Set realistic goals and create a retirement budget accordingly.
Buckle Up on Savings ╺
If you are at the last leg of your working years, it is time to double up on your savings. Knowing how much you have saved and how far it is going to last you in retirement is very critical in retirement planning.
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You can run a retirement calculator to evaluate how much you have saved up, and if you are in good standing for the coming years.
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A good rule of thumb for serious retirees is to sock away more income and maximize savings in their 401(k) and IRA.
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You can as well set aside as much as you can in Roth IRAs or Roth 401(k) plan.
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“If you plan to quit the workforce, you stop earning and generating income. You withdraw more and generate more expenses which will likely come with taxable incomes.
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However, maximizing your savings when you are in the last decade of work will help you avail of the tax benefits”. Says Laurent Carrier.
Review your Health Insurance Coverage • •
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Health-related costs contribute a huge quota of retirement expenses, hence, it is vital to review your health insurance changes and cost. Once you reach the age of 65, you are eligible for Medicare cost, however, it doesn’t cover all nonroutine and long-term care expenses which are likely to arise as you age. To help protect yourself from the unexpected, consider buying long term care insurance, and contribute maximally to your health savings account. While at it, make sure you review your options and the cost involved as health coverage can be difficult to sail through.
Set Up your Estate Planning ╺
Estate planning is not only meant for the rich, but it also is a way of ensuring your loved ones are protected after you are gone.
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In regard to this, you need to work with professionals such as lawyers, financial advisors, and others related to the field.
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Take your time to research these professionals, make a schedule and work with them to determine and map out your estate plans.
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“We have heard of family mess and how family members wage war against each other because of disagreements on who is supposed to take care of assets or manage finance.
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Estate planning is a way of stating down who is responsible for the management and control of assets and finance.” Laurent carrier says.
down with the professionals you are “ Sit working with together with your family members to make the review. You want to make sure your loved ones are taking care of according to your wish after your death.� Laurent advises.
Thanks!