Factoring continuing bills like credit card bills and utility bills. There are things I’ll have hopefully paid off (car, house, student loans, etc.), but I hope to also have money to cover continuing expenses.
What about folks not able to have a house paid off? What must they have to retire?
@Susan - I've looked to this article for mortgages in retirement: https://blog.massmutual.com/post/retire-mortgage
Everyone's financial situation is different, but more than anything, I think just having a good savings account is a good place to start.
Honestly, there isn't really anything you need to know before you retire that is any different from your current life. It really should be like a balance sheet where you hopefully have the income to support your expenses (lifestyle). You're lucky if you've paid off your car or house but that doesn't really matter if your income covers for those items.
So the biggest change with retirement is your income. Traditionally it will come from investments (brokerage, IRA, Work RA, etc), business, pension etc. You just need to calculate if the income from these areas cover your expenses.
The second change tends to be health insurance. So you'll need to research the added cost of that for your individual situation.
Last piece of advice. This is probably a really good time to see a fee only certified financial planner to just see your situation and if your'e on the right track.
Having a good savings account is the best place to start..
Yes, having a savings is good. And as Danielle stated, everyone's situation is different.
remind
Enjoy life
Good savings are always to your Advantage.
SS alone is not enough
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give thought to what you will do with your time that brings enjoyment
It was a good one
It's a very nice one
nice
great
Try not to withdrawal more than 4-5% of your overall assets each year (this should reset annually).
I say plan to work past your full retirement age (67 for most) to get the most out of your social security payment. If you can wait until 70 then you get around 8% increase per year from age 67-70. Ofcourse all depends on your personal situation including health, financial resources, 401K balance, medical history of family, etc etc. This way you can get a higher payout for the remaining of your life without having to worry of this stable income drying out.
@Susan - I've looked to this article for mortgages in retirement: https://blog.massmutual.com/post/retire-mortgage
Everyone's financial situation is different, but more than anything, I think just having a good savings account is a good place to start.
I appreciate this link!
Save what you can, but still enjoy life
Once you retire you will have your Medicare insurance preiums deducted from your social security check each month. You have to pay to receive Medicare.
Is Medicare something everyone eventually gets put on based on age? Or is it age and income based?
Nice
Contact your jobs retirement/pension department, they can guide you better.
I just hope I save enough money for my son's security.
