Retirees

Retirement made real

Maybe a few decades ago, you thought of retirement as an abstract, “someday” thing. But now, it’s starting to feel more real and a lot closer to becoming your new normal. Deciding when to take this step can depend upon several things.

Visualize your retirement lifestyle

What will you fill in your day if you are not working? What activities or hobbies do you want to indulge? After all, retirement is supposed to be a reward for all those years of hard work.

Budget basics

Very few of us will lead the life of the rich and famous when we retire. But you can do the math of the things your retirement income can afford. Just don’t overlook increased healthcare expenses, which have risen twice as fast as inflation since 1979, per the US Dept of Labor. Medicare does have out-of-pocket requirements, which may mean you need supplemental or “Medigap” coverage. Your tax status will also change, so consulting a tax professional before retirement should be considered a must.

Visit the official US Government website for Medicare.

Visit the official US Government website for Social Security.