Budget for Retirement
If you haven't spent time analyzing your expenses in retirement, now's the time! You should calculate all your expenses of what you spend now and what will change once you retire. One of the biggest mistakes retirees make is underestimating their expenses.
Do a Fee and Cost Analysis of Your Investments
Once you have calculated all of your monthly expenses, use a retirement analyzer to validate that you won't run out of money during retirement. Here is a great calculator we found online: https://ffcalc.com/how_long
Make Changes to Your Health Insurance
It can be easy and convenient to simply renew your current plan for next year. However, this simple misstep could become extremely costly. If there are signs that you may need more coverage in the coming years, you should make those changes accordingly with your insurance plan.
Determine How Much You Will Be Taxed
As you know, your various sources of retirement income will be taxed! It’s important to meet with a professional tax expert to help you determine how much of it will be taxed and maybe even help you find ways to help minimize your taxes in retirement.
Make a Timeline of Your Retirement Income
You should write down, year by year, a timeline showing when all your retirement income sources will begin. This will help you manage your cash flow and determine if there are any gaps in your retirement.
Maximize Your Social Security
There are so many ways to turn on your Social Security benefits, and there are also many loopholes you may not be aware of. Make sure you speak with an expert before turning on Social Security to ensure you're getting the most out of your hard-earned money.
Inflation Proof Your Retirement
Did you know you could have an increasing income for life with certain retirement vehicles? Find out how in our free report “NextGen Annuity™ Strategies”. Just call (800) 207-0571 and ask to speak with one of our licensed insurance professionals.
Separate Your "Paychecks" from Your "Playchecks"
Your “paychecks” are the income you need to cover bills, food, clothes, etc. Your “playchecks” are extra money you can use for anything from investing in the stock market to buying a new car. It is important to know the difference and plan accordingly.