Retirement provides a chance to enjoy the fruits of one’s hard work. However, an enjoyable retirement requires proactive planning. In putting together your plan, be sure to ask yourself these five questions.
Where Should You Live in Retirement?
You’ll need to weigh the benefits and drawbacks of any new potential location and choose the one that best suits your lifestyle. If you want to live in a city where you can take advantage of cultural attractions, convenient mass transit and excellent doctors and hospitals, you must be prepared to pay a premium for real estate and weather higher taxes and expenses. Meanwhile, that affordable country home may take you many miles from friends and family. While a carefully chosen retirement community would provide security and lots of organized social activities, you may find that you miss being near young people. Only you can decide what’s important. The good news is that there is a wealth of material on the Web and in print to help with your research.
Should You Plan to Work in Retirement?
Retirement isn’t what it used to be. Today most people say they plan to work in retirement because they’ll need to supplement savings or because they want to stay connected. The key is being able to work on your own terms, with less stress, and flexible hours.
How Do You Navigate the Medicare Maze?
AARP found that 62% of boomers have not fully accounted for health care expenses in their planning. To keep yourself in the know, stay up on the health care reform bill changes. Each year choose your policy wisely.
How Will You Live When the Paychecks Stop?
Working longer, saving more today and being realistic about spending assumptions will all help make for a workable plan. Take a look at your self-directed and self-funded tax advantage savings accounts, including IRAs and 401(k)s. How can you optimally fund these accounts now in order to draw them down at a sustainable rate during retirement?
Who Can Help Me Plan?
You have many choices when searching for help in building and managing a retirement plan. In particular, the financial professionals here at Consumers Credit Union will work closely with you to clarify your retirement goals, develop and implement a plan, and provide ongoing advice in pursuit of those goals.*
*Non-deposit investment products and services are offered through CUSO Financial Services, L.P. (“CFS”), a registered broker-dealer (Member FINRA/SIPC) and SEC Registered Investment Advisor. Products offered through CFS: are not NCUA/NCUSIF or otherwise federally insured, are not guarantees or obligations of the credit union, and may involve investment risk including possible loss of principal. Investment Representatives are registered through CFS. Consumers Credit Union has contracted with CFS to make non-deposit investment products and services available to credit union members. CFS and its Registered Representatives do not provide tax advice. For such advice, please consult a qualified tax advisor.