Retirement planning can be confusing and it can be difficult to know where to start. You may have a long list of questions about your retirement and how to fund it. CKS Summit Group are here to help you find the answers.
It is important that you understand your retirement accounts so that you can plan for retirement effectively. From when to retire to how much to save, here are six expert-backed answers to crucial retirement questions.
1. How do I retire?
Leaving the workforce may be as simple as filling out paperwork with your HR department, but replacing a paycheck can be much more tricky.
If you want to know about how to move from the steady income of the workplace to living off their retirement savings, the answer is usually found by sitting down with a professional retirement planner and determining how much you should pull out of retirement accounts and on what schedule.
2. When can I Retire?
Saving for retirement is essential. Do not sell yourself short by using the excuse that you do not have money to save. Learn ways to find money to save for retirement. Once you are financially ready, you can safely retire.
Those who need Social Security to retire can’t begin collecting benefits until age 62 at the earliest. And Medicare doesn’t begin until age 65, meaning workers who receive health insurance through an employer may wait until then to retire.
3. How Much Should I Save?
You know that you should be saving for retirement, but you may not know how much that should be. If you are worried that you are not saving enough, or wish that you could have a little bit more money to spend each month, you may be looking at your retirement contributions and wondering if you should adjust them. A good place to start is using online free financial calculators. If you’re not bringing in enough, you should speak with a retirement-income specialist about opportunities you may be missing like investing in stocks and shares. And always budget on the conservative side while you’re making your plans.
4. When Should I Begin Taking Social Security?
Workers can take Social Security as early as age 62, but you will permanently reduce your monthly benefits by 25%. The full retirement age for those born from 1943-1954 is 66, and seniors can get up to an 8% bump in benefits for each year they delay their claim up to age 70.
5. How will I Pay for Medical Expenses?
While most retirees are eligible for Medicare at age 65, early retirees may need to bridge the gap between when they lose their workplace benefits and begin their government coverage. To do this, you could need an individual policy through the health insurance marketplace. Insurance plans purchased through the marketplace may be eligible for government subsidies that lower out-of-pocket costs for retirees.
Check out a recent CKS Summit Group blog here for more information on other insurance policies you need to consider in retirement.
6. What will I do in Retirement?
This is one question only you can answer. Everyone’s retirement dreams are different. Whether you want to spend your golden years relocating to a warmer climate, downsize your home, take up a new hobby or even start a side-job such as dog walking: The possibilities are endless.
Start by making a list of everything you want to achieve, and begin the steps to achieve those dreams, whatever they may be.
Let’s Get Started!
We’re sure there are so many other questions you have when thinking about retirement, and the experts at CKS Summit Group are here to help.
Whatever your goals, we’re most interested in what you want out of life. Asking the right questions enables us to offer retirement income options for you, so click here to set up your complimentary strategy session with us today!