If you are preparing to retire, there are many factors to think about in terms of your new lifestyle. Here are some things to make sure you address before you retire, so you can enjoy your golden years in peace.
Pension and Social Security
Depending on when you retire and the type of job that you had before you decide to stop working, you will either receive a pension, a Social Security stipend, or both as income to support yourself when you are no longer employed. It is important to use these payments to calculate how much income you will be earning every year, as well as any other financial factors, such as investments, stocks, dividends, and retirement savings accounts, like your 401(k). If you retire from a career where you have a pension, often times this amount exceeds what Social Security offers. Your pension amount is determined by how long you worked for the company, as well as a percentage of what your salary was.
Many retirees have access to health insurance as part of their pension plan from the job they retired from, but for a cheaper and more universal alternative, it may be a good idea to consider medicare insurance as your primary form of healthcare. Medicare is often cited as the most popular and easy to navigate system for seniors. If you are suffering from a condition that requires prescription medicine every month or require regular doctor's appointments without having to worry about the cost or what your insurance plan will cover, then Medicare may be the best option for you and your spouse. Staying healthy is an integral part of making the most out of retirement.