To have a comfortable and secure retirement, it’s best to plan as early as possible. Aside from ensuring enough money is in your nest egg for the years to come, this will allow you to have peace of mind in case of any emergencies. Retirement planning is quite complicated, so having a checklist of what you need to do can be helpful. Here are some of them:
- Check All Your Assets
Before you start planning, it’s crucial to look into all your assets and liabilities. This includes debts, retirement accounts, savings, and any other investments or financial resources you may have. Adding these to your retirement checklist will help you determine your current financial status and aid in strategizing the best plan for your retirement.
- Determine Your Retirement Lifestyle
Figuring out early on how you want to live once you retire will greatly benefit planning for your retirement. Consider factors such as housing, everyday expenses like food and transportation, healthcare, hobbies, and travel. Through this, you can have a rough estimate of how much money you’ll need upon retiring.
Besides that, you should also factor in whether you’ll be working part-time, starting a small business, or pursuing further academic studies. Since these factors affect your future financial situation, it's best to consider them in retirement planning.
- Review Your Health Coverage
One of the costliest expenses once you retire is healthcare. For that reason, ensuring you have enough allocated budget for medical needs, or even better–health insurance–is crucial. One way to get healthcare coverage upon retirement is Medicare, which is a government insurance program available to those who are 65 or older.
While Medicare provides various healthcare benefits, their coverage still varies. So, if you have specific medical needs, check which treatments or health conditions are covered by Medicare. You can also consult an expert to determine the best plan of action for your healthcare needs when you retire.
Reach Out to a Trusted Financial Advisor
While planning your retirement is doable on your own, having a financial advisor’s help can make a lot of difference. Mark Lamkin of Lamkin Wealth Management has formed a team of professionals who can help you with various financial needs. Contact us at our office in Louisville, KY today or visit our website for the list of services we offer, including wealth and estate planning.