Retirement

Tips for a Successful Retirement

Retirement Planning
Plan ahead for a comfortable, worry-free retirement

Whether retirement is around the corner or decades away, planning is the key to a successful and enjoyable one. These tips will help you start a plan — or add to the one you already have.

1 Why Planning Matters Today

Whether retirement is just around the corner or a few decades away, planning is key to a successful and enjoyable retirement. If you don’t yet have a plan, these tips will help you start one. If you happen to already have a plan, then read on because there may be something valuable that you can add to your list.

Retirement doesn’t just happen at a certain age like it did for our grandparents or great-grandparents where they worked a certain number of years, built up a pension, and then retired. Though life is different for us, retirement is possible. It just takes a bit of planning. Here are some tips to help you formulate a successful retirement or add to your existing plan:

2 Plan to Live to 100 (or Longer)

Since we are living longer, it is safe to say that it’s possible that you could live this long. If you only plan to live until age 85 and base your retirement on this age but really live to age 100, your money will run out long before you do!

3 Save, Then Save Some More

Then save, save, save some more. Saving money is never a detriment. Not having money when you need it, however, is. Each year until you retire, plan to invest in your company’s 401k plan, take out an IRA or Roth IRA, or do some type of saving that you can label “retirement” and not touch until that time.

4 Reduce or Eliminate Your Debt

In addition to saving, you’ll want to work on paying things off and this includes your mortgage. If your mortgage cannot be paid off before you plan to retire, consider a reverse mortgage at age 62 or older so you don’t have that monthly mortgage payment.

5 Expect the Unexpected

You may not need long-term care, but plan for it anyway. Medicare doesn’t cover these expenses and long-term care can exhaust your retirement savings quickly. Consider long-term care insurance before age 55 so it’s less expensive in the future. Sometimes life happens in way that we don’t expect!

6 Envision Your Retirement

Will you move closer to your family members? Will you travel? Will you downsize your home or purchase a second home so you can be a snowbird? Once you have an idea of what you think you want in your retirement years, you can adjust your retirement plan to accommodate your desires.

Like preparing for a baby that is coming by getting the baby’s room ready, buying diapers, etc., retirement is easier when we simply plan for it. Having a plan is sure to make retirement an easier transition and lifestyle when the time comes!

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Frequently Asked Questions

Why is planning so important for a successful retirement?

Retirement no longer happens automatically the way it did for past generations who worked a set number of years, built a pension, and retired. Today life is different, so a successful and enjoyable retirement takes planning. Whether retirement is around the corner or decades away, having a plan — or adding to an existing one — makes the transition far easier when the time comes.

How long should I plan for my retirement to last?

Plan to live to age 100 or longer. Since we are living longer, it is entirely possible you could live that long. If you only plan to live until age 85 and base your retirement on that age but really live to 100, your money will run out long before you do. Building your plan around a longer life expectancy helps protect against outliving your savings.

What are the best ways to save for retirement?

Save, then save some more. Saving money is never a detriment, but not having money when you need it is. Each year until you retire, plan to invest in your company’s 401k plan, take out an IRA or Roth IRA, or do some type of saving that you can label “retirement” and not touch until that time.

Should I pay off my mortgage before I retire?

In addition to saving, you should work on paying things off, including your mortgage. If your mortgage cannot be paid off before you plan to retire, consider a reverse mortgage at age 62 or older so you don’t carry that monthly mortgage payment into retirement.

How do I plan for long-term care costs in retirement?

Expect the unexpected. You may not need long-term care, but plan for it anyway. Medicare doesn’t cover these expenses, and long-term care can exhaust your retirement savings quickly. Consider buying long-term care insurance before age 55, when it is less expensive than it will be in the future.

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Get smart tips for a successful retirement: plan to live to 100, save in a 401k or IRA, cut debt, and prepare for long-term care. Start your plan today.

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Whether retirement is around the corner or decades away, planning is the key to a successful and enjoyable one.

Whether retirement is just around the corner or a few decades away, planning is key to a successful and enjoyable retirement.

Retirement doesn’t just happen at a certain age like it did for our grandparents or great-grandparents where they worked a certain number of years, built up a pension, and then retired.

Since we are living longer, it is safe to say that it’s possible that you could live this long.

Then save, save, save some more.

In addition to saving, you’ll want to work on paying things off and this includes your mortgage.

You may not need long-term care, but plan for it anyway.

Will you move closer to your family members?.

Like preparing for a baby that is coming by getting the baby’s room ready, buying diapers, etc., retirement is easier when we simply plan for it.

Retirement no longer happens automatically the way it did for past generations who worked a set number of years, built a pension, and retired.

Plan to live to age 100 or longer.

Save, then save some more.

In addition to saving, you should work on paying things off, including your mortgage.

Expect the unexpected.

Billshark negotiates your bills for you — no savings, no fee.

Billshark helps lower internet, wireless, cable, satellite radio, and other monthly bills.

Our experts handle providers for customers and share updates throughout the process.

Customers pay only when Billshark finds savings on eligible bills.

1 Why Planning Matters Today.

2 Plan to Live to 100 (or Longer).

3 Save, Then Save Some More.

4 Reduce or Eliminate Your Debt.

5 Expect the Unexpected.

6 Envision Your Retirement.

Frequently Asked Questions.

Why is planning so important for a successful retirement?.

How long should I plan for my retirement to last?.

What are the best ways to save for retirement?.

Should I pay off my mortgage before I retire?.

How do I plan for long-term care costs in retirement?.

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