A goal for retirement is to be happy, healthy and financially comfortable. To achieve that goal, you want to ask yourself: am I saving enough, how long will my money last and when will I be able to retire? With an average lifespan of 83 to 85 years, your retirement savings need to last a lot longer than in previous years and of course your overall health-related costs will be greater for your average extended life. It is suggested to conduct an insurance audit for yourself as retirement time comes close.
You will find that Insurance is about the most important financial aspect of retirement, consisting of medical, vision, long-term care and life insurance. Medical insurance is a must. Know your options and keep up with all the changes to federal health care offerings. Also, be informed of yearly changes in your supplemental Medicare coverage to insure the best benefits and coverage. Vision insurance becomes more necessary as you age since eyesight seems to worsen. You will want a yearly eye exam and potential savings on frames and lenses. Long-term care insurance is critical for the eventuality of something unforeseen. Because long-term care is not covered by traditional Medicare or Medicare supplemental insurance, you want to find ways to fund these costs. Life insurance is of great concern to replace your income in case of death, if someone is dependent on that income. If a spouse or children are dependent, you will want to continue life insurance payments; that may be unnecessary if you have saved enough and no-one needs the additional life insurance amount.
A majority of Americans surveyed say they don’t know how much money they will need in retirement but the consensus is that the most important ingredient for a happy retirement is their health. Therefore, the best retirement plan involves not just your finances but also ways to stay mentally and physically healthy. Staying active and social, having a purpose and challenges will reap rewards in your retirement years. For additional ideas and information go to: https://www.nextavenue.org/keep-yourself-covered-in-retirement/
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