So, you‘ve hit your golden years! Congratulations. But remember, with this time also comes many important financial decisions to make. Your income is lower and costs such as medical will likely increase. Therefore, it is important that .you have total awareness about your financial situation as you prepare for retirement. This way you can make informed decisions on how to become debt free in your retirement.
Checklist on How to Prepare for Retirement
When you prepare for retirement it is important that you cover all aspects. These areas include:
- Legal documentation
- Information on medical insurance and benefits
- Financial status at retirement
- Any useful savings tips
ACCC has resources to support each of these areas.
Prepare for Retirement – Legal documentation:
The main questions you should ask yourself are do you have a will? How about a power of attorney? Have you got a health care proxy? These are important questions to find answers to. Each of these questions needs a lot of information and analysis to finalize and is time-consuming. Therefore, start what you can early enough to prepare for retirement. Visit ACCC’s legal documents resource page for more information.
Prepare for Retirement – Medical Insurance
How knowledgeable are you about your medical and other insurance benefits? Have you carefully gone through the changes on Medicare/affordable care Act? The minor information in these policies can sometimes make or break your retirement. Therefore take time to visit our medical insurance resource page for more information.
Prepare for Retirement – Retirement Calculators:
If you are one to know exactly when you want to retire you have to be keen on the financials. You have to vigorously work towards reducing credit card debt and managing your financials geared towards retirement. In doing so, ACCC’s retirement calculators can come in real handy!
Prepare for Retirement – Savings Tips:
A content, stress-free retirement depends on how much money you have saved to ease your silver years. Although retirement may seem a far-fetched concept right now, it hits you when you least expect it. Therefore, saving towards retirement as early as possible makes the most sense. Refer to ACCC’s savings tips page for more information.
If you are thinking about retirement and is need of budgeting & credit advise feel free to speak with ACCC’s certified counselors today! Call 800-769-3571.