Showing posts with label health care costs. Show all posts
Showing posts with label health care costs. Show all posts

Wednesday, August 2, 2017

4 Ways Retirees Can Set Themselves Up for Financial Bliss

It can seem futile to consider how to plan for retirement especially for those who may have little to no savings currently. Knowing how much to save, where one is going to live and how many health care bills are going to roll in can be nearly impossible. 

However, even with all of these variables, soon-to-be retirees and the currently retired can take steps to ensure a financially secure and stress-free future.

Proper Savings

Plenty of savings is key to a comfortable retirement. Those who are still working should be saving a minimum of 10% of their gross earnings in a retirement account. 

However, spending strategies are best based on actual calculations of how much money will be needed in retirement and at what age saving will begin.

Wealth Management

Wealth management lets retirees hand over the reins of their financial planning to trained professionals. Some of these professionals, like those at Trajan Wealth, know how confusing financial planning can be. 

These people can help with retirement planning, estate planning, taxes, and other assorted accounting needs. Because they know the intricacies of investments as well as the health of the economy, they will have the best gauge of how money should be spent and saved during retirement.

Healthcare Coverage

Health care is often one of the biggest costs during retirement. In fact, according to CNN, health care costs the average retiree approximately $260,000. 

Therefore, seniors will want to evaluate their health care plans yearly even after they qualify for Medicare because Medicare typically does not cover everything. Moreover, they may want to consider long-term care insurance and health savings accounts.

Part-Time Jobs

Retirees who would like a little extra cash due to decreased savings prior to retirement, unexpected costs or the desire to make larger purchases during retirement may want to consider picking up part-time jobs. 

This is often something that the individual loves to do and may center on a former hobby, such as woodworking, music, gardening or crafts. These small jobs can often be enough to make travel possible or to fund expensive tastes.

While many aspects of retirement can be planned individually without any outside help, some aspects can definitely blossom with the help of a trained professional. Wealth management and investments are often best overseen by someone with years of experience who has a close eye on the current market and economic temperature. 

With proper investments and careful living, nearly anyone can retire comfortably and with at least a bit of spending money on the side for traveling and other dreams.

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