How To Prepare For Your Retirement As Early As Today

How to prepare for your retirementAs parents, when we’re still young and strong, we tend to think more of our children’s well-being instead of our own. This is natural and praise-worthy. But have you ever thought about the time when you’ll be the one in need of time, attention, and money? Have you considered that this period will eventually come and would you want to burden your children, not only of caring for you but also of paying for your needs?

Planning for your retirement should be your priority second only to saving up for the education of your children, according to a recent post in US News and the article continues to explain the different ways you or your child can get financial assistance for their education.

But for your retirement funds, you only have a few options, so here are some ways you can prepare for your retirement while you still can:

If you’re a woman, consider the following:

  1. Check with your employer if you qualify for their retirement savings plan or pension plan. Ask them to start one if they don’t have any in place. Open your own retirement savings account and be religious in saving a certain amount monthly.
  2. Find out what your Social Security retirement benefits are and how you can file for it when you already need it.
  3. Check with your bank and other financial institutions on other options they could provide you.

If you’re a divorcee, here are some ideas:

  1. You’re entitled to Spousal benefits if your marriage lasted for more than 10 years.
  2. If your ex already died, you could collect survivor benefits.
  3. It’s best to collect these at your full retirement age of 66.

But of course, don’t forget to check with your local Social Security office for more details.

Get a health savings account and whole life insurance

When at your prime, your healthcare may be more expensive than you would’ve expected. Fidelity Investments even reports that retiring couples could expect to shell out $220,000 for health care costs. An HSA or Health Savings Account could help you cover these future expenses. A whole life insurance, on the other hand, could provide your needed support for your everyday needs once it’s in effect.

Your insurance agent like M.L. Bruenn for those in New Rochelle can help you about the policy details. Contact him to get comprehensive information and it’s best to start today.

Photo credit: Uruvyel

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