Mapping out your retirement - from estimating your needs to planning your income - means giving yourself greater possibilities and freedom to enjoy your future.
Preparing for retirement? Start with these three key areas
Ahhhh, retirement: It's what you've worked, saved, and planned for all these years. Now that it's approaching, have you thought through all the steps you need to take to transition into retirement? Here are three major planning areas to talk through with a guidance represantative:
- Turning savings into income. To start your next chapter in life with comfort and confidence, you'll need to create a plan to turn the money you've saved into a steady stream of income. We can help you create a strategy for investments, withdrawals, taxes, and other factors.
- Timing your Social Security benefits. You're eligible at 62, but when should you start collecting Social Security? While there is no one-size-fits all answer, waiting could potentially increase your retirement income.
- Planning for health care costs. This is a biggie - and often underestimated. How big? Fidelity estimates a couple retiring in 2014 between the ages of 62 and 67 will need $10,000 to $17,000 per year to cover health care costs in retirement.(1,2) Consider how much health care will cost you, how much Medicare will cover, and how you will bridge the gap.
Hopefully this got you thinking about your own situation. Make sure you've covered all the details by calling one of our guidance representatives today. Whatever your vision of retirement, we'll help make sure you're well prepared to bring it to life.