Making sure you are knowledgeable regarding your retirement and your healthcare is key to a successful retirement plan. There are numerous things to know regarding retirement, but healthcare is one of the most vital elements to plan for. In this article, we are going to go over three basic tips for managing your health in retirement. If you already have a health plan for retirement, you may still find these tips helpful should you need to adjust your plan. If you do not already have a plan put together, this is a great place to start. Keep reading!
1. Know Your Options
Most employers offer a health savings account when you accept the job. However, not all employees actually take advantage of these benefits. There are multiple options for managing your healthcare in retirement, however, if your employer offers an HSA (Health Savings Account), it is recommended to enroll in it. There is also an FSA (Flexible Savings Account) that some employers offer, however, you cannot roll over your funds into the following year (Forbes).
2. Plan Ahead
Staying on top of your retirement plan, in general, is one of the most important parts of getting closer to full retirement age, which depends on the year you were born. If you do not know your full retirement age, visit here. The Social Security Administration website has multiple tools that you can utilize to determine your specific retirement age and the impact of delaying withdrawal or withdrawing early (before your full retirement age). This is important to take note of because you will know more about when you are fully eligible to receive your Social Security benefits that you have worked your entire career for.
Your perfect retirement probably looks something like driving down the road in a convertible next to the ocean, right? Well, as you continue to grow older, you need to ensure that you are prepared for long-term care once the time comes around. Having a glamourous retirement is what every pre-retiree wants, however, you also need to prepare for your life as you continue to age. What this entails is that you have a blueprint for what long-term care looks like, whether it be a senior living facility or assisted living.
Now, we know that retirement planning can be quite daunting, however, it is something that you can never plan too early for. Your health in retirement determines a lot, so it is essential that you stay on top of your plans for your health as you continue to age. Healthcare in retirement can be costly, so it is recommended to speak with a financial professional for advice catered directly to you and your financial future.
Beacon Financial Group would be happy to help guide you when it comes to your life in retirement. If you would like to speak to one of our advisors, give us a call (972) 726-9888 or visit our website here.