September 16th, 2015 1:38 PM by Sharon Mason
Tips for Planning
Retirement in 2015
Are you planning on retiring
in Arizona this year?
Congratulations! Before you put away your punch card and head off to your luxury retirement
community, make sure you’ve effectively planned your retirement in a way that will benefit and support
you. Here are 3 tips for planning retirement in
1.) Manage your MedicareWhen it comes to retiring
in Arizona, it’s essential that you sign up for Medicare as soon as you are eligible to.
In fact, it’s best to submit the paperwork for Medicare up to three months before the age of
sixty-five to avoid possible penalties for late sign up. Having an idea of Medicare
costs in advance will
also help you budget for out of pocket costs should they arise.
2.) Sign up for Social SecurityDid you know that when you sign up for Social
Security can affect
how much you receive each month? The earlier you sign up, the less you’ll
receive. Most Baby Boomers are eligible to receive full benefits
at age sixty-six, however waiting to claim your social security benefits until
you’re seventy increases your payments. Before you decide, talk to a financial
planner to better understand the benefits of claiming Social Security early or delaying it beyond full retirement age.
3.) Have a plan “B”It’s always good to have a plan “B” when it
comes to planning for retirement,
because you never know when an emergency will arise. Covering your basic
monthly costs in retirement doesn’t give
you enough wiggle room should your vehicle break down or should out of pocket Medicare
costs end up higher
than expected. Continue contributing to an emergency fund in retirement to cover unexpected bills or expenses.
Retirement is an exciting and
sometimes overwhelming life transition. Making essential preparations early and
utilizing these 3 tips for planning for
retirement in 2015 will help make the transition
into retirement more
seamless and enjoyable. Worry less, enjoy more. Need more information about retiring
in Arizona or looking
for a retirement community to call your own? Contact Sharon
Mason today. Happy
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