Retire AZ Style News

Tips for Planning Retirement in 2015

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 2015.

1.) Manage your Medicare
When 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 Security
Did 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 Retirement!

Sharon Mason
RE/MAX Professionals
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