Things Seniors Should Consider When Planning for Retirement

Updated 08/01/2017 1:35pm | Retirement: the golden years after decades of hard work. You’re all set to retire in style, but want to make sure you have your financial and living situations settled before you do. This article will help you lay out the groundwork for your senior years. 

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Plan Ahead Financially

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Once you’re elderly, you don’t want to keep clocking in for a paycheck. That’s why it’s important to make sure you have enough saved for a long retirement. Before you wave goodbye to the office, map out your finances.

  • Set a budget. Your retirement years are about relaxation, not stress. Create a budget to support you for the next 30 years. This will tell you how much you’ll need to live comfortably during retirement.
  • Review all financial assets. Do you have stocks, bonds, or other investments? Go over them before your last day in office. Determine if you need to cash out before retirement day arrives.
  • Use online applications. Track all your daily and monthly expenses in one place with a financial application like Mint. Review the numbers at the end of each month to be sure you’re staying on budget.
  • Store an emergency fund. Don’t dip into all your nest eggs at once. Set a specific amount aside to be used in case of emergencies. Continue to add to your emergency fund each month to keep yourself covered. 

Prep Your Family

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Retirement is a life-changing event for the whole family. You’re excited to have more time to spend with them, but don’t want to leave them in the lurch. Include your family in your retirement plans.

  • Save enough for two. Still claiming dependents on your taxes? Make sure they stay covered once you retire. Include them in all financial and long term planning.
  • Escape student loans. You want your grandchildren to achieve academic success. But don’t burden yourself down with their student loans. Loans can have adverse effects on your retirement funds.
  • Attend family functions. You never had time to attend family events while you were working. Retirement is the perfect time to fill up your social calendar with family fun. Make sure to keep an excuse handy in case Uncle Ted’s birthday party gets out of hand.
  • Join social media. Not only for Millennials, social media keeps you connected to your family. You’ll be able to share pictures and videos from your latest vacation with family far away. Plus, you’ll stay connected to everything happening in their lives too. 

Keep a Roof Overhead

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The Florida Keys and provincial France are both popular retirement destinations. You may not be planning a cross-continent move, but you want to make sure your home is set for your retirement years.

  • Downsizing for retirement. Say goodbye to the huge house and downsize to the space you need. Look into listings for where you will be moving. This is the time to decide if you’re going to rent or buy your new home.
  • Aging in place. Ready to live out your golden years in the home that you love? Make sure your home is set up to support you. Start by scheduling home inspections to review any areas that need fixing.
  • Stay mobile in your home. Avoid dimly lit stairwells and dark passageways. Add nightlights and handrails to help you move around the house.
  • Get an Alert1 home medical alert. Stay safe during retirement. Alert1’s home emergency medical alert supports you in your home. Age in place knowing that help will reach you at the push of a button. 

Travel with Ease

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Now that your senior years have leisure time, traveling becomes much easier. You’re ready to see the world and experience new cultures. Before you jet-set off into the sunset, create a plan for the perfect vacation.

  • Research destinations. Daydreaming about the perfect vacation is great, but nasty surprises are not. Read up on your destination before you arrive. You’ll be prepared for any surprises the trip throws your way.
  • Visit a travel agent. Create the perfect vacation with ease through a travel agent. They will arrange all the logistics so you don’t have to.
  • See your doctor. Before going to the tropical beaches of Cancun, schedule a check-up. Your doctor will inform you of any travel advisories for your destination. They will also give you necessary vaccines before you leave.
  • Take Alert1 with you. With the PAX Plus help button, you’ll never fear accidents on the road. Wear PAX Plus as a pendant around your neck or clip to your belt. The PAX Plus emergency medical alert will keep you safe as you travel the United States. 

Ready for Retirement

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Senior retirement is all about enjoying your newfound free time. Settle financial and living situations before the big day arrives. You’ll be free to enjoy the golden years of life without a care.  

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