Every Senior hopes to enjoy Quality of Life and having financial security makes this goal possible. The following suggestions address controlling debt, planning for retirement, protecting financial investments, and more. ADVICE FOR RETIREMENT The goal of retirement is to be self-supporting without receiving a steady income. Although this may seem overwhelming, approaches exist to help retirement goals remain on track.
- Plan an official mortgage Home maintenance is expensive while also paying a monthly mortgage. Determine an end date for house payments and consider adding an additional amount towards the principal to own your home sooner.
- Begin saving early. Every penny invested helps. Avoid borrowing from retirement savings. Early withdrawals from some retirement funds result in added fees and taxes while decreasing the value of investments once earmarked for retirement.
- Plan and estimate retirement costs but leave room for unexpected expenses. It is inevitable costs will increase during retirement. Budget expenses and note the amount spent monthly on basic needs.
- Plan for Health Costs- Review your family medical history. Are there risks for cancer or life-changing diagnoses? These could potentially mean a higher medical bill. Life changes in an instant as we all know.
- Plan for assistance and care needs. It is not uncommon to need additional help with advancing age. A transition to a Senior Living Option could prompt budgetary changes. Schedule a no cost consultation with Bridge to Better Living to receive the answers for Retirement Option questions and avoid making expensive mistakes.