Important Last Minute Retirement Tips

If you are approaching retirement, it pays to come prepared. This will help ensure that you enjoy your retirement life instead of having some added worries and concerns, just because you may have overlooked something along the way. Here are some last minute retirement tips that you may need to take heed of before you enter this next stage of your life.

Take control of your retirement fund.

This time it is no longer trying to build up your retirement fund because it is something that you should have already done a long long time ago. What is more important this time is that you have proper control over the funds that you wish to use on your retirement life. You should try to keep it updated in terms of your asset allocations to continue to make it earn for you. Try to strike up a balance of what you think may work best for you, depending on your own tolerance for risk.

Make sure that you also have a pretty good idea how much money you need to live on during your retirement. This will help you estimate just how long your retirement fund can last. Estimate a set amount that you think you can live with comfortably on a monthly basis and stick to this budget so that you have a better estimate of how long your retirement fund can last and for as long as you need to. Doing so may also help you determine if you may still need to look for additional sources of income during your retirement to make your funds last longer.

Make sure that you sign up for Medicare.

At this age, you may already be experiencing a gradual decline in your health. You no longer feel as young as before. Your health costs may continue to mount as you grow older. That is why you need to come prepared for it by signing up for Medicare. Try to inquire about the registration rules needed for Medicare. What every future retiree should know is that open enrollment for Medicare starts 3 months before he or she turns 65 years old and 3 months after the 65th birthday. General enrollment period for those who miss this window starts at January 1 until March 31.

Consider Long Term Care Insurance

One of the biggest expenses that retirees may face is the costs of staying at a long term care facility. This might be necessary for retirees who might need care as they age up. The costs can eat up one’s retirement fund considerably. Getting some long term care insurance may sometimes be needed to offset costs in case one gets ill or need care. But getting a policy at this age may become expensive. The earlier that you can get long term care insurance may help lower the costs on your part.

 

Posted by Ardent Editor on May 25 2011 in Retirement Life Tags: , , , , ,

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