5 Steps to Transitioning into a Successful Retirement
Are you looking to start the transition into retirement? If so, we have prepared 5 critical steps to take into consideration when transitioning into this new chapter of your life. When preparing for retirement there are plenty of important decisions running through your mind. We have compiled these steps in order to help guide you along the way.
Step 1: Plan for Increasing Healthcare Cost
When it comes to healthcare, you have to be prepared for what could happen in the future. Fidelity does a study every year into the average cost of healthcare for a couple who is aged 65 and retiring. In 2019 it was estimated they will need $285,000 for healthcare and healthcare-related costs. This cost, unfortunately, will only increase significantly each year.
Step 2: Consider Long-Term Care
According to the U.S. Department of Health and Human Services, 70% of people aged 65 or older are likely to need long term care at some point. With such a high percentage of people in need of long-term care, it’s something to keep in mind when making the transition into retirement.
Step 3: Change Your Money Mindset
After retirement, the way you invest will also begin to change. What this entails is changing your mindset from saving to spending and preservation. This means that making contributions and growing your assets becomes investing for protection, aiming to safeguard your wealth, and making sure that you will have a good, steady income stream. It’s often difficult for people to switch gears when it comes to investment choices, don’t get discouraged.
Step 4: Tax Planning
It’s important to remember that tax doesn’t come out automatically when you begin taking distributions or making withdrawals. This often catches people off guard once tax season rolls around. You don’t want to be stuck overpaying because of improper planning. Your income and how it’s taxed can also affect your Social Security.
Step 5: Maximize Your Social Security
The proper tax planning can benefit you for many reasons, including making the most of your Social Security benefits. Since Social Security is a complex system it’s important to work with someone who has a good understanding of the system. For example, many are unaware that if you were born before January 2, 1954, you may be able to claim your spouse’s record even if your own benefit exceeds your spousal benefit.
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Case studies are intended to illustrate the types of financial issues faced by actual clients. They should not be construed as a testimonial for or endorsement of Lineweaver Wealth Advisors. They do not represent the experience of any advisory client. Each client’s situation is different, and their goals may not always be achieved. Lineweaver Wealth Advisors, LLC, is not engaged in the practice of law or accounting. Tax information provided is general in nature and should not be construed as legal or tax advice. Always consult an attorney or tax professional regarding your specific legal or tax situation. Tax rules and regulations are subject to change at any time.
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