Category: Steps
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 dif
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