There are certain moments in life that mark great passages, times when we navigate from one realm and make the journey to a new and different reality. One of those we come across earlier in life is when we graduate from high school and head off to college or go out into the world and get our first real job. That marks a passage from our teenage years to the beginning of adulthood. We come across more key moments when we get married and later if we start a family.
Each of those experiences marks a turning point, a time where our world changes completely never to be the same. Later on in our journey, we come across a time when we move from our careers and the everyday working world into retirement. In a way, this is one of the bigger times of passage since, while still active, in a way we are beginning to slow things down in life. Before heading off into retirement, there are some key things you should do.
Get Out of Debt
Unless you are extremely well off, most people will find that they have less money available when they retire. Many people will have to rely solely on Social Security benefits which will certainly only be a portion of the income they used to bring in. Some will add a pension to the mix, which will definitely help out. Whatever your situation, it’s really important that you work hard to reduce your existing debt before you reach retirement age.
If you have a fixed amount of money coming in from Social Security, you’ll find that it goes really quickly each month. Credit card bills or other debt obligations can take a significant chunk out of your monthly allotment, and since you are not working there won’t be an easy way to replace that revenue. You should come up with a proactive plan to pay off all of the debt you can before you stop working at retirement age.
Do a Detailed Review of Your Health Insurance Options
When you reach the age of 65, you’ll be eligible to be covered by Medicare. Unlike the private health insurance you might have had through your work or business, Medicare has a lot of complexity to navigate. There are basic Medicare, Medicare Supplement plans, Medicare Advantage, Prescription Drug plans, and more. It can take some time to learn everything you need to know.
In order to truly make sure you understand all of your options, you should talk to a highly qualified, licensed medicare consultant who can walk you through the options that are available in your area. You’ll need to give them your zip code so they can pull up the specific choices that apply to where you live. In addition to talking to the representative, you’ll also want to spend time doing background research, so you fully understand all the ins and outs of the plans.
Take the Time to Downsize
It’s easy to drift into retirement and then to look up, several years later, and realize you’ve been on autopilot since you left your job and career. When you are making the transition from working to having your own free time, you are going to find that you don’t need all the things you accumulated or the big house you lived in for so many years. Read more about Best Health Insurance Companies in India 2021.
Downsizing will give you freedom that you never had before. A smaller house means far less maintenance, lower utility costs, and a much easier lifestyle. If you sell or donate some of your belongings, you’ll also feel lighter in life since you won’t be weighed down by all your possessions. With these changes, you’ll also be freer to travel and spend time enjoying life.
As you approach retirement age, turn your attention to the future and begin taking care of things that will put you in the right space for the years to come. Evaluating your Medicare options, getting out of debt and downsizing will get you ready to enjoy your retirement years.