Planning for a healthy retirement takes time and foresight. Everyone, no matter their age, can plan for a rainy day or an unexpected life event that could affect health. By keeping a few key strategies in mind, you’ll be able to approach retirement feeling secure and ready.
Let’s look at some of the more common mistakes to avoid.
When we’re younger, we don’t think about being 50 or 60 one day and believe we have all the time in the world. In fact, the best time to start thinking about future wealth is when first entering the workforce. With that first job, you can learn lifelong money management skills and healthy habits that will prove invaluable over the years.
The good news is even if you haven’t started planning early, you can always start taking stock of your health and financial picture at any point during your working years.
While your uncle or brother may profess to be an expert on financial planning or retirement, chances are friendly advice may be shortsighted or even wrong. Instead, seek out a professional advisor or your company’s financial resources to learn more.
Medicare is complicated, and in most cases, it’s not free. While Medicare is designed to cover most healthcare expenses when not working, it may not cover all, and it’s important to understand the rules, enrollment deadlines, and plan options. If you’re still working and intend on working past your full retirement age, when you need to sign up for Medicare is a critical piece of information.
Why would anyone talk to their doctor about retirement? If you have a lifelong doctor, or prefer a certain clinic or network, retirement may affect those relationships. You can’t assume that your choice of Medicare Advantage, Medigap, and private insurance plans will automatically cover costs by your provider. Before retiring, begin thinking about your plan preferences and if those will change in retirement. Consider any chronic conditions or preexisting conditions that may further impact benefits and plans.
By 50 , most people begin to think about health differently. Unlike when you’re younger, middle age brings new health issues and chronic conditions may worsen. Costs may increase due to:
While we can’t control age or health decline, we can focus on a healthy lifestyle. Getting regular checkups with a primary care doctor, practicing healthy habits, exercising, and eating well go a long way to staying fit.
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Content contained on this page is for informational purposes only and does not constitute medical advice. Consult your health care provider before beginning any new fitness or dietary plan. References provided are for informational purposes only and do not constitute endorsement of any websites or other sources. Should you have any health-related questions, you should contact your health care provider.
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