When you are ready to retire, there are some things you need to do before you leave the security and comfort of your old job. You have to make the last adjustments to your financial plan and make decisions about health insurance and Social Security. Read on for a checklist for retirement!
Decide When You Want To Start Social Security
You are eligible to claim Social Security payments starting at the age of 62. However, you will only get a reduced sum unless you begin collecting benefits at your full retirement age. For example, the full retirement age is 66 and 10 months for those born in 1959. If you sign up for Social Security after the full retirement age, you can increase your monthly payments.
Sign Up For Medicare Or Health Insurance
Medicare coverage starts at the age of 65, no matter your Social Security full retirement age. When you enroll in this program, you have to make decisions about Medicare plans. If you retire before reaching 65, then you need to find out how to get medical insurance that is not connected to your job. You might qualify for health insurance through a professional organization or your spouse’s health insurance plan.
Check Your Retirement Benefits
Check your eligibility for a pension or any other retirement benefits from work. See if you qualify for benefits from a past employer as well.
Consider Moving Your 401(k) To An IRA
Employers usually allow you to keep your 401(k) account with the company after you retire. However, it might be better for you to transfer the money to an IRA or Roth IRA. The IRAs have more investment options and you can look around for better performing or lower-cost funds. If you own company stock, it may be the time to sell some to diversify your holdings. You can also change up your investment strategy and make a plan to minimize taxes as you start to draw from your retirement assets.
Decide What To Do Next
There is more to retirement than just planning your finances. Imagine what your retirement life is going to look like. There are important decisions to be made for what you want to do every day. Maybe you are planning to move to another location or travel the world. You can play golf, learn a new language, take care of your grandchildren, or start a different career. When you are retired, you have the freedom to do meaningful things to keep you active and engaged in life.
Experience Aston Gardens At Sun City Center
Here at Aston Gardens At Sun City Center, we provide you with a world-class retirement community. Located in Sun City Center, Florida, this is the ideal place for you to live out your golden years. It features a rich local culture and excellent amenities. We created our community in a way where residents can live independent and carefree lives. You will have the chance to enjoy nutritious meals every single day and take part in a wide range of fun activities. Feel free to contact us to find out more.