You may not realize it, but your retirement years are inching closer every day. Maybe you’ve put a little thought into it and put some money aside for it. But what if you are really close, like 10 years close? Do you have a real plan for it?
Most of us probably have some idea of what we’d like to do in retirement. I know for me, it might be a combination of travel, volunteering, and going off to a cabin in the woods to write books. But if you are really close to retirement, you need to be drawing a clear picture of what you plan to do with that time and the logistics of that lifestyle, such as your daily living expenses, to make sure you’re putting aside enough money to cover it.
And what about healthcare? That can really feel like an unknown. All I know is that it keeps going up — and have you ever looked at what it will cost if you need long-term care, such as going to an assisted living facility? According to the U.S. Department of Health and Human Services, “Someone turning 65 today has almost a 70% chance of needing some type of long-term care services and supports in their remaining years and women will need it longer than men.”1 And the numbers for the cost of that care are certainly an eye-opener.
So how do you turn those retirement dreams into a solid plan, plus ensure you’re economically prepared? What if you are juggling saving for yourself and paying for your kid’s college tuition? What comes first? A budget just for your retirement years can help you map it all out.
Are you close to retirement? What do you plan to do with that time? Have you created a strategy to pay for it? Share your dreams and plans with us in the comments below.
1 “How Much Care Will You Need?” Longtermcare.gov U.S. Department of Health and Human Services, 2017
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