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Ah, retirement. Most everyone who isn’t retired dreams of one day being able to hang it up. But executing on it when the time is right isn’t as easy as it sounds. Whether you have been retired for a number of years or you are just now on the glide slope, there is much more than just money issues to contend with.
Did you know that only 8% of people actually keep their New Year’s Resolutions? Those numbers are pretty dismal. On the surface, it can make the January tradition of goal setting and personal improvement seem somewhat pointless. Although the data on New Year’s Resolutions isn’t very promising, I have learned over the years that the key is “progress not perfection”.
Health care costs are a wildcard for retirees and are only expected to rise due to an increase in life expectancy, a rise in the utilization of medical services, and rising prescription drug costs.
What if you are healthy at 100? Will your retirement savings last that long? We all know how important it is to create a retirement plan and save to ensure that we have enough to last through those Golden Years, but many people haven’t saved enough. Only one in four people aged 55 and over has more than $300,000 saved. Fortunately, most of our clients at Keen Wealth Advisors fall in that “one in four” category and have done a nice job saving for retirement.
Are you sufficiently confused with all of the talk leading up to the election regarding health care coverage? Especially as you approach retirement, do you feel like you have a strong understanding of the Medicare system? Or do you have more questions than answers about what may soon be your primary healthcare coverage?
Most of the clients I work with that are on the glide slope to retirement are relatively well-prepared. Even so, many have a lingering feeling that they’d like to save a bit more before their retirement party. When you think about your future retirement, are you excited and confident? Or do you feel uncertain and stressed? If you’re looking to save a bit more before you stop working to give you greater confidence, start by taking these six steps.