A Simple Guide to Retirement Planning
Retiring from the workforce is an incredible accomplishment, one that can look like and be whatever you choose for it to be, and different people approach it in different ways.
For those who love their careers (or perhaps, use their work as a distraction or coping mechanism), the thought of retirement might be more distressing than exciting. Others might have been eagerly awaiting retirement for a long time, and couldn’t be more thrilled.
Whether you’re looking forward to, or feeling a little hesitant about entering this next phase of your life, doing a bit of retirement planning can help eliminate a lot of stress and uncertainty.
In this article, we’re going to take a closer look at the non-financial side of retirement planning, including retirement health insurance, retirement activities, and the best states to retire in.
Retirement health insurance
One of the most common questions and concerns around retirement is that of health insurance. Rest assured, retirement health insurance can be obtained through a variety of ways (including medicare, medicaid, health insurance marketplace and healthshare organizations).
Health insurance plays an important role in our lives, especially in our senior years, so it’s important to thoroughly review and compare your options before making a decision.
If you aren’t sure how to figure out which plan is the best option for your needs and budget, you can always send us a message and we’ll help you make an informed decision.
Best states to retire in
While there are plenty of articles out there that will definitely tell you what the best states to retire in are, the truth is that the “best” state is subjective. While there are some general factors to always keep in mind when you’re assessing a new city (such as healthcare access, climate and the cost of living), when you’re retiring, it really comes down to you.
Some people want to put a chunk of their savings towards a farm in the middle of the country to live the simple, rural life they always dreamed of. Others want to invest in a beach condo to begin pursuing their entrepreneurial real estate dreams. Your personal goals (or lifestyle preferences) are going to massively dictate what the “best” state to retire in is, for you.
A few states in particular are highly coveted by those in the retirement community, consistently receiving an influx of new retirees every new year. These states are Florida, Arizona, North Carolina and Tennessee, as each of them has highly desired climates, landscapes and financial benefits (such as a low cost of living or no income tax).
At the end of the day, the best state to retire in is going to depend on your individual budget, preferences, priorities, goals, desired activities and community style.
Suddenly having all the time in the world might feel exhilarating and also, a little crippling, but sometimes all you need are a few concrete ideas to remind yourself this is a good thing.
It’s no surprise that with unlimited vacation time, many retirees choose to explore the world. No longer being restricted by PTO or work obligations means you’re free to invest in a trailer or RV, become a master camper, go on a cruise or become that frequent flier you always wanted to be.
For others, retirement offers the opportunity to pursue (or finish) that degree you never did. Maybe there’s a subject you always wanted to learn more about, or “in another life,” you would’ve gone to college for a passion over a trade. Some states even offer significantly discounted classes or free college-level training to older adults interested in higher education.
In an ideal world, we’d all make time for our hobbies throughout our lives and never let that creativity and those gifts fade. Life can be heavy though, and the pressures of life can deter us from investing time and resources into activities that bring us so much joy. Retirement is a great time to both revive old hobbies and try new ones altogether.
Other common retirement activities include volunteering at local charities, working on new health and fitness goals, becoming a mentor of some sort, getting a part-time job (that you genuinely enjoy) or starting a small business; the possibilities are limitless.
Retirement planning can be overwhelming to tackle on your own, but it’s not something you have to do alone; our expert advisors are here to guide you through every step of the process.
Speak with an advisor today
Mazzitti & Sullivan EAP offers a wide variety of resources to help you navigate this next phase of your life, including counseling, succession planning and retirement planning. Whether you’re looking for personal or professional support (or both) right now, we’re here to provide it.
Send us a message or call us directly today to speak with one of our advisors and learn more about how we can best help you prepare for retirement.
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