If you’re like most people, you might be pushing off your retirement planning. Research shows that many Americans are not financially prepared for retirement. In fact, experts expect that by 2028, around one in three people ages 65-74 will remain in the labor force.
However, if you’re worried about your ability to retire or your financial preparedness, there’s no better time to start planning than now. Knowing how to plan for retirement—and getting the support you need—can keep you on track to stop working and enjoy your retirement at a younger age. Here’s what you should know to make it happen.
1. Consider Your Investment Strategy
If you don’t already have an investment strategy in place, there’s no better time to start than now. Experts suggest that you begin investing in retirement as early as possible, but even latecomers to the game can often make up for lost time. Work with an experienced financial planner to outline your goals, select your retirement accounts, and find the right strategies for your needs.
2. Talk to Your Spouse
It’s crucial that both you and your spouse are on the same page about spending during retirement. If one of you is hoping to travel the world while the other plans to limit spending, you’ll need to come to a comfortable agreement before you can make long-term plans.
3. Focus on Your Physical Health
Your physical health is always important, but it’s a good idea to put a special focus on it in the run-up to your retirement. Health care costs can take you by surprise as you age, especially because you’ll tend to rack up more medical bills in retirement than you would in your younger years. Talk to your doctor about your physical fitness, take steps to improve your health, and factor medical expenses into your retirement plans.
4. Consider Working Longer
While the normal retirement age is between 65-67, depending on your birth year, the best age to retire varies from person to person. If you are able to do so, it might be wise to consider working for an additional year or more to add more money to your nest egg. The additional paychecks can help smooth your path to retirement and give you extra peace of mind when you finally take the leap.
5. Consider Retirement and Assisted Living Facilities
More and more of today’s retirees are considering moving to retirement communities, so they might be worth checking into for your own needs. These facilities allow you to stay active and social while benefiting from on-site amenities. Some luxury assisted living facilities even offer a wealth of activities and programs to keep you entertained, making them a great choice for anyone seeking a strong community in retirement.
Know How to Plan for Retirement
Preparing for retirement can seem like an overwhelming task, but it doesn’t have to be—and it’s not something you can do in a day. Instead, get to know how to plan for retirement by talking to your spouse, your financial planner, and your physician. With proper support as you set your goals and begin planning, you can steadily work toward a stable future in your retirement years.
Looking for more of the health and lifestyle insights you should know? Be sure to take a look at our other guides for additional tips and tricks.
