Of course I can’t. Only you can do that. So get crackin‼️
Motley Fool has come up with five things you should do to make retirement easier:
- Make a plan
- Consult a financial advisor
- Make the most of retirement accounts
- Don’t forget healthcare costs
- Make smart Social Security decisions
Good advice, of course, but you would think it all comes under the common sense category … but sadly it doesn’t. Too many people simply ask others, how much do I need to retire?” Or “how much will I spend in retirement?”
Hey, only you can answer those questions, one size does not fit all.
Your plan includes when you will retire, where you will retire and an estimated budget along with a realistic assessment of income sources.
Once you have your saving in motion (as much as possible, but at least 10% of income), an advisor will help with the investing and withdrawal strategy.
Max any employer matching contributions and think Roth
Medicare Part B premiums, Medigap premiums, Part D premiums and perhaps some out-of-pocket costs. Don’t forget Medicare premiums are income based.
Your Social Security benefit grows as you get older or I should say is reduced each month you begin collecting before age 70. The goal is not to max your total collected benefit, but to maximize your monthly income when you need it to live on.