You may never feel your ducks are all in a row for retirement, and you may be right. You can’t be too careful about making sure that there are no overlooked details in the planning process. We mostly worry about whether we’ll be able to maintain a comfortable lifestyle, but the problem is that maintaining the same level of income during retirement is often not enough to keep things going–especially if you age into a disability.
Have you considered your insurance expenses? You should make a point of checking that all of your current insurance plans will either cover you during your retirement or at least that you have something in order until your Medicaid benefits kick in.
This isn’t only about medical insurance. There are all kinds of insurance coverage that we need in order to avoid potentially huge amounts of debt during our retirement. Some of the common types of insurance you will need include the following: homeowner’s insurance, auto insurance, health insurance, dental insurance, long-term care insurance, and life insurance.
After you’ve taken care of insurance for your financial retirement, have you established a budget that you and your partner can live with during your retirement? You need to be absolutely sure that you are in agreement on the budget or hard feelings could develop over time. Talking about things can accomplish so much and smooth many ruffled feathers you didn’t even know existed.
Have you mapped out plans for things to do both together and individually? This is another thing that is important. While you are a couple you are still individuals with independent needs and desires. Make sure that you both have time and funds set aside to pursue interests that appeal to you as individuals as well as those that appeal to you as a couple.
Do you have any special needs that should be addressed in the budget or in your planning? Do you need a vehicle with handicap access (these cost a lot of extra money in many cases and should be strictly budgeted when making retirement plans) and do you have a little tucked away into your budget for emergencies that may arise?
Other important considerations include what bills you have. Are your student loans paid off? How about those pesky high interest credit cards? Those can add up over time and you need to eliminate as many of these as possible along the way. You should also take great care to make sure that your home is paid for and all the taxes are caught up. You do not want any surprises that might jeopardize your security once you retire.
The truth is you can’t prepare for everything, but you want to take every opportunity to make sure that there are no nasty surprises along the way. Those surprises could mean the difference between enjoying your retirement and possibly needing to return to work at some point in order to replace funds that must be spent on unexpected emergencies.