You finally made it.
Youve made some mistakes along the way, too, but everythings brought you here.
Now, youre ready to enjoy your time away from the workforce.
This is the last article in TwoCentss latest series,What to Know About Money at Every Age.
Heres how to balance all of your costs on a fixed income.
Walter UpdegravesReal Deal Retirementis, well, the real deal.
Using your HSA funds is another option.
Youll need to purchase dental and vision insurance, which arent covered by Medicare.
All of that said, some people retire before age 65and often, earlier than they planned.
To bridge the gap between employer insurance and Medicare, shop around on the individual marketplace.
If they didnt qualify for a subsidy, their monthly premium would jump to $1,857.
Alternatively, you’re free to look into COBRA coverage.
After, youll reach your slow-go years, where youre starting to slow down.
You arent jumping out of planes anymore, and the travel eases up somewhat but not completely.
You may have a separate savings or investment account set aside for your go-go years plans.
Trusts arent right for everyone, but Dwyer suggests creating one under a few different circumstances.
One would be for a child with special needs, regardless of age, she says.
Instead of direct inheritance, a person can use a trust for those assets.
The trust can ensure their financial well-being.
One option for making up for lost Social Security or pension payments is life insurance.
Additionally, the financially savvy spouse should routinely update the spouse less familiar with the finances, says Walsh.
Both spouses should also have the login information for all financial accounts, including for online bill pay.
Keep a file for your important documents like insurance policies, wills and powers-of-attorney, says Walsh.
Being too conservative with your investments during retirement is a mistake, says Walsh.
it’s possible for you to easily keep doing this through mutual funds and ETFs.
CNN Money reportsmost people enter retirement with about 40 to 60 percent of their portfolio still in stocks.
you have to fall back on should your pot of savings start running low.
When youre in retirement, you might be uncomfortable with having even 40 percent still in stocks.
But you shouldnt have to change up your investments too much.
Such a withdrawal rate is unlikely to deplete your savings over a 30-year retirement.
If inflation gets back to its long-term average of three percent, you would need upwards of $90,000.
You cant ignore inflation.
Enjoy Yourself
Yes, youll always have money worries.
But youll also have freedomyou can do whatever you want, when you want.
What will you do now that youre retired?
