Browse insightful articles by GoodLife Home Loans about solving the common challenges and concerns of retirement
As seniors progress through life, medical conditions may have them wondering how to pay for assisted living or alternative senior care. There’s no problem with seeking medical assistance, and seniors should be confident in their search for the best care for their particular needs.
Retired life should be about travel, family, and leisure. Unfortunately, many seniors find that they are not financially prepared to live the retirement they’ve dreamt of. In addition to the growing cost of living, retirees may face unexpected medical expenses or necessary home renovations that turn their budget sideways.
Many people feel concerned about their sources of income during retirement and how best to save during the course of their careers. A healthy retirement savings account is essential, but calculating your average monthly expenses in retirement is a necessary step in the planning process.
One benefit of being a senior is that you get to enjoy all the senior discounts that retailers, restaurants, and travel companies offer. These discounts are a company’s way of showing their respect and admiration for senior citizens.
Medicare is a government-run insurance system available to seniors who are no longer working. Most Americans get their healthcare through their employers, so once you retire, you might need to find alternative coverage for help with medical expenses.
While budgeting in retirement, many prefer to spend money on the things they feel that they need and avoid digging into their budget for things that they don’t. Dental insurance for seniors often falls into the latter category, as it’s frequently deemed as an “unnecessary” expense.
As you plan for retirement, you might have caught wind of the term “immediate annuity” with promises regarding how this type of security can provide income for life.
After decades of working in a career, retirement offers many seniors the opportunity to relax from the stress of a traditional 9-to-5. However, some seniors may still consider a part-time job for extra income or as a means to pass time.
Even if you’re a perfectly healthy older adult at the present, nobody can anticipate what or when health issues might crop up in the future. For example, you’re more likely to experience a bone break as you get older which may limit your mobility and mean that you require more intensive day-to-day care.
Medicare—the federal health insurance program created in 1965—is available to those 65 and older regardless of income, medical history, or health status. Over 15% of the U.S. population relies upon this system for health security and as Baby Boomers turn 65, enrollment is expected to reach 64 million by 2020 and 80 million by 3030, according to AARP.
As you approach retirement, it’s natural to compare your own financial circumstances to the average retirement savings. Seeing how your finances stand in comparison to others in your age group can give you an idea of whether you’re set up for success, or whether you need to start ramping up your savings plan.
As you near retirement, you may feel anxious about leaving the workforce and relying on your ongoing retirement Income streams and savings to fund your basic necessities and lifestyle. Especially anxiety-inducing is the advice around what you should have saved for retirement: traditionally $1 million to $1.5 million. According to Gallup.com, 46% of retired Americans report they will not have enough money for retirement.
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