How you prepare for retirement depends on when you plan to retire; whether that day is six months or six years away. However, the more time you have to prepare, the more likely your retirement shapes up as you envision it. Once you’ve committed to a retirement date, Milwaukee senior care specialists state that there are three appointments you should immediately make. All three will help with your preparation, as well as maximize your post-work enjoyment.
The first appointment to make is with your financial advisor for a monetary check-up. A Federal Reserve report from August 2014 states that about 20 percent of those approaching retirement age don’t have any savings. Even if you do have savings for retirement, you will want to know where you stand. This meeting allows you to review your life insurance policies, your investments (such as 401k and defined benefit plans), and your projected income and expenses during retirement. This check-up can also provide you with financial strategies to bolster your existing savings.
The next appointment is with loved ones. Gerontologist Ken Dychtwald wrote a Huffington Post article addressing this in detail. He states that people don’t want to be a financial burden on their families, so they avoid discussing retirement plans with them. Ironically, this lack of communication can lead to confusion and conflict, which ultimately can be burdensome. During this discussion, be frank about your financial situation, your expected living arrangements, and long-term health care issues (such as durable power of attorney and potential health risks).
Your third appointment is with your primary care physician. Part of retirement is enjoying life to the fullest, and you’ll want to stay active as long as possible. That means understanding your current health issues, what underlying risks you may encounter as you enter retirement, and any medical issues you should address beforehand.
If you or an aging parent or loved one are living with an age-related health condition that makes enjoying retirement difficult or unsafe, consider a helping hand from Home Care Assistance of Milwaukee. We are a leading provider of in-home care with a wide range of services including flexible hourly and live-in care for Milwaukee seniors. You have the freedom to use our care services on an as-needed basis; for help with cooking, cleaning, medication reminders, transportation and so much more.
To learn more about planning for the future and long-term care for seniors, call a friendly Care Manager today at 414-964-8000 and schedule a complimentary, no-obligation consultation.