Thinking About Retirement Planning, Care Costs and Finances?
When you begin planning for your retirement, you might be focused on where you will live and the places you will visit. While those are the fun parts of retirement planning, you will also need to take a hard look at other aspects of your finances. From the everyday costs of living to anticipating your future medical insurance fees, there are many aspects of your finances that require a solid plan.
Plan for Your Fixed Expenses
There are basic expenses that every retiree must consider when tallying up finances. You will need a place to live, food to eat, clothes to wear and transportation. Utilities, prescriptions, property taxes and home repairs could also have a considerable impact on your finances after retirement. Planning for these appropriately can prevent hardships. It is also not a good idea to skip a roof repair or new brakes for your car. Some fixed expenses, such as food, have a little flexibility while others do not.
Include Long-term Care Health Insurance Premiums
An often-overlooked part of your retirement finances is the need for long-term care medical insurance. A majority of retirees will need to use a long-term health care service at some point. A broken hip, stroke or complication of influenza could make it difficult for you to perform the basic activities of daily living. A visit to an insurance agency and discussion with an insurance agent in Jacksonville can help you to sort through the long-term care health insurance options.
Consider What You Want to Do in Your Retirement
After you have looked at all of the essential fixed expenses and the slightly more flexible costs you will have during retirement, then you can spend some time thinking and planning some of the fun things. The place where you live will have an impact on your long-term care insurance premium. Location also affects your housing and transportation costs. Consider your plans for traveling and their impact on your health. Planning for all of the possibilities will provide you and your family with peace of mind during your retirement years.
If you have any questions at all, don't hesitate to contact us at The Della Porta Group.