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11 retirement realities you need to plan for
Transitioning from working and earning a
paycheck, to living off your savings is a significant lifestyle change.
So, you need to prepare accordingly. There are new
things to learn, new rules and regulations, new opportunities and new
challenges. And on top of all of that, you will also be facing new financial
realities. The better you understand these new possibilities, the better you
can prepare for a successful and happy retirement.
This guidebook is designed to help you examine 11
areas of your life that you should consider when making financial decisions,
both now and in the future. Inside you'll read about explanations of tactical
issues, like planning for taxes on your Social Security benefits, as well as
strategic opportunities, like optimizing asset allocations to weather market
changes.
How you plan for retirement can make a big difference
in your financial well-being. Read on to learn about each of these retirement
realities and how taking steps now can ensure that you are able to enjoy your
retirement years with confidence.
‘’How you plan for retirement can make a big
difference in your financial well-being.’’
Here are 11 retirement realities we discuss in this guide :
2 You shouldn't
retire your emergency fund.
3 You stillneed to pay income taxes.
4 Your SocialSecurity benefits can be taxed.
5 Working inretirement could reduce your Social Security benefits.
6 Your expensesin retirement may go up-not down.
7 Medicare
doesn't cover everything.
8 Risinginflation may threaten your standard of living.
9 You're more
vulnerable during market declines.
10 Your nestegg needs to last 30 years, maybe more.
11 Things will
get more, not less, complicated.