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Deciding to retire is a life and a major financial choice.In order to retire successfully, we need to make final adjustments to our financial situation and retirement plan-separate the part that we can provide from the part that can be guaranteed by the society.
If we are going to retire in 2022, then we should accomplish some basic things. For this, I have prepared aA list of 2022 things that need to be done to retire in 6:
- Can I get a pension?
- What kind of medical insurance do I apply for?
- How to deal with our retirement pension account?
- Develop a retirement financial plan
- Decide what to do next after retirement
If we are going to retire in 2022, then remember to check and ask yourself, have I done these 6 things right?
Can I receive a government pension?
In 2022, as long as you are 62 years old, you can begin to apply for "early" government pensions.Although not much, it is enough to cover some basic health or medical expenses, and daily basic living expenses.
For people born after 1959, the normal retirement age is 66 years and 10 months.If you choose to apply for a government pension at this time, the amount will be slightly more.U.S. residents canSign up and log in to this website.Check whether you have collected all your retirement points and how much government pension you can receive each year.
For those who pursue a certain quality of life or retire early, it is unrealistic to rely entirely on government pensions.
(>>>Related reading:Knowledge Post｜What is the "4 points" points policy for receiving basic retirement benefits in the United States?)
What kind of medical insurance do I apply for?
If we choose to retire early (retire before the age of 65, it is called early retirement), then one of the most important expenses is that we have to figure out personal and family medical insurance.
Most people or families have medical insurance provided by work or company, and it is not clear how much it will cost if they start paying for this fee.As we grow older, the monthly fee figure for this monthly medical insurance may be quite astonishing.We need to build an asset that can generate a fixed cash flow to pay for this piece of expenses on a regular basis.
If we are 2022 years old in 65,40 points full, Then we should apply for government-providedRetirement medical insurance is called Medicare in English, and red and blue cards in Chinese.The government will start paying part of our medical insurance costs.
How to deal with our retirement pension account?
After choosing to retire, the previous company or employer will usually allow us to keep the original 401(k), Pension, etc., and the management expenses will continue to be paid.However, it is best to transfer these retirement funds to individual retirement accounts (IRAs).
The advantage of individual retirement accounts (IRAs) is that there are more investment options, and we can choose similar investment products with lower costs or investment products with better returns.
If you hold company stocks—whether you hold them in your retirement account, company ESOP benefits, or invest separately—when you choose to retire, this asset will be used for future expenditures, so it becomes the most important Risk management goals.This is the best time to diversify investment and reduce risks.
Develop a retirement financial plan
The management of individual pension accounts is only one aspect.
We want to start trying to make a retirement income budget, detailing how much we can get from government pensions, institutional or company pensions, personal retirement savings, real estate investment, investment and financial management, and part-time work. Expected retirement income.Then estimate how much money we will spend each month or year.
Asset volatility and value shocks are the risks we most need to avoid at this stage.
If there is still a gap between the expected income and expected expenditure each year, retired people can move to lower-cost urban communities to reduce expenditure.
Or if you plan to travel after retirement, you need more expenses.
Some people choose to sell their real estate, buy an RV, and start a nationwide RV tourism life. After one to three years of travel, they sell the RV, and then go to the city they like during the trip, renting and moving into a retire. Prepared retirement apartment.
We should have a correct assessment of our lifestyle and expenditure level. In the next few years, we should not forget to save an emergency fund to prevent unexpected situations, such as medical emergencies or major repairs, shopping, etc.
If we feel that we are not suitable for such financial planning and budgeting, we can also seek the help of professionally certified financial planners (such as CFP®️).according toAmerican Life Insurance GuideThe actual data reference of the community,A detailed family financial planning may take 50-120 hours of professional staff, and the hourly cost is between $85-$100.
Decide what to do next after retirement
Actual daily life is far more important than financial decisions.
Try to imagine what our retirement life will be like.The most important decision is about what we are going to do and what not to do every day after retirement.
We may be planning to move to a new city, buy a beach holiday cabin, or start our national global travel.
We may also want to learn some new things, such as going to play golf, learning a foreign language, or starting a second career, or even want to concentrate on taking care of our grandchildren.
When we choose to retire, we can do what we want freely and choose not to do what we don't want to do.But the core point is that in order to keep us healthy and vigorous and make life full of meaning, we must choose to determine some meaningful things and let you and us invest in it. (End of full text)
