3 things to think about when planning for retirement
May 16, 2011 |
Topic(s) : Planning for retirement
Around 10,000 baby boomers are turning 65 every day in the United States, which means that there are a lot of people trying to think about how they can best retire and enjoy their golden years safely and comfortably.
U.S. News & World Report recently suggested a few things to keep in mind when thinking about retirement.
1. Be Cautious. Remember that unexpected life events can have unexpected costs – whether a health condition arises or a loved one needs extra care, try to set aside savings that can provide a cushion.
2. Make a home age-friendly. Many Americans want to live at home as they age, but that means that one should look around and make things a little more age-friendly. Consider installing a grab rail in the bathroom or installing a medical alert system, which is a device that can be used to send a personal emergency response message if assistance is required.
3. Estate planning. While retirees often neglect planning for their children until later on, it can pay off to have an earnest discussion with loved ones about everything from finances to long-term care options.