3 Risk Areas To Focus On When Planning Your Retirement
Various questions will torment you continually just before retiring. Was I able to save enough money? Will I run out of cash? When do I begin receiving Social Security? What are the best Medicare plans? What would I do to pay for long-term care? Should I pay off my house? What is the procedure for taking required minimum distributions (RMDs)? Should I accept my pension in monthly installments or as a lump sum?
So, how can you answer those questions with certainty? Well, there are a couple of crucial points that you need to focus on.
Come up with an income plan.
It would help if you believed you would always have money. To achieve this, you must have a comprehensive income plan. It must guarantee that you will never run out of cash, no matter how long you live.
Figure out your health care.
If you get your Medicare correctly, you'll be fine. If you get it wrong, you'll always pay too much and may not get the required treatment.
Build an estate plan.
An estate plan governs what happens if you become incapacitated or die. If you don't have an estate plan, or if it's poorly drafted, your money could end up in the hands of the wrong individuals.
