Retirement planning can be both exciting and daunting. When you consider the beginning of your retirement, there are a few things that you should keep in mind.
First, determine your healthcare needs. Second, be sure to prepare a budget and a cash-flow plan. Finally, be sure to be prepared for the event of long-term care needs popping up.
Contemplation of retirement can be both exciting and intimidating. Obviously, planning for the beginning of retirement should start early. I recommend that you start to analyze and prepare for the transition between six months to a year before a potential retirement date.
First, determine your healthcare needs. At age 65, most people are eligible for Medicare, which primarily provides prescription drug coverage. There are various “Parts” of Medicare (identified by letters) that are optional “add-ons” to expand Medicare’s coverage into something similar to traditional health insurance. Medicare is not directly charged to participants, but the Parts in which Medicare participants can decide to participate do require out-of-pocket money from participants.
Read more about what to consider when starting retirement in Lee’s article in the Lima News here: Legal-Ease: What to consider when starting retirement
Source: LimaOhio.com, “Legal-Ease: What to consider when starting retirement,” by Lee R. Schroeder, August 31, 2019
Lee R. Schroeder is an Ohio licensed attorney at Schroeder Law LLC in Putnam County. He limits his practice to business, real estate, estate planning and agriculture issues in northwest Ohio. He can be reached at [email protected] or at 419-659-2058. This article is not intended to serve as legal advice, and specific advice should be sought from the licensed attorney of your choice based upon the specific facts and circumstances that you face.