Not sure where to start with retirement? We’ve outlined the five essential questions you should be asking yourself in preparation for the next phase of your life. This journey should be about relaxation and fun – not stress – so sit back, and let Renew be your guide to retirement!
Renew has defined three major categories we believe are core to the retirement experience: health, money, and time.
Health will be a key component to your quality of life over the next 25+ years, and choosing the right Medicare coverage is a pivotal step in ensuring a healthy (and happy) retirement.
Where can I learn more about Medicare?
Our Retirement Hub is full of helpful articles and tools that can help you navigate the complexities of Medicare. Here a few resources to help you familiarize yourself with the fundamentals:
You don’t have to read an entire textbook to get a handle on the basics of Medicare. Get started with our 4-minute video.
When you’re ready to take a deeper dive into Medicare’s various parts, read this article.
There is no one-size-fits-all solution when it comes to Medicare, but we’re confident we can help you identify a combination of plans that will address your unique health needs.
Most people will not be automatically enrolled in Medicare. Unless you are already receiving social security benefits when you turn 65, you will have to sign up for Medicare by phone, online, or at a social security office. Learn about the process and find an enrollment method that works for you in this article.
What are Part D plans?
Medicare Part D plans (also known as Prescription Drug plans) are required in order to get prescription drugs covered while on Medicare. Original Medicare does not provide coverage for medications unless they are administered as part of a procedure that is covered under Original Medicare.
What are Medicare Advantage plans?
Medicare Advantage plans are an alternative to Original Medicare. While these plans are offered by private insurance companies, they are still required to provide the same benefits that are covered by Medicare Parts A & B. Most, but not all, of these plans include Prescription Drug coverage, and some offer additional benefits like vision, hearing, or dental care.
Money is at the center of the majority of your choices in retirement. The amount that you have to spend in retirement will help inform how you spend your time and take care of yourself.
Where can I find more information about managing my money in retirement?
Getting your finances in order is one of the most important steps in the retirement planning process. Of course, it is also one of the most complex and challenging. The good news is that Renew can help you ask the right questions and get started down the right path.
There isn’t one set number to aim for when it comes to your retirement savings, but there are a few basic guidelines to keep in mind as you assess your finances prior to retiring.
Most people will need to make adjustments to their budget after leaving the workforce. Get prepared with help from Renew.
You’ve probably been paying into Social Security for your entire adult life, but you might not know everything you need to in order to maximize the benefits you are entitled to.
If you find that you’re having trouble making your fixed income work in retirement, we have a few ideas for supplementing it.
Where can I go to get ideas for managing my time in retirement?
Finding new purpose and making the most of each moment is an important aspect of retirement. Here are a few articles we’ve written full of ideas to get you started.
The transition into retirement can be particularly challenging to those who found a lot of meaning in their work. Use the advice in this article to reignite your lust for life and identify new passions to pursue.
Making an early commitment to your health and fitness is one of the best retirement gifts you can give yourself. Ensure you can take advantage of all life’s opportunities and adventures with guidance for staying fit in retirement.
Travel is at the top of many retiree to-do lists. If you plan to see more of the world in retirement, you’ll want to ensure you’re adequately prepared.
If you’d like us to keep you in the loop with regular updates, subscribe to The Renewsletter.
We know these topics are big and can’t necessarily be reduced to a simple checklist, so instead we’ve defined some big picture questions to get your retirement started on the right path.
The first five questions you should ask:
1. How much have I saved?
It’s time to get those finances in order. Make sure to start by calculating your retirement savings accounts and any other assets you have set aside for retirement. This will give you an idea of the bulk of what you’ll have to spend in retirement. You can read more about this in our article, ”Do I have enough money to retire?”
2. How much will I earn?
Similar to question number one, you should also sketch out how you expect to earn some money during your retirement years. For most people, this starts with your social security benefit. The amount you receive from Social Security will vary according to your personal work history and at what age you begin collecting, but your monthly payments will remain consistent for as long as you receive them.
3. What will I spend money on?
It’s helpful to sit down and write out some of your spending priorities; this exercise should address both how you currently live and how you expect to budget in retirement. Do you travel a lot? Will you cut back on any expenditures, perhaps by relocating to a smaller space or a more affordable area? Are there bucket list items you want to explore?
Once you’ve given your goals some thought, put together a working budget for yourself. Don’t worry about getting the numbers exactly right. Your initial budget will serve as a foundation to work off of so you can better plan for things like part time work, healthcare costs, and more.
4. What healthcare coverage is right for me?
Regardless of whether you’ve given thought to health insurance before, now is the time to get informed and make a wise decision about Medicare. There are several sensitive choices in the beginning of the process that could impact how you receive healthcare for the rest of your life. It’s incredibly vital that you understand your options and the full spectrum of costs associated with Medicare in order to find the best plan for you.
5. What do I want my life to look like?
We know this is a philosophical question, and, more often than not, a moving target. Nevertheless, it’s exciting to imagine what you will be doing with your hard-earned PTO, and you should take the time to write down your ideas. Have you always wanted to live in a different part of the country? Maybe you’re destined to start a new pseudo-career through volunteer work. The options are boundless, and it’s your time to shine.