Contrary to popular belief, retirement doesn’t always mean a stress-free lifestyle. It’s pretty standard for retirees to face stress from new challenges and worries. The good news is there are steps you can take to achieve a stress-free retirement and enjoy a happy and fulfilling life away from the working world. Here are some tips to help you achieve a stress-free retirement as you prepare:
Many retired adults worry they’ll run out of money. That’s why it’s crucial to save more than you anticipate you’ll need to live during your retirement years. When your investment accounts have a healthy cushion, you won’t have to worry about unexpected expenses or market downturns that can take a real toll on your retirement savings.
If you still live in your family home or one that’s too big for you, downsizing is the way to go, especially if you don’t mind a smaller space. Downsizing can save you money and stretch your retirement funds even further. Another option is to move to a city or state with low property taxes and an affordable cost of living.
Health problems can also prevent a stress-free retirement. Even though medical issues and aging often go together, preventive care helps keep you healthy. Preventive care can also reduce the risk of complications that can cost you later. It’s also wise to ensure adequate healthcare coverage that aligns well with your budget and unique health needs.
Since nursing home and in-home care can be costly, long-term care insurance can contribute to a stress-free retirement. It can help alleviate the stress of paying for a nursing home or home care for you or your spouse. Of course, not all long-term care policies are created equal, so it pays to shop around and compare your options.
Unlike traditional accounts, a Roth 401(k) and Roth IRA enable you to make contributions with after-tax dollars. Even though you don’t save on taxes upfront, you can enjoy tax-free withdrawals during retirement. Roth accounts can give you the peace of mind of knowing Uncle Sam won’t tax all of your money while you’re on a fixed income.
A financial professional can help you enjoy a financially stress-free retirement. Together we’ll help you review your financial situation and determine the ideal strategy for your unique goals. Contact us today to get started.
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In addition, Generational Wealth Team specializes in providing strategies and guidance for those who are seeking a better lifestyle in retirement. If you have retirement savings of five million dollars or $50,000, we can ensure it works as hard. As a result, we offer our experience and knowledge to help you design a custom strategy for financial independence. Contact us today to schedule an introductory meeting!