The Benefits of Early Retirement Planning for Your Future

A senior couple starts retirement planning

For most of your life, retirement seems like something in the very distant future, but it’s surprising how quickly it arrives. The goal of retirement is to maintain your financial independence and continue to live the same comfortable life as when you were earning a paycheck.

Retirement planning means defining what your ideal life will look like when you decide to no longer work. Then, the goal is to create a plan that will get you to this ideal. This means understanding predictable retirement savings, planning for your financial goals, and even creating peace of mind with a living will.

Predictable Retirement Savings

One of the biggest retirement worries can be all of the unknowns. Your retirement years can be a lot more predictable when you plan for a senior living community.

  • You will know your monthly bills with a senior living community as everything is covered under one payment. This includes everything from dining, yardwork, utilities, activities and more.
  • You won’t be surprised with home repairs or other escalating costs.
  • You will have the opportunity for whole-person wellness.
  • You will receive the benefits of different levels of care at one campus. This continuum of care is so important as your needs change.

Financial Preparation

A large part of retirement planning is strictly financial. These goals are crucial to achieving the life you want. Follow these 12 tips for retirement to be best prepared:

  1. Start retirement saving early, keep saving, and stick to your goals. Make this a priority and remember it is never too early or too late to start.
  2. Ask questions and speak with a financial adviser to get started.
  3. Know your retirement needs so you can set appropriate goals.
  4. Eliminate as much debt as possible.
  5. Contribute to your employer’s retirement savings plan such as a 401(k).
  6. Learn about your employers pension plan, if applicable, and find out if you are covered.
  7. Learn about basic investment principles and understand the types of investments you have.
  8. Keep your financial portfolio updated.
  9. Don’t touch your retirement savings. If you withdraw now you may lose benefits and have to pay taxes on the withdrawal.
  10. Ask your employer to start a plan if they don’t have one already.
  11. Put money into an IRA.
  12. Find out about your Social Security benefits.

Get Peace of Mind With Retirement Planning

Retirement planning isn’t all about the numbers. Another key factor is creating peace of mind as you move forward with your retired life goals. This means getting together with your lawyer and creating a living will for your future.

A living will is a document that explains if you want to stay on life support should you become terminally ill or fall into a persistent vegetative state. It also details your preference for pain medications, tube feeding and more. This only becomes effective when you cannot communicate your own wishes. It is also known as an advance directive or a health care directive.

Choosing Your Future Home

When all the planning is complete, and you are ready to make the move to a senior living community, visit Advent Christian Village to discover how our residents live life to the fullest. Our many independent living choices provide vibrant options in north Florida. Contact us today and learn more about the ACV lifestyle.

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