Transition Confidently Into Retirement With These Tips

Do You Want To Transition Into Retirement With Confidence?

Imagine waking up on your first day of retirement and not worrying about going to work or running out of money. Maintaining your retirement lifestyle is both a financial and emotional process. Transitioning confidently into retirement starts with the following tips:

1. Know When and How To Take Your Social Security Benefits

Knowing how and when to take your Social Security benefits at the right time can mean tens of thousands of dollars more in retirement. This can be an irreversible lifetime decision. Timing your social security correctly is crucial to help maintain your lifestyle throughout retirement.

If you are married, your Social Security strategy should also account for your spouse’s benefits. For instance, you may decide that one spouse takes their benefits at a different time. This decision is highly depending upon your personal circumstances which is why Retire Safety First offers a Social Security Timing Report.

Request your complimentary Social Security Timing Report today or call 860-757-3644.

2. Maintain A Healthy Mindset

Retirement is not the end; it is a new beginning. It is completely normal to experience a rollercoaster of emotions but you should try to focus on what you’re excited about in your next chapter of life. After all, now is the time to do what you love with the people you love.

Always remember you are not alone. Remain social by meeting with friends, family and other loved ones for support along your retirement journey.

3. Develop And Continue Healthy Habits

Exercising is a fantastic way to stay active during retirement. It not only keeps you healthy but depending on your choice of exercise, you can increase your social circle. Now that you have all the free time in the world, it is easy to create an exercise plan that works around your schedule.

You want to focus on exercises that can improve and maintain your flexibility, strength, and balance. Simple hobbies, such as walking, tennis, swimming, and cycling, can help you remain active throughout your retirement.

Considering that according to HealthView Services, a healthy 65-year-old couple that retired in 2019 will need $390,000 to cover medical expenses, you need to prioritize your health for both physical and financial reasons. As the cost of health care continues to rise, you need to select the right Medicare plan for your needs when you are turn 65.

4. Create A Retirement Budget

Many folks transitioning into retirement do not know how much money they need on a monthly basis. Before you call it quits, it is crucial to figure out whether you can have a safe, secure and predictable retirement on your new income and budget.

Start by adding up your non-discretionary monthly costs such as mortgage or rent, groceries, electricity, and other utilities. Then add in your discretionary spending or wants such as travel, entertainment, shopping, and dining out. Once you’ve calculated your estimated monthly expenses, it's time to figure out whether you'll have enough income to cover them throughout retirement.

Contact u s to review your budget or call us 860-757-3644.

5. Knowing Saving For Retirement Is Not The Same As Spending In Retirement

Most workers today are encouraged to save with retirement accounts like 401(k)s and IRAs. These accounts are great for accumulating money, but they don't address the issue of withdrawing in retirement and don't provide a guarantee that your retirement savings will last your lifetime. During your working years, time is on your side. You are able to save more for retirement but when spending in retirement, you no longer have that luxury. The risk of outliving your retirement savings is called longevity risk. With about one third of 65-year-olds today expected to live past age 90, you need to make sure your money lasts as long as you do.

The first step to a fulfilling retirement is preparing. Depending on how you prepare, retirement can be the most rewarding or stressful times of your life.

If you use the Retire Safety First Approach and these tips you will be on your way to having a safe, secure, and predictable retirement experience.

Contact Retire Safety First today for your complimentary consultation or call at 860-757-3644.

At Retire Safety First we believe everyone has a right to a safe, secure and predictable retirement. Our goal is to remove the fear and uncertainty out of retirement, to provide peace of mind for retirement.

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Consumer Prices Remain High In October

By Bret Laporte • November 11, 2022

The consumer price index increased 0.4% for the month and is up 7.7 percent from a year ago according to the Bureau of Labor Statistics. While price increases are still rapid and painful for many households, they are finally beginning to show signs of progress. The inflation index picked up by 7.7 percent in the year through October*, less than the 7.9 percent that some analysts had expected. Even with this positive news, inflation remains well above the Fed’s 2% target and several areas of the report show that the cost of living remains high. Shelter costs, which make up about one-third of the CPI, rose 0.8% for the month, the largest monthly increase since 1990, and up 6.9% from a year ago, their highest annual level since 1982*. Also, fuel oil prices jumped 19.8% higher for the month and are up 68.5% over the past 12 months*. “One month of data does not a victory make, and I think it’s really important to be thoughtful that this is just one piece of positive information, but we’re looking at a whole set of information,” San Francisco Fed President Mary Daly said in response to the CPI data. _ Depending on how you prepare, retirement can be the most rewarding or stressful time of your life. To answer some of your questions about inflation and retire on your terms, Contact us or Call 860-757-3644 for a complimentary consultation. At Retire Safety First we believe you have a right to a safe, secure and predictable retirement. Our goal is to remove the fear and uncertainty out of retirement, to provide peace of mind for retirement. *All Statistics provided by the Bureau of Labor Statistics

Consumer Prices Rise In September

October 14, 2022

New inflation data released on Thursday showed that consumer prices climbed far more quickly than expected with a rise of .4% in September (according to the Bureau of Labor Statistics) as inflation pressures continue to weigh on retirees and the economy at large. The food index alone rose 0.8% for the month and is up 11.2% from a year ago. That increase helped offset a 2.1% decline in energy prices that included a 4.9% drop in gasoline. Energy prices have moved higher in October, with the price of regular gasoline at the pump nearly 20 cents higher than a month ago, according to AAA.

The Social Security cost-of-living adjustment will be 8.7% in 2023

October 14, 2022

The Social Security Administration announced that cost-of-living adjustment will be 8.7% in 2023, the highest increase in 40 years. The average Social Security retiree benefit will increase $146 per month from $1,681 in to $1,827 in 2023. However, with inflation continuing to rise at dangerous levels, it is important to be aware of the possibility that these cost-of-living adjustments may not be enough to maintain your lifestyle throughout retirement.

2023 Medicare Premium Changes

By Bret Laporte • October 5, 2022

The Centers for Medicare & Medicaid Services announced that 2023 monthly Part B premiums will decrease to $164.90 from $170.10. This change represents the second time in the past two decades that Part B premiums will decrease from the prior year. Pair that decrease with the expected 8.7% increase in Social Security’s annual cost-of-living adjustment (COLA), many retirees could see a substantial increase in their monthly Social Security checks in 2023.

The Incredible Benefits Of Spending Time With Your Grandchildren

January 13, 2022

Now that you are transitioning into retirement, you are free to do more of what you love with the people you love. Creating memories with your grandchildren will be something each of you cherish and hold on to. Did you know two out of three grandparents think being a grandparent is the most important and satisfying thing in their lives? Here are some of the incredible benefits of spending time with your grandchildren: 1. Increase Happiness For Everyone A close relationship between grandparents and grandchildren has shown to decrease symptoms of depression for both generations. Grandparents in the study were found to be less depressed when they received or gave tangible help to their grandchildren. Anything from rides to school, advice on life, or helping financially were contributors to lessened depressive symptoms found in older adults. Children with a high level of positive grandparental involvement have shown fewer emotional and behavioral problems and are seen to be more secure and significantly happier. 2. Sharing Family History Grandparents have incredible insight to family history. Teaching your grandchildren about where they come from, and the struggles and successes of the family helps grandchildren better understand their unique history. Grandparents may have family heirlooms to pass down, like photo albums and family recipes that grandchildren would greatly value. Grandparents who share their fondest stories can keep their memories alive. Every family is unique in its makeup and journey. Grandparents can unlock their history and make it a part of the present for younger generations. 3. Keeps You Socially And Physically Active Playing with grandchildren can be a fun and rewarding way to remain physically active. Whether you’re playing a game of catch, walking around the shopping mall, or taking a relaxing walk around the park, the exercise and memories created are great for each of you. Taking your grandchild out could provide opportunities for meeting other adults, and grandparents. This social interaction can help you find and grow your social circle throughout retirement. 4. Becoming A Role Model As retiree’s age, they can struggle to find purpose. Becoming a role model to your grandchildren is one of the most fulfilling and loving things you can do. You’ll be able to share all your life experiences to help teach a new generation. Afterall, now is the time to do more of what you love with the people you love.