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Tips for Planning for Retirement

image of hand drawn retirement income graph as an example of tips for planning for retirement

The best way to ensure a comfortable retirement is to plan for it well in advance. Many people do not fully understand how to make the most of their savings and investments. Or they may not consider some essential retirement expenses, such as healthcare costs. To get help planning for retirement, look for senior resident programs that offer tips and resources for financial planning.

One of the most important choices you will make in your senior years is where to live. Buckner Calder Woods makes that choice easy as one of the premier retirement communities in Texas. From our immaculate landscaping to our premium dining options to our robust schedule of activities, Buckner can provide you with the upscale senior lifestyle you deserve. Contact us at 409.407.7636 to schedule a tour or learn more about our senior community.

What to Know When Planning for Retirement

The first step in creating a retirement plan is determining how much money you will need. Although you may not know exactly what your expenses will be once you retire, you can get a general idea by looking at your current monthly expenses. Consider how much you spend each month on:

  • Housing
  • Utilities
  • Food
  • Transportation
  • Healthcare

These are the top five areas of spending for most people. Once you add up these monthly expenses and multiply them by 12, you will have a rough idea of how much you may need for each year of retirement.

Of course, these expenses will change after you retire. When you no longer commute to work, your transportation costs will decrease. And you may be home more often and enjoy more home cooking, reducing your food costs. Many people in retirement have also paid off their mortgages, resulting in lower housing costs. Or they may choose to relocate to senior living communities with amenities that can help keep monthly expenses under control. Regardless of the lifestyle you prefer in retirement, it is generally better to overestimate how much money you will need to allow for unexpected expenses.

Investing for Your Retirement

Before you begin investing for retirement, it is important that you fully understand the risks and rewards. For example, your investment returns or losses are dependent on the following:

  • The market performance
  • The size of your investment portfolio
  • The fees charged by your advisor or broker

Another thing to remember is that returns are not guaranteed, and risk is involved. To make the wisest investment decisions for your retirement, you should consult a financial advisor specializing in retirement planning.

Understanding Social Security

Social Security is an integral part of your retirement planning. The Social Security Administration (SSA) provides services to help you understand the program and plan for your future. On their website, you can find helpful resources like:

  • A benefits calculator to estimate how much you will receive each month
  • Instructions for claiming Social Security
  • Information about Medicare

You do not have to start claiming Social Security benefits as soon as you retire. Some people choose to wait a few more years to receive a larger monthly check. You will find information on their site about how much you can expect per month if you delay your benefits.

Consider Your Healthcare Needs

Your healthcare costs may rise as you age, so it is important to consider this when planning your retirement budget. Once you retire, you will most likely need to purchase a private health insurance plan or enroll in Medicare if you are 65 or older. Medicare does not cover all medical expenses, so you may need to pay for some costs out of pocket or get supplemental coverage through another plan.

Experience the Best of Retirement Communities in Texas at Buckner Calder Woods

If you are feeling overwhelmed about planning for retirement, reach out to Buckner Calder Woods. We can connect you with the resources you need to make smart decisions so you can kick back and relax when it comes time to retire. And with all the services and amenities included in our luxury senior community, retirement living is a breeze. Call us today at 409.407.7636 to learn more.