Retirement is something we are asked about often in the dental coaching world. How can I get to retirement faster? Am I funding my retirement the way I should be in order to live the way I am now? At what age should I be thinking about retirement?
These are all great questions and the answers depend on you.
Many people are fearful of retirement because they view it as the end of life or when they have decided to “throw in the towel”. But it doesn’t have to be that way. If we prepare and follow a plan of action on how to get to retirement when and how we want, the opportunity to enjoy life without the hassles of owning a business or being employed will be welcomed with open ar. The following tips can help to get you on the right path. AFTC
Review your current debt and spending habits
- Cut back on current spending patterns
- Evaluate your savings & retirement funds
- Money allocation and what fees are assessed
- Seek assistance from a financial advisor
Know the Social Security and Medicare Milestones
- 62 years – Begin taking social security at reduced payout amount rather than wait until full retirement age
- 65 years – Qualify for Medicare benefits (depending on work history)
- 66 or 67 years (depending on birth year) – Apply for full Social Security retirement benefits.
- 70.5 years – Begin taking required minimum distributions
You can have a long, successful, and productive retirement years before you may have even thought possible, and live longer as a result. Take the time to sit down and evaluate your situation, set boundaries, initiate goals, and stick to your plan. Put your eye on the prize and aim for the retirement everyone dreams of.