Retirement

back to Retirement

Plan Your Way into an Easy Retirement

Tips for staying healthy, involved and financially fit

Retirement can be an exciting time. Some people enjoy relaxing with friends and family. Some spend more time traveling, or starting new hobbies. But retirement also can be challenging. You may have questions. "Will I stay healthy?" "What should I do with my spare time?" "What if I didn't save enough money to cover my medical costs?" With a bit of planning, you can ease your way into a less stressful retirement.

Staying financially fit

When you retire, you may not have the benefits you had when you were working. For example, you may no longer have a regular paycheck or health insurance from your job. But there are government-sponsored programs that can help you stay financially fit.

Social Security

Social Security retirement benefitsSocial Security retirement benefits
A government supported retirement benefit program funded through a federal income tax and paid to Am... more are one example. These are payments the government gives you after you retire. The payments are based on your age, how many years you worked and how much money you earned. Ninety-six percent of American workers are eligible to get Social Security benefits. As you get ready for retirement, it's a good idea to become familiar with how the system works. Try out the Social Security Administration’s Retirement Estimator tool.  It will give you an idea of what your benefits would be after you retire. Remember, you have to be at least 62 years old in order to get any Social Security benefits.

Medicare

MedicareMedicare
A Federal government program that provides health care insurance to people aged 65 years or older, a... more helps people 65 or older pay for health care by giving them health benefits. Having health benefits is one of the best ways to be responsible for your health and finances when you retire.

Basic MedicareMedicare
A Federal government program that provides health care insurance to people aged 65 years or older, a... more covers a lot. But not everything. Take time to understand the benefits offered by basic MedicareMedicare
A Federal government program that provides health care insurance to people aged 65 years or older, a... more to make sure you have coverage for what you will need. You may also want to find out about long term care, Medicare Part BMedicare Part B
A government supported health insurance plan that covers doctors' services, outpatient hospital care... more, a Medicare AdvantageMedicare Advantage
Medicare Advantage is a health benefits plan provided by a carrier as an alternative to traditional ... more Plan (also called Part C) or Medicare Prescription Drug CoverageMedicare Prescription Drug Coverage
Sometimes called Medicare Part D coverage, a pl... more (also called Part D). These programs will likely cost extra, but the benefits you get from them can help pay for more expensive medical care. For more information on MedicareMedicare
A Federal government program that provides health care insurance to people aged 65 years or older, a... more, visit  www.Medicare.gov.

Here are a few other things you can do on your own to keep your finances in check:

• Increase your 401(k)401(k)
  A 401(k) is a type of personal pension plan offered by an employer. It provides tax advantages on mo... more contributions — Don't forget about your 401(k)401(k)
  A 401(k) is a type of personal pension plan offered by an employer. It provides tax advantages on mo... more. Add as much as you can to the account in the years before you retire.
• Follow a budget — The most important thing you can do when planning for retirement is managing the money you have. Estimate what your monthly income and expenses will be after you retire. Then make a budget and stick to it. There are some great tools out there, including AARP’s Retirement Income Calculator and  Home Budget Calculator.  The tools and the budget will help you manage the money you have. That way, you’ll have enough for years to come.
• Get a part-time job doing something you love — Retirement is a time to focus on your hobbies. But why not make some extra spending money at the same time? Find out about teaching an art class, working in your local library or helping out at your favorite store.

to top

Staying healthy

To stay healthy long into your golden years, visit your doctor for regular check-ups and tests. If problems, are caught early, treatment may work better. Talk to your doctor about having some of the common tests below.

For everyone...

• Diabetes screening — Having diabetes increases your risk for many other health problems. Your risk for diabetes can increase with age.
• Vision screening — This test measures your eyesight and may also pick up glaucoma and early signs of dementia.
• Cardiovascular screening — A simple cholesterol screening will let your doctor know if you are at risk for heart disease or stroke.

For women...

• Bone mass measurement — Measures your bone strength and the risk of fracture or osteoporosis.
• Mammogram — All women age 40 and older should have yearly mammograms to check for early signs of breast cancer.

For men...

• Prostate cancer screening — All men age 50 and older should be screened for prostate cancer, since treatment often works better when it's detected early.

These tests are normally covered by health insurance and/or Medicare Part BMedicare Part B
A government supported health insurance plan that covers doctors' services, outpatient hospital care... more. Coverage may depend on whether you are "at risk" for any of the conditions. Ask your health benefits providerprovider
A licensed health care facility, program, agency, physician or other health professional that delive... more what's covered.

Despite help from modern medicine, you need to do your part to stay healthy, too. It's important to eat a good diet and get regular exercise. For more tips on staying healthy, click here.

to top

Staying involved

Last but not least, don't forget to enjoy yourself! Staying engaged with others and keeping active will help you beat boredom, keep your mind sharp and even help your physical health. Below are some ideas on ways to get (or stay) involved.

• Join an exercise class — Many gyms and YMCAs offer group classes for older adults.
• Play like a kid — Video games aren’t just for kids anymore. Nintendo Wii and others have fun games for everyone.
• Exercise your mind — Visit your local library and learn something new or join a book club to keep up with the latest titles.
• Volunteer — Be a tutor at a local school, walk dogs at an animal shelter or participate in events at your church or other organization.
• Go walking — Get a group of friends together to go for a walk or jog a few times a week. You’ll stay healthy and get to socialize.
• Start a hobby — Plant a garden in your backyard or join a pottery-glazing class. Or start a new hobby you haven’t had time for before.

to top

Now that you know what to do to plan for your retirement, you'll see that it's not as stressful. You can just sit back, relax and enjoy!

back to Retirement