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Plan Your Way into an Easy Retirement

Tips for Staying Financially Fit, Healthy and Involved

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

Staying Financially Fit

When you retire, one of the biggest changes may be not having 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 long after your last paycheck.

Social Security
Social Security retirement benefits 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 for Social Security benefits, so you should find out how the system works as you get ready for retirement. Use the Social Security Administration’s Retirement Estimator tool to get an idea of what your benefits would be. Remember, 62 is the minimum age for getting Social Security benefits.

Medicare
Social Security benefits help with living expenses, but Medicare 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.

While basic Medicare covers a lot, it does not cover everything. It's important to understand the benefits offered by basic Medicare to make sure you have coverage for what you will need. You may also want to find out about long term care, Medicare Part B, a Medicare Advantage Plan (also called Part C) or Medicare Prescription Drug Coverage (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 down the road. For more information on Medicare, click here or visit Medicare.gov.

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

  • Increase your 401(k) contributions — Don't forget about your 401(k). Add as much as you can to the account in the years before you retire so that you get the most in return once you retire.
  • Follow a budget — The most important thing you can do when planning for retirement is managing the money you have. Before you retire, figure out what your monthly income and expenses will be. Make a budget and then stick to it. There are some great tools out there like AARP’s Retirement Income Calculator and Home Budget Calculator. These will help you spend the money you have wisely so 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, so 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.

Staying Healthy

To stay healthy long into your "Golden Years," visit your doctor for regular check-ups and tests. If there are problems, they can be caught early when treatment may work better. Talk to your doctor about having some of the common tests below.

For Everyone…

  • Diabetes Screening — Your risk for diabetes can increase with age.
  • Vision Screening — 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 B. Coverage may depend on whether you are "at risk" for any of the conditions. Ask your health benefits provider 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.

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 faith-based 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, join a pottery-glazing class or start another hobby you haven’t had time for before.

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!

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