My Husband just retired. Now what?
I heard this last Saturday from an acquaintance as we were cleaning up what was left of the goodies served from this special women’s event here in the neighborhood. She asked me if we (my husband and I) liked to play board games to which I answered of course. She then said, my husband just retired and we now have some extra time.
This is where my eyes get a bit glazed over. When someone says they’ve just retired or my husband has just retired, I stop and many things start running through my mind as I now counsel people about retirement planning – so many unprepared for this main event, yet so many options.
You see, having lost almost everything we had back in 2009, myself being the new realtor in town, my husband self employed in construction and having just built a HUGE home with “resale” in mind, we found ourselves after struggling for 2 years, starting over.
Retirement planning can be a struggle as we begin to slow down, move to a new home, change careers and/or take inventory of what we have or do not that makes us ready or not for our retirement. So, when I hear, “I’m retired”… first in my mind, is… I hope that you planned for living longer, took your social security at an optimized time (not early), and your health insurance situation? Did you take out a medicare supplement if you’re 65+ to cover what traditional Medicare doesn’t? Did you roll your 401(k) or IRA in a tax advantage plan? Have you downsized? Are the extra bills paid off? What if you get really really sick? There are so many things that come to my mind when I hear those words… “I just retired.”
And, with that, there are so many choices one can make when it comes time to leave that 9 to 5. There are A LOT of choices and if you make them early enough, you will be in good shape. If you don’t, you may be looking for a j.ob. competing in a younger world – driving for Uber, or losing your last home, living in a one room apartment, paying that with social security, OR, having to move in with one of the kids, racking up medical bills and not affording groceries.
Are you thinking of retirement? Are you in your 40’s, 50’s or even 60’s? It’s not too late to begin planning and for the 60 somethings…. perhaps you have a nest egg put safely away and your home is paid for. There may still be some things that you’re unsure of. Can you live on that nest egg and wait to take social security so that you can take the most? Will your last employer keep you on their health insurance for a bit (for a fee of course)? If you’re healthy and don’t feel as though you have enough insurance, perhaps it’s a good time to check into getting a bit more to cover final expenses, long term care or even leaving a bit for the grandchildren.
It’s going to be nice to not set the alarm clock, to take that long awaited trip to the cabin at the lake, to have more time for the grandkids. It’s also going to be nice to have made or make some retirement planning decisions that will fit in with this preferred lifestyle.
If you’re not sure what exactly you have going on for your golden years, don’t have a financial planner that you go to, just want to know how to maximize your social security or are looking for better places to put some of that nest egg money in order to gain better returns down the road, just reach out, book a consultation or give me a call. Let’s see if I can give you some peace of mind knowing that what you have in place is just right, or give you some options to make your retirement years even better!