Consider these steps to enjoy yourself in retirement
All those years of saving have gotten you here. Now, in retirement, it’s time to make the most of what you have and make it last. Savor the moment then stretch your savings.
Welcome to retirement
Congrats. You’ve likely been planning for years to get to this phase of life. Now that you’re here, it’s important to revisit your goals including where you want to live and how you want to spend your time. Don’t forget to check back from time to time as you settle in to your new normal.
Steps to enjoy yourself in retirement
Start with your budget. Now that you are on a fixed income, it’s important to take a hard look at your expenses and minimize where you can. Create a budget to help you have a better understanding on your spending habits and keep yourself on track.
Review your options for your retirement savings plan. You’ve been saving for a long time to get here, so it’s important to know what you can do with your savings to generate income in retirement.
Pay yourself in retirement. Your retirement income may come from a few different places. Make sure you understand where money is coming from.
Create a withdrawal strategy. Once you understand where your money is coming from, it’s time to create a strategy for how you will use this money throughout your life. There are taxes and other considerations, so make sure you understand all of the implications.
Log in to your Voya online account experience to understand your options.
Prepare for health care in this phase. Health care is one of the most expensive components of retirement, so make sure you are prepared for the costs and coverage.
Maintain a healthy lifestyle. Keeping yourself active and healthy is an important component of living well in retirement.
Health insurance before Medicare. If you are retiring before age 65, you’ll need to plan for health care needs before you are eligible for Medicare.
Apply for Medicare. Once you turn 65, you’ll be eligible for Medicare. Your options are broken into different parts, so it’s important to understand the coverage and costs for each components.
Life insurance. If something unexpected happens to you, life insurance can provide much needed support for your loved ones. Learn more about life insurance and how much you may need.
Long-term care insurance. This type of coverage can help if everyday activities start to become difficult to handle. Long-term care can help pay for a variety of home care, assisted living or nursing home needs.
Critical illness insurance. This type of protection can help you cover expenses if you’re diagnosed with a serious illnesses. Whether you need help with medical costs, bills or even groceries, critical illness insurance can provide needed financial relief, so you can focus on your health.
Estate planning. Think estate planning is just for the wealthy? Think again. Learn more about the importance of creating and revisiting your will to help your things in the hands of your loved ones and your loved ones in good hands.
Caring for someone with special needs. If you’re a caregiver for someone with special needs, we are here to help. Voya Cares offers resources to help with special needs financial planning, as well as support and guidance on areas affecting you today and tomorrow.
Organize your paperwork. Gather all of your financial documents, statements, bills and insurance policies and your most recent tax return. This will help if you choose to see a financial professional.
Protect your identity. Remember, you are your own first line of defense when it comes to keeping your accounts and identity safe. Check out some best practices to help you get started.
Leveraging the knowledge and experience of a financial professional could be a great way for you to feel more confident about your finances and help keep you on track during this important time of your life.
This information is provided by Voya for your education only. Neither Voya nor its representatives offer tax or legal advice. Please consult your tax or legal advisor before making a tax-related investment/ insurance decision.
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