Steps to enjoy yourself in retirement

Revisit your goals

Start by revisiting the goals you set for yourself in retirement. Maybe things have changed with where you want to live, or how you'd like to spend your time. Make updates to your plan and check back in from time to time.

Manage your finances

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.

Consider your healthcare needs

Prepare for healthcare in this phase. Healthcare 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 healthcare 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.

Protect your family and finances

Life insurance. If something unexpected happens to you, life insurance can provide much needed support for your loved ones. Learn more about the different types of 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 wills and trusts 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.

Stay organized and safe

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.

Get some help

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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