Planning (or even thinking about) your retirement is often as exciting as it is stressful. There are a lot of considerations to make such as what age you plan to retire, your financial readiness to retire, and what the plan will be if you need to come out of retirement.
Retirement is a major milestone and just like any other milestone, such as marriage, parenthood, or home-ownership, it requires some planning. If you’re preparing to retire within the next few years, here are some useful tips to help get you ready for the big day.
Prepare for Every Possibility
While no one really wants to imagine themselves returning to the workforce after a few retired years, it is a possibility. The old saying goes: “Prepare for the worst, hope for the best.” Even if you have zero plans to return to work once you retire, it never hurts to be prepared. One thing that you might struggle with when returning to work is knowing how to make yourself a desirable candidate, especially if you haven’t had to hunt for jobs in years.
One thing that always stands to the test of time is a great resume. Not only will it be important to update your resume with your work experience, but you’ll need to spice it up with any outstanding work achievements. According to those at Exceptional Resume Writers,
“Resumes that grab the attention of recruiters have one thing in common: they contain well-articulated, strong achievements that clearly showcase a candidate’s value … Typically, achievements are things that you’ve initiated, built, executed or reached. These are quite different from responsibilities that are usually listed under your job description.”
By the time you’ve hit retirement age, it’s likely you have plenty of notable achievements under your belt. Make a list and pick the most unique ones related to your particular experience.
Know Your Healthcare Options
As we age, having the right healthcare options becomes essential to our quality of life due to the health risks that increase as we age. Conditions such as cardiovascular disease, osteoporosis, and diabetes are common for older folks. You also might find that your hearing and vision aren’t what they once were. Unfortunately, aging is a reality we can’t avoid. That’s why it’s important that you have the right healthcare in place as you enter retirement.
If you’re preparing to retire and you’re 65 years or older, you qualify for Medicare. However, that doesn’t necessarily mean you automatically receive it. In some cases, it’s on you to enroll yourself in the right Medicare program, and it can be a confusing process.
When trying to figure out how Medicare works after retirement, it’s recommended that you discuss your plans with the right person at your workplace, such as the benefits administrator, to assist you with the sign-up. Because Medicare is broken up into different categories, based on different policies, products, and benefits, it’s important to consult trusted professionals and other resources to get the right coverage for you. For example, Medicare Part A, which is the only option you’re usually automatically enrolled in, covers hospital, hospice, nursing facilities, and some home care services. Medicare Part B on the other hand covers doctor’s services and preventive care but has a monthly premium that fluctuates yearly and is based on your income.
Utilizing the resources you have now, before retirement, can make the new chapter in life not as confusing and frustrating. Whether that’s figuring out your future healthcare choices or what age is the best time for you to finally retire from the workforce.
Many jobs hold significant social, emotional, and financial benefits. Having a career that you can look back on fondly, like these retired postal workers, is a fantastic achievement to have in one’s life. A great job can even make the decision to retire a tough one. While it’s safe to assume that the average person doesn’t want to work for the rest of their life, retirement can seem an intimidating and daunting process. However, with the right strategies and expectations, preparing for retirement doesn’t have to be a nightmare.