Not every risk can be avoided. But most can be minimized, and many can be reduced through preparation. Again, planning is the best way to prepare for — and endure — the unexpected.
1. Consider a Part-Time Job
Working part-time in retirement has multiple benefits, from increasing your financial resources to keeping you engaged with the world. Many retirees find their jobs to be fulfilling ways to spend their time.
2. Open a Health Savings Account
If you have a high-deductible health insurance plan, you likely have the option of a health savings account (HSA). This allows you to set aside pre-tax money to cover medical costs. HSAs also roll over from year to year, so any money you don’t spend is available in later years, potentially in retirement. And unlike 401(k) money, HSA money isn’t taxed as long as it’s used on eligible medical bills.
3. Purchase Annuities
Guaranteeing income for life, annuities can be an effective way to insure against the risk of outliving your savings.
4. Take Care of Your Health
By maintaining good health, you can lower your risk of becoming sick and incurring high medical bills. Eat healthy, exercise and visit your physician regularly.
Go to Shateka.com to download your retirement planning workbook. TAKE ACTION and take #care of your older self.
#Retirement is not an age. It is an income!⏰ To be continued….