Get Ready For Your Golden Years By Dispersing These Myths
As you prepare for you post-work season of life, you are likely looking forward to the increased time to invest in your family, friends and hobbies. While you think about investing your time in the things you love, have you thought about how you are and will be investing your money? Get financially prepared by busting these retirement myths.
- I’ll Need Less Money. If you want to maintain your quality of life in your golden years, get rid of the idea that you will need less money for your day-to-day living. In fact, with extra free time will come extra temptations to spend. Plan to have enough in your savings to be spending 70 to 80 percent of what you are right now.
- Medicare Will Cover Me. While Medicare will help you manage your health care expenses in your retirement years, the AARP reports that the average retired person spends upwards of $3,000 by the time deductibles and premiums are paid. Make sure this expense is included in your retirement budget.
- Saving For Retirement Is Low Priority. While you may think you are doing your family a favor by paying off your mortgage or your children’s student loans over saving for your retirement, if you are unable to support yourself in your golden years that responsibility will fall to your family. Protect them—and yourself—by making planning for retirement a financial priority.
Is your insurance agent coming alongside you to ensure your coverage enables you to meet your present and future financial goals? Serving Hudson, Chatham, and all of New York, contact Lofgren Agency for all of your insurance needs. Our team of agents is here to show you the highest level of care and make sure you have the coverage you need to be prepared for retirement.