Take the Stress Out of Retirement Financial Planning

Retirement financial planning is critical. Preparing for your retirement and financial considerations that are associated with getting older, like health care and assisted living costs.

By Natalie Jones,  HomeOwnerBliss.info

Social Security and Medicare are meant to be safety nets but not to cover the entire cost-of-living post-retirement. Here are some practical ways you can save for those expenses without relying solely on your Social Security and Medicare benefits, courtesy of The Un-Retired Entrepreneur.

Retirement Financial Planning — Savings

With a 401K, funds are automatically withdrawn from your paycheck and invested in funds of your choosing. Many employers offer to match that amount as a benefit of employment.


An IRA enables you to delay paying taxes until you withdraw the money. It’s similar to a 401(k), but instead of the account being managed by your employer, this is an account you choose and manage yourself.

Long-Term Care Insurance

Long-term care is just what the name implies. It helps with the costs should you need long-term nursing care or assisted living. It covers services like in-home care, too. Traditional long-term care policies work much like policies for auto or home insurance: You pay premiums, usually for as long as the policy is in effect, and make claims if you ever need the covered services.

Health Savings Account

This is a type of savings account that lets you set aside money on a pre-tax basis to pay for qualified medical expenses. This can be used to pay for deductibles, copayments, coinsurance, and some other expenses, you may be able to lower your overall healthcare costs. It is generally not valid to use to pay for insurance premiums. An HDHP is a health plan that only covers preventive services before the deductible.

Retirement Financial Planning — Speak With a Financial Advisor

A qualified financial advisor can help you with all types of financial planning. Because so much of financial planning, taxes, and interest rates can be confusing, a financial advisor will be able to explain it all to you in a way that makes it easier for you to make smart financial decisions. They can help you come up with a game plan that puts you on track to achieve your financial goals and retirement dreams.


A financial advisor can also help you plan ways to stretch your retirement savings and advise you on when to start tapping into Social Security and when you can begin using the money in your retirement accounts to avoid any penalties.

Continue Your Education for a Pay Increase

If you’re still working, make the most of your efforts by taking steps that increase your earning potential. Getting an advanced degree can be a strategic move towards higher income and more that you can save for retirement. For instance, if you currently work in special education, take a look at how a master’s degree could help push you forward in your pre-retirement years. There are online programs that let you take classes in your spare time, too.

Work Part-Time

Having a part-time job is not only an excellent way to supplement your retirement income, but it’s also a great way to stay active and involved. Research shows that continuing to work after retirement age is better for us both physically and mentally.


It can be even better if that job is doing something you’ve always wanted to do. If you’ve always dreamed of being a pastry chef, get a part-time job in a bakery. You may be great with kids and enjoy teaching them and if that’s the case, look into becoming a substitute teacher.


Put together an updated CV to showcase your skills, previous career experience, and education. You can find free templates online that allow you to personalize yours with a library of designs, colors, and fonts to choose from.

Start Your Own Business

If you’ve had enough of working for someone else, maybe it’s time you go into business for yourself! Choosing a convenient and flexible business structure like an LLC will help you by providing certain legal protections and tax benefits. Next, you can save on advertising by using social media, as well as using free templates to make business cards that you can share to further spread the word and expand your customer base.

Downsize Your Home

With your children gone to homes of their own, you may not need the large home you’re presently in. You can make a tidy sum by selling your larger home and downsizing to one that’s still comfortable but more practical for your current needs.


Finding a home is much easier now than it used to be, thanks to the ability to search for homes online. You can easily find homes in an area that interests you and learn about prices, square footage, the condition of the home, and so much more. You’ll also be able to get housing market information for the city to make a more informed decision.

Retirement Financial Planning — Make a Solid Plan

By saving for retirement, purchasing long-term care insurance, downsizing your home, and working with a financial advisor, you can create a retirement and later-in-life financial and healthcare safety net that isn’t dependent on Social Security or Medicare.


Have you ever wondered what it would look like not to retire, but to still enjoy a retirement lifestyle? If so, then check out The Un-Retired Entrepreneur!


By Natalie Jones,  HomeOwnerBliss.info

Image by Pexels

Retirement Financial Planning

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