National Retirement Planning Week, which is celebrated from April 3 to 7 this year, offers an excellent reminder of why more people need to prepare for the golden years. In fact, according to the Insured Retirement Institute, almost half (45%) of the baby boomer respondents in their study last year revealed that they hadn’t set aside any funds for the twilight years at all.
The need to prepare for retirement is especially urgent for boomers, considering the rising cost of health care and other projected expenses in the future. As such, we’ve listed down several easy yet efficient ways for individuals to properly plan for their desired futures.
Create a Financial Plan
Seeing the value of money and setting aside enough funds to last during retirement is essential in securing a brighter future. As noted by the Department of Labor, one of the best ways to start saving for retirement is to commit to a plan until it turns into a habit. Also, boomers need to realize that there is no one-size-fits-all financial plan. Each individual has their own unique needs and circumstances – what may work for one may not apply for another. Once a person realizes this, he or she can now then craft a plan that will best address specific issues.
Additionally, seeking help from financial experts and even friends and families when creating a plan is highly suggested. Support may come in the form of actual financial guidance, having a motivator to stick to a plan, or branching out resources to come up with more retirement solutions. Collaboration is the key to success – boomers need all the help they can get if they want to achieve their retirement goals.
Connections Will Matter During the Golden Years
Speaking more about the importance of collaboration, boomers should also start listing down persons and resources that they need to connect to during the retirement years. Aside from staying in touch with family, boomers need also to connect and tap into retirement services such as caregivers, nursing homes, hospitals, and the like. But more than allowing a retiree prompt and efficient care services, the list can also serve as a boomer’s reminder of keeping tabs with the world. Social isolation cases, seen to be increasing among those in the baby boom generation, can be prevented by allowing boomers to have a direct link or list of persons to reach out to.
Emotionally Prepare Yourself
Lastly, boomers should also take the time to prepare themselves emotionally for the retirement years. No matter how efficient a plan is or how connected a boomer is with support and services, without having the right mindset when entering the retirement phase will topple everything over. To help boomers get over the scares, retirement should be viewed as a time of opportunity. Life has so much to offer for everyone, even more so during the twilight years.
Do you have other tips or ways to prepare for retirement? Please share them below. And also, a happy and memorable National Retirement Planning Week for everyone!
As the Online Content Director of FreeMedSuppQuotes.com, Leandro Mueller aims to push for awareness and promotion of the many benefits of Medigap insurance plans in the market. He hopes that his work will help boomers and retirement industry experts alike in their lives. Additionally, he hopes that more people will inquire use various Medigap resources, such as a Medicare Supplemental Plans Comparison Chart, for a more practical and better way to secure the golden years.