More and more people now are looking forward to retire. That's because of how tired they are from the bugging stress and anxiety at work. With that, what we want is just to take a break and have the greatest and most relaxing days of our lives by retiring, right? The advantage of retirement is not just that. It can also improve your life, giving you the opportunity of a more healthy, fit and active lifestyle as well as a closer bond with your family too, according to eHow.
So how can you prepare and plan for your retirement?
1. Understand and negotiate your health insurance and retirement benefits. Depending on your employer's policies, you can decide on how much you'll pay for your health insurance, what it covers or whether you'll keep your vision or dental plan. You can ask your HR representative for all the options available during your retirement. It can help you weigh your options carefully.
2. Don't start collecting your Social Security benefits not if you really need it. You can start receiving your benefits as early as 62; however, you may want to delay it until you're 66 and 67 depending on the year you're born to be able to receive the full benefits of it, as noted by Money Crashers.
3. Don't live extravagantly. Most retirees underestimate how much money they will need for retirement. Keep in mind that you have to be financially secured to enjoy your retirement. "The general rule of thumb is to figure that you will need approximately 80% of your current annual income in retirement," according to Forbes. So you have to start saving now. To figure that out, Kiplinger's Retirement Calculator can help you make some assumptions how much you will need to allocate for your savings.
So how will you spend your retirement? You may be dreaming something like taking a sip of coffee while enjoying the view of the sea on a yacht, or simply to have 8, uninterrupted, hours of sleep for the first time in a very long time now. No matter how you will enjoy it, the key is to prepare and plan ahead for more stable and hassle-free retirement days.
