Nov
16

Things to Remember When Planning for Retirement

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vacation propertyIf you’ve been thinking about retirement lately, your thoughts have likely centered around finances. After all, your savings and investments have all been leading to one goal. However, not thinking about the big picture can come back to bite you later. According to a post by Eva Rosenberg on the Equifax Finance Blog, there are plenty of other things you should consider while planning your retirement.

Her article, “Retirement Planning: Most Affordable Places To Retire,” lays out some of the factors that could prevent you from fully enjoying retirement.

The first thing you should review is your cost of living. While you may have already budgeted out a comfortable living, don’t forget about extra costs like taxes. Depending on where you retire, some states have high state income taxes and others charge tax on social security income. Make sure that you know and understand these costs. Be sure and take note of real estate tax as well.

Rosenberg’s article offers an in-depth look at taxes, but there are several other factors to consider as well. These include:

  • Picking a community with a lifestyle that suits your needs
  • Making sure you have access to medical services
  • Having access to part-time work to supplement your income if necessary
  • Knowing whether or not your retirement health insurance in a different state (if you move)
  • Having access to a support system of family or friends

For more advice and factors to consider when planning your retirement, read Rosenberg’s full article on the Equifax Finance Blog.

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