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7 Steps to Prepare for Retirement

Retirement is a phase in life most Americans look forward to. We hear about beaches and trips and more time for hobbies. What isn’t always talked about are the steps you need to take in order to be ready for that stage of life. RetireMed is here to help you prepare for those summer sunsets on the porch and cruises, to make sure you check all the boxes and retire with confidence. Retirement is NOT a requirement to go onto Medicare and you can continue to work past 65!

To help you focus on what needs to be done before those dreamy days, here are the top seven things you need to do to prepare for retirement.


1. Determine when you’ll claim Social Security benefits.

As you may know, the full retirement age for people born in 1955 is 66 and 2 months, but early retirement benefits can begin as early as age 62.

However, some people don’t realize that the longer you work, the more Social Security benefits you’ll receive, so it’s important to weigh the pros and cons of when you plan to begin receiving benefits.

You may also want to consider consulting your financial advisor before making this decision since it will affect your income in retirement quite a bit.

2. Determine when you’ll retire.

Retirement is a stage of life many are eager to reach. But there’s no right way or time to do it. The timing that works best for your neighbor, sibling, friend or even your spouse may not be the same as yours.

There are numerous things to consider before ultimately deciding when you should retire, like your savings, lifestyle, plans for retirement and more.

One thing to note is that many people who retire today are finding a “second career” and getting back into the workplace, whether in the same field as before or in something new. Keep in mind that if you retire and later decide you want to work part-time or seasonally, or even full-time again, it’s an option.

3. Sign up for the RetireMed newsletter.

There’s a lot of information (and misinformation) out there about retirement and Medicare. We are here to help you cut through the clutter with our email newsletter. Learn more about receiving the necessary information you need, when you need it.

Or go ahead and join 27,000 individuals receiving our newsletter and sign up to receive yours today!

4. Consider your retirement living situation.

Are you sure you want to stay in your current city for retirement? Or maybe you’d like to try out somewhere else in the States, or even look into retiring abroad? Maybe you want to move closer to your children or grandchildren to spend more of your free time with them.

5. Prepare your retirement budget.

Life expectancy is increasing, which means your savings may need to last up to 30 years. 

6. Call RetireMed & sign up for Medicare.

You’ll need to sign up for Original Medicare (Parts A and B), and there are nuances about this coverage that you may have questions about.

It’s important to note early on that Original Medicare does not cover everything, and it is not free. You will likely benefit from signing up for additional coverage via Medicare Advantage Plans, Medicare Supplements, and/or a Part D Prescription Drug Plan. We recommend speaking with a trusted advisor in Medicare to help you find the right combination of coverage for your needs and budget.

If you have questions about your Medicare needs, are thinking about retirement, or want to compare your current Medicare or employer plan with other options, schedule a call with a RetireMed advisor today, or call us directly at 855.465.2773.

7. Write your retirement bucket list.

While there is a lot of work to be done to prepare for retirement, you’ll want to make sure you know where you want to spend your new free time and with whom. This can be a fun activity to do with your spouse, friends, children or grandchildren!

Making plans to check activities off your list with loved ones can bring tons of joy – as will making the lasting memories with your friends or family by your side! For inspiration, check out our tips for writing your retirement bucket list.

Here at RetireMed, we want to make your retirement as enjoyable as possible.