Retirement can be a financially difficult time, especially for us. Here are some ways we can plan to help ourselves fare better.
It’s estimated that the average retiree will need 70% of their current income to survive retirement. Benefits can be collected as early as age 62; however, the longer you can put off claiming the benefit, the more it pays out.
The longer you pay into a life insurance policy, the more cash value it holds. That cash value can be withdrawn to supplement income, provided the withdrawals do not exceed the total cash value.
#3 Shrink Debt
Lowering debt is hard enough when we’re working. It’s even more complicated when income is restricted like it is once you’re retired. Minimizing debt like car loans and credit cards before retirement frees income and alleviates financial stress.
Experts estimate the annual medical costs of retirees to hover around $5,700 per person per year. These are out-of-pocket costs on top of typical insurance premiums and deductibles. Medicare will only cover so much. Beginning a savings account for medical expenses will alleviate this additional burden.
About 83 percent of Black seniors do not have the assets they need for retirement, but they don’t have to sufferWith smart and careful planning, we can ensure that current and future Black retirees can live in the comfort they’ve earned.