When it comes to retirement, there's a lot to think about. How much money do you need saved up? When should you start taking Social Security benefits? What will you do with all your free time? These are all important questions that everyone should ask themselves as they approach retirement. In this blog post, we will provide four quick tips on what to do when starting to think about retirement. Keep reading for more helpful advice!

How to determine your retirement needs?

One of the first things you need to do when starting to think about retirement is to figure out how much money you will need to support yourself. There are several ways to do this, but one simple method is to estimate that you will need 70-80% of your pre-retirement income. This may be an inaccurate number for some, but it's a good place to start. You can also use online retirement calculators to get a more personalized estimate. Don't forget to factor in things like inflation and healthcare costs!


senior man on bench
When to start taking Social Security benefits?

Another important question to ask when considering retirement is when you should start taking Social Security benefits. The answer depends on many factors, including your age, health, and financial situation. In general, it's best to wait until you reach full retirement age, which is currently 66 for most people.

However, you can start receiving benefits as early as age 62. If you do, your benefits will be reduced by up to 30%. So if you're thinking about retiring at 62, you'll want to make sure you have enough other sources of income to cover your living expenses. On the other hand, if you wait until after full retirement age to start receiving benefits, your benefits will be increased by 8% per year. So if you can wait a few extra years to retire, it may pay off in the long run!

Why consider independent living facilities?

Some people love the idea of living in an independent living facility. These types of facilities provide seniors with plenty of opportunities to socialize and stay active without all of the responsibilities that come along with owning a home. If you’re considering this type of retirement living, be sure to do your research to find a reputable facility that meets your needs and budget. It also allows you to live close to other people your age, which can be beneficial for both your mental and physical health.

Should you downsize?

The answer to this question is highly personal and depends on a number of factors. If you own your home outright or have a small mortgage, downsizing can free up a lot of extra cash. This money can be used to help fund your retirement. If you have children, downsizing may also be a good way to reduce your living expenses. However, you should consider the emotional impact of downsizing. It may be difficult to part with your family home and memories. You should also ensure you have a place to live that meets your needs in retirement.

These are just a few things to think about when you're starting to plan for retirement. It's important to take your time and do your research to make sure you're making the best decisions for your unique situation.

More Finance Articles

  • “Should I Sell My House Myself?”

    This question goes through everyone’s mind at one time or another. Can I save some money and some hassles if I do it myself (FSBO – For Sale By Owner)? Let’s look at why it is more advantageous to use...

  • 10 Commandments of Selling Your Home

    Whether you are buying or selling a home, it can be quite an adventurous journey. Here is simple advice for consumers when buying or selling a home. What is the home you’re buying/selling really...

  • 5 Real Estate Terms You Need to Know

    “In almost 40 years in real estate one of the most important things that I have learned is to have clear communication with clients and not to assume that we are all speaking the same language.” Below are...

  • 5 Tips To Start A Home-Based Business From Scratch

    Starting a home-based business sounds simple enough. After all, with the internet and social media boom, there has never been a better time to be your own boss. As an additional bonus, starting a...

  • 7 Deadly Sins of Real Estate

    Advice to help your real estate transactions. Helpful tips that will make your real estate transactions much easier.

  • A Reverse Mortgage Makes Your Home Work For You

    A reverse mortgage may help you pay off debt and provide breathing room John and Carol love getting their grandchildren off the bus, volunteering at church, and going for long walks together at Trexler...

  • Adjusting Your Home to Your Lifestyle

    As the frozen ground relinquishes its grip on budding tulips, we take note of the regeneration around us. Spring represents rebirth and renewed vitality and stimulates a reassessment of our lives. For...

  • Are You Planning for a Good Retirement?

    Most people who vacation spend many hours planning before hand. They purchase tickets, make reservations, schedule tours and transportation and anything else that allows them to relax and enjoy their...

  • Are You Ready for Medicare Open Enrollment?

    Medicare Open Enrollment for 2018 starts October 15 and remains open until December 7. During this annual enrollment period (AEP) you can make changes to various aspects of your coverage. You can...

  • Beach Property Drawbacks

    Erosion due to storms can be a huge challenge!   While it can happen any time of the year, erosion due to storms can have a dramatic impact on beachfront properties as evidenced by this picture in...

  • Before You Buy or Sell Your Home

    A crucial part of a house transaction is the inspection. There are a number of standard issues to review. Using a certified inspector will help ensure the property is cleared of any problems....

  • Being A Business Owner In Your 50s: How To Find A Healthy Work-Life Balance

    More than half of small business owners in the US are over 50. Running a company of any size can be difficult, and if you’re used to working long hours, finding a healthy work-life balance can be...

  • Benefits of Using Senior Real Estate Specialist

    Seniors have unique situations that call for someone trained to best handle them. A specialist brings more than just a realtor’s license when helping seniors with their real estate issues. These...

  • Brace and Testing Scam

    “Do you have Medicare? Do you have aches and pains? We can provide braces that Medicare will cover! How about a genetic testing kit to see if you are predisposed to getting cancer?” If you are like...

  • Buying or Selling a Home? Use a Realtor with Experience

    Similar to younger generations, seniors are an active demographic in the real estate market. Whether downsizing or moving closer to family, seniors need and desire to transition into a new home for...

  • Cybercriminals Prey on COVID-19 Fears

    Cybercriminals are exploiting the COVID-19 pandemic to gain access to confidential personal and financial information, warns David Finkelstein, St. Luke’s Information Security Director. He...

  • Discounts for Veterans 2018

    This section is  a list of local and national organizations that offer discounts to veterans. These discounts can change so check first to verify the discounts offered. Also included are resources...

  • Dos and Don’ts of Retirement: Safeguard your Future

    If retirement is in your near future, you are likely starting to plan for this next big step! Planning for retirement is no walk in the park, though. There are many "dos” and “don'ts" regarding...

  • Dutch Treat - Savings in the Valley

    For many years organizations like AAA and AARP have negotiated discounts for members and seniors with national companies. At the local level there are numerous businesses in our community that offer...

  • Elder Law Alert: Department of Veterans Affairs Makes Sweeping Changes to VA Pension and Aid & Attendance Benefit

    Introduction VA Pension benefits are “nonservice connected” disability benefits that provide a monthly tax-free income to eligible wartime veterans and their surviving spouses. A married veteran can...

Contact Us

Please enter your data here. Fields with an asterisk (*) are required.
Please provide us with a phone number or email so we may respond to your request.

Full Name(*)

Please type your full name.


Invalid email address.


Invalid Input- please enter in form: 123-456-7890

How may we be of service?(*)

Please tell us how big is your company.

If you wish to subscribe enter your full address.

Invalid Input

Please enter the characters shown.(*)
Please enter the characters shown.
Invalid Input