Before it’s time to move into a retirement community, you have to make arrangements to cover how you intend to live out these years. Having a personal and financial plan in place will provide peace of mind and ensure you can lead a comfortable lifestyle. Here are some tips to keep in mind as you begin planning for the future. 

How to Plan for Retirement

1. Claim Social Security

More than likely, you’ll need social security to help you live comfortably in retirement. However, knowing when to claim these benefits will determine how much you end up getting. Although the minimum age to claim is 62, you can earn more by waiting a few years.

Most people won’t receive full benefit payouts until they are 65. Claiming before you reach full retirement age will result in reduced benefits for the rest of your life, no matter how your cost-of-living might change.  

2. Make Living Arrangements

If you are trying to figure out whether to age in place or turn to a retirement community, consider how your life can change in your senior years. Physical changes can make it difficult to provide maintenance for an entire property. 

Moving to a retirement community removes these worries and ensures you can live your later years in a relaxed environment. It also allows you to stay active and engage with people on a regular basis. However, if you want to find a community that best meets your lifestyle needs, start researching housing now and be sure to get on a waiting list for any places that meet your eye.

3. Create a Budget

To ensure your savings and social security benefits go a long way, you’ll need a well thought out budget in place. This may require reducing the way you currently spend, but it doesn’t mean you can’t live comfortably.

Calculate guaranteed sources of income, such as social security benefits, pensions, and insurance annuities. Then, factor in essential expenses—food, healthcare, housing, and transportation—before determining what’s left over for discretionary spending each month.

Retirement is different for everyone. If you hope to live a carefree life filled with community, activity, and a full spectrum of care, turn to Longhorn Village in Austin, TX. This retirement community is located in Texas Hill Country and offers a unique combination of luxury living and senior care. Visit their website or call (512) 266-5600 today to schedule a tour of their senior housing.