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Many people look forward to the day when they can stop working or cut back their hours to enjoy life as they age. Before you can move into a luxury retirement home, however, there are some key steps to help you prepare for this exciting life stage. Here are four tips to follow to ensure your retirement is peaceful and low-stress.

How to Get Ready for Retirement

1. Assess Your Assets

Assets include anything of value that you own, such as properties, homes, vehicles, bank and retirement accounts, companies, intellectual properties, and stocks. Create a list of all these belongings and their values. Then, decide if you want to keep them or sell them to generate cash to use for retirement.

2. Consider Your Health

Individuals who are age 65 or older are eligible for Medicare to handle health care costs for routine appointments and medications. Consider your current health, including chronic conditions and long-term medications, as well as how these issues may progress. Talk with your health care provider about how your medical costs may change over time. Some people set up a health savings account (HSA) to facilitate tax-free savings they can use if they need health care.

3. Choose a Retirement Home

retirement homeSome people want to age in place, remaining in their home for as long as possible. Many people purchase a smaller house, but you still have to deal with chores like landscaping and repairs. Instead, consider renting or buying a luxury condo to lower your stress levels and make it easier to maintain your independence.

4. Estimate Expenses & Set a Budget

Consider your current spending and how it will change with age. Many  people spend less money on transportation, education, and apparel to create a buffer for increased health care costs. Use this information to guess how much you’ll need to live comfortably after retirement.

Set a budget, including money for housing, food, utilities, transportation, and projected health care costs. Add a section for fun money for new clothing, trips, or gifts for loved ones. Establishing a budget provides reassurance and allows you time to figure out part-time work or otherwise break down how to pay for what you need.

 

If you’re interested in living in a comfortable, well-designed retirement home, contact Traditional Trades Inc. in La Crosse County, WI, to learn about their luxury condos. Call the Onalaska-area company at (608) 783-4785 or visit the website for information on their multiple residences.

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