Tax Changes ‘Self-filers’ Need to Know Before Filing 2021 Taxes
Contrary to popular belief, retirement doesn’t always mean a stress-free lifestyle. It’s pretty standard for retirees to face stress from new challenges and worries. The good news is there are steps you can take to achieve a stress-free retirement and enjoy a happy and fulfilling life away from the working world. Here are some tips to help you achieve a stress-free retirement as you prepare:
Save More Than You Think You’ll Need
A solid financial plan is essential to create a roadmap for you to follow. A financial plan addresses factors that work together, such as your income, expenses, investments, and personal taxes. Once you have your plan in place, decide which strategies enable you to meet your goals. Unsure of how to design a financial plan? Contact your financial professional to get your plan underway.
Downsize to save on living expenses
If you still live in your family home or one that’s too big for you, downsizing is the way to go, especially if you don’t mind a smaller space. Downsizing can save you money and stretch your retirement funds even further. Another option is to move to a city or state with low property taxes and an affordable cost of living.
Focus on Preventive Health Care
Health problems can also prevent a stress-free retirement. Even though medical issues and aging often go together, preventive care helps keep you healthy. Preventive care can also reduce the risk of complications that can cost you later. It’s also wise to ensure adequate healthcare coverage that aligns well with your budget and unique health needs.
Consider a Long-Term Care Policy
Since nursing home and in-home care can be costly, long-term care insurance can contribute to a stress-free retirement. It can help alleviate the stress of paying for a nursing home or home care for you or your spouse. Of course, not all long-term care policies are created equal, so it pays to shop around and compare your options.
Invest in a Roth Account
Unlike traditional accounts, a Roth 401(k) and Roth IRA enable you to make contributions with after-tax dollars. Even though you don’t save on taxes upfront, you can enjoy tax-free withdrawals during retirement. Roth accounts can give you the peace of mind of knowing Uncle Sam won’t tax all of your money while you’re on a fixed income.
Consult Your Financial Professional
A financial professional can help you enjoy a financially stress-free retirement. Together we’ll help you review your financial situation and determine the ideal strategy for your unique goals. Contact us today to get started.
SWG2043868-0322c The sources used to prepare this material are believed to be true, accurate and reliable, but are not guaranteed. This information is provided as general information and is not intended to be specific fiancial or tax guidance. When you access a link you are leaving our website and assume total responsibility for your use of the website you are linking to. We make no representation as to the completeness or accuracy of information provided at this website. Nor is the company liable for any direct or indirect technical or system issues or any consequences arising out of your access to or your use of third-party technologies, websites, information and programs made available through this website.
In addition, at Faithful Financial Group we have helped people, at all economic levels, to achieve their financial goals. We help people to enjoy retirement by working hard and smart. We want to help you achieve the retirement of your dreams. In conclusion, contact us today to get started.