Retirement Planning Being Financially Physically And Emotionally Prepared

Things You Need to Know Before Buying Car,House, Health & Life Insurance online.

Insurance Buying Tips #1: Shop smart
When looking for insurance, your No. 1 priority should be to find adequate coverage. Price is important, but you’ll want to determine what kind of coverage you need first. Then you can fit that coverage into your budget and determine which carrier can provide you with the most comprehensive policy for your situation. You may be tempted to choose insurance with the lowest price tag, but if you don’t have enough coverage (or the right kind of coverage), you will see less financial benefit when it comes time to file a claim.
Insurance Buying Tips #2: Look for discounts
Once you evaluate your coverage needs, factor in your budget and find ways to save. Ask your insurance agent if there are any discounts on your coverage. Often, carriers offer discounts for things like paying your policy in full, staying auto accident-free or, if you’re in school, getting good grades. You also can save money by “bundling” multiple policies, such as purchasing a home and auto policy from the same carrier.
Insurance Buying Tips #3: Fill in the gaps
An average policy will cover the basics, but you may need to add extra coverage to meet your unique needs. For instance, you may have items like electronics or a nice piece of jewelry that would be financially difficult to replace, even with the assistance of your average renters or homeowners policy. You may want to add additional coverage for these items.

Retirement brings a major change in the life of not only the retiree, but also their family. It is a shift from a structured way of life to an unstructured one, which is unnerving and overwhelming, especially if you are not prepared.

This article will help people prepare themselves financially, physically and emotionally for that unavoidable phase of life:

Being Prepared Financially

  • Start Saving – saving, whether for retirement or any other goal, is a rewarding habit. If you are already doing it, great; if not, you should get started. Start saving from a small amount, and gradually develop a habit of keeping aside a specific amount of money every month.
  • Know Your Retirement Needs – if you wish to maintain the same standard of living after retirement that you currently have, you will have to save at least 70% of your preretirement income. Retirement savings programs like the Thrifts Savings Plan can help you plan for the future.
  • Participate in a Retirement Savings Plan – Retirement savings programs like the Thrifts Savings Plan can help you plan for the future.
  • Participate in Your Employer's Pension Plan – Private sector is offered to participate in a retirement savings plan, the most common one being the 401(k). This plan offers the employees to decide how much they want to contribute to their retirement plan. Once they decide on an amount, that percentage amount is deducted from their monthly paycheck.
  • Know Where Your Money Is Invested – The type of investments you make play a significant role in how much you will have saved at retirement. Keep a track of where your savings or pension plan gets invested. Diversifying investments minimizes risk.
  • Learn About Social Security Benefits – Social Security pays for benefits that are nearly 40% of what you earned during employment.

Being Prepared Physically

Insurance Buying Tips #4: Purchase life insurance—you aren’t too young
Life insurance is essential, no matter how young or old you are. And for millennials, buying now may be a smart move because it’s cheaper to buy a life insurance policy when you’re young and healthy. This kind of insurance can help your family cover unexpected costs in your absence, including student loan debt or a mortgage, in addition to end-of-life costs. And if you have kids, a life insurance policy can also support their education or childcare expenses. Additionally, every millennial should consider long-term disability coverage, which helps you stay afloat financially if an accident happens and you become disabled and unable to work.
Insurance Buying Tips #5: Talk to an independent agent
An independent insurance agent is an essential resource when purchasing insurance—especially if this is your first time. An independent agent works with multiple different carriers, which is different from captive agents who can only sell insurance from the carrier they work for. Working with an independent agent can help make sure that you are getting the best coverage, for the best price. You’ll also benefit from independent agents’ insurance knowledge; they know how to talk you through your options and actually explain what each policy includes. An independent agent will make sure all of your assets are covered, help you find discounts or other ways to save, and be a valuable resource as your life changes and your insurance needs change, too.
Insurance Buying Tips #6: Only buy insurance to maintain your existing standard of living
You don’t need insurance for events that won’t severely strain your finances. Start with your basic needs (home, auto, business), then work your way to include other needs (cyber, liability). You can always obtain coverage later for something if you change your mind. You can minimize your risk and maximize your savings by buying insurance that won’t cause you to break the bank.
  • Stop Smoking – Smoking causes life-degrading and life-shortening diseases.
  • Control Blood Pressure – after quitting smoking, the next most important thing that Americans should do is to control their blood pressure by eating healthy and having an active lifestyle.
  • Eat Healthy – The expression 'you are what you eat' proves to be right when people start having health problems after retirement because of their preceding unhealthy lifestyle. They should eat healthy both before and after retirement to avoid common health issues like blood pressure, hypertension, ulcers and others.
  • Stay Active – Many people have an active workout regime while they are employed, but once they retire, they give it up. Having an active lifestyle after retirement is equally important to stay fit.
  • Control Blood Pressure – High cholesterol means blocked blood vessels. The best way to lower cholesterol is to keep a check on your weight and exercise regularly.
  • Get a Regular Checkup – Even if you feel fit, getting an annual medical checkup is important as some health problems like diabetes, cholesterol and others might not have any obvious symptoms until they get worse.

Being Prepared Emotionally

  • Set Lifestyle Goals – Make a list things that you would like to do or places you would want to visit after retirement, for which you were too busy while employed. You can also plan your financial savings accordingly. Occupying yourself with interesting activities will offset feelings of uselessness after retirement.
  • Build a Network – It is important to have a good support system and social circle after retirement to mingle with people who are going through the same transition as you are.
  • Consider Your Spouse's Feelings – Retirement is as much of a life changing event for you as it is for your spouse, especially if they are still employed. Discuss their expectations, your feelings and sharing of responsibilities to make the transition easy for both of you.
Insurance Buying Tips #7: Ask your insurance provider what the policy doesn’t cover
Every insurance policy has perils that are not covered by your policy. These perils are referred to as “exclusions”, and every policy has them. Ask your insurance provider to explain the exclusions in your policy to avoid discovering what they are once you incur damages or a loss.
Insurance Buying Tips #8: Consider bundling several policies with one insurance carrier
here may be value in bundling several policies with one insurance carrier. If you’re looking to insure multiple vehicles or obtain multiple types of business coverage (e.g., liability, property, cyber), then you may want to consider obtaining coverages under one insurance provider who carries multiple products, and who may be able to offer you multi-policy discounts or loyalty programs.
Insurance Buying Tips #9: Review your insurance needs on a yearly basis
As your needs evolve, so will your insurance policy. Maybe you’ve acquired a new vehicle since obtaining auto insurance for your primary vehicle, or started operating your business out of your home, or experienced a cyber-attack during the year… Whatever the change(s), you’ll want to make sure you’re covered for any new risk exposures. Talk to your insurance provider to stay on top of your insurance needs.
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