One of our previous posts, Ask These 3 Questions First to Get Affordable Health Insurance, cited several thoughts to ponder in securing appropriate and affordable health coverage for the golden years. And seeing the importance of having a safety net during retirement is, and considering that it’s National Retirement Planning Week, we’d like to share more tips to prepare your and fellow baby boomers to achieve a desired future.
One of the most common ways to prepare for the retirement years is to start savings. But for some boomers and retirement planners, setting aside funds for the golden years can be a struggle. Aside from having to contend with the rising cost of health care and lack of income, most individuals take age or time as a significant deterrent to start saving money.
But please don’t let this be the case. There is no set retirement plan that you should follow – every plan or strategy is unique, depending on an individual’s needs and circumstances. What boomers, in particular, need to realize that finding ways to secure funds for the future is possible, if one puts the required work and thoughts on how to achieve the financial goal.
In line with realizing that saving is possible, having a positive outlook will also help one in attaining the drive to both prepare financially and emotionally for brighter tomorrows as well. A happier mindset will also help in improving one’s health – important, considering of the potentially expensive costs attached to treatment during the elder years.
Additionally, one specific instance that can be linked to the importance of happiness and retirement planning is social isolation. As discussed in a TIME article last year, more individuals entering the retirement phase of their lives are more likely to experience this crippling state, which, if not addressed, can lead to depression and other forms of anxiety. As such, seeing the importance of happiness as the same level of planning may result in better preparation and making the most out of what retirement has to offer for an individual. Also, placing happiness in the forefront of one’s life may also result in retaining and building a network of social connections. From friends and families to insurance and health experts, having and being part of a social chain will help boomers see and feel that there is always someone there for them.
Aside from finding affordable yet effective health insurance coverage, consider as well to learn more about additional support provided by Medicare Supplemental Plans. Also called Medigap, this insurance policy (which is offered in ten standardized types) grants a person the peace of mind that out-of-pocket expenses (such as coinsurance fees, copayments, and deductibles) not covered by Original Medicare are addressed. With the advantage of having to choose from different plans, applicants can definitely choose a policy that will best meet their needs.
Let’s take, for example, how one particular policy, Medicare Supplement Plan A, can help an individual. This policy works best for individuals who aren’t anticipating a lot of health care services in the future, but still want the security of being covered in case something does happen. As such, Medicare Supplement Plan A provides a security blanket for boomers – it’s definitely better than nothing! For more information on Medicare Supplement Plan A benefits, please do consult with an insurance expert.
Also, private insurance companies sell Medigap policies. This allows applicants the convenience to shop around for a plan that will best match their preferences or budget. This level of comfort gives retirement planning a much-needed edge – preparing for the twilight years is easier and more practical when finding the best and right policy.
We hope that these tips will help you in preparing for your future. Do you have any thoughts on the information posted above? Any questions or tips you’d want to include? Please leave a comment below.