Retiring Soon? Try These 6 Smart Moves

Retiring Soon? Try These 6 Smart Moves - Whether you're Medicare age or retiring early, check out these 6 smart moves to make the transition smoother. From managing investing in an FSA or HSA, maximizing your 401k, Medicare premiums to facing retirement fears, we've got you covered.

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★☆★ABOUT THIS VIDEO★☆★
0:00 Intro
0:27 Save Money
1:46 Minimize Debt
2:20 Emergency Fund
2:45 Pay Upfront
3:30 Make a Budget
5:33 Health Insurance
5:50 Early Retirement
10:18 Medicare
12:14 Final Thoughts

Save Money
If you're in the home stretch it's time to really maximize how much you can put away. And don't just add it to your bank account.
Work with a financial planner to determine what will give you the best return. A high yield savings account? Investments? HSAs with investments? Maxing out your 401K?
Remember, you can also save money by reducing your taxable income. By contributing extra towards certain retirement accounts, an HSA or FSA, you are not only setting that money aside (and possibly growing it for your retirement), you are lowering your taxable income. That means either less to pay in taxes or a bigger refund!
And remember there are catch ups if you are over a certain age (either 50 or 55 depending on what type of account we are talking about) so you can actually contribute a little more if you can find the extra money.

Debt
Minimize your debt. Pay off as much as possible? Mortgage, car, credit card. Tackle all of the big ones if possible.
This is where things get tricky. It's easy to say save as much as possible and pay everything off, but the truth of the matter is, most people can't do everything!
So, take a look at where you are losing the most money through interest and compare that with where you have the biggest opportunity to make money either through investments or interest.
Let your money work for you!
Emergency Fund
In your zeal to save money and pay off debt, don't lay it all on the line. Make sure you leave yourself a sizeable rainy day fund for emergencies.
The rule of thumb is at least 3-6 months worth of expenses.
Not only is it a good idea but you can breathe a sigh of relief knowing that you have funds set aside in case of emergency.
Pay Things Upfront
You don't want to be met with big costs when you are retired and living off your savings and investments. It's better to pay as much as possible while still working.
Would you rather work a few extra months or have to reduce your quality of living or even return to work after retirement?
Is your roof in need of repair? Fix it before you retire? Need a new car? Committed to paying for a child's wedding? Pay it off or set it aside now while you are still working and bringing in a regular paycheck/
Create a Budget
There are many recommendations of what you should set aside for retirement. We've got a few videos dedicated to the topic which I will put at the end of the video.
But how will you know how much you need to set aside in retirement if you have no idea how much you spend now.
Now, true, your spending and needs will likely vary, but this is at least a good jumping off point.
https://www.nerdwallet.com/article/fi...
And once you've think you've got it down. Test it out. Spend at least a few months tracking this budget meticulously to make sure your numbers are correct.
Plan for Your Health Insurance



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