11 steps to a better retirement: It’s more than just the size of your portfolio
When it comes to retirement planning, many Americans focus primarily on their portfolio’s size. That’s understandable. But there are other issues you should also think about, so you get your retirement on the right track and keep it there. Here are :
2. Home repairs. Get all needed repairs done before quitting the workforce. You don’t want to retire and face large bills that impact your retirement budget. Also try to avoid major home renovations after you retire. The cost of these projects is hard to control and often run over budget.3. Required minimum distributions . Delaying Social Security until age 70 increases your monthly benefit—and it could also reduce your tax bill.
6. Health. Drink in moderation. Don’t smoke. Eat a healthy diet. Exercise daily so you improve your strength and mobility, thus increasing your chances of continuing to live independently. Good health improves your quality of life, while also potentially saving you thousands of dollars in medical expenses. According to the Department of Health and Human Services, the leading causes of death in the U.S. for people age 65 and older include heart disease, cancer and strokes.7. Medicare penalties.
10. Credit freezes. Seniors are a prime target for fraud because they’re assumed to have large sums in their financial accounts and to be more susceptible to scams. One of the best ways to protect against identity theft is to place a freeze on your credit report. This prevents someone from taking out a credit card or loan in your name.
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