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Planning is key to a happy retirement
By
WANDA MICKLOS
Times
Press, August 14, 2003
 EOLA WALKER enjoys writing
and reading in her retirement years. Walker has even had a poetry book
published which she had written over the years. She can remain
self-sufficient with a little outside help, having a beauty parlor in
Fornof Manor where she lives, a country store, dining room, and plenty of
activities to keep the residents busy.
According to Webster’s
dictionary, retirement means withdrawal from active engagement in one’s
occupation. It certainly doesn’t mean dropping out of life and doing
nothing.
It is unrealistic to view retirement as a single act in time. It is much
wiser financially and psychologically to start planning for retirement
years in advance.
Retirement is a new phase in life, one filled with opportunities, expanded
interests, new friends and deep satisfaction.
Retirement planning is the process of identifying wants and needs, and
developing a plan on how to achieve them. Planning is the best way to
identify the retirement lifestyle and ensuring the financial means to
achieve and maintain it.
Preparing for the future leads a person to survey every aspect of life.
A person must identify the appropriate standard of living for retirement
and learn how to cope with changes in health, relationships and interests.
A person/couple must evaluate its sources of income, and determine which
will be temporary and what will be permanent, and what happens to the
income if a person becomes disabled or dies.
Next to income, health insurance is an important issue to explore because
a person does not want to be uninsured.
If under 65 and planning to retire, a person first should check with their
employer to see if eligible to stay on the group health insurance, or if
eligible under the COBRA law for 18 months. A person should also check to
see if able to go onto the spouse’s insurance. If not, a person/couple
would have to purchase individual health insurance.
A person close to 65 and planning to retire in a month should contact
Medicare. An employer may allow a person to stay on the group plan, which
will be secondary to Medicare. If unable to stay with the employer’s
health company, a person must chose a Medicare supplement, known as
Medigap, which will pick up what Medicare does not.
If well over 65 and now deciding to retire there are several choices for
insurance. If actively employed with a company with more than 20 employees
chances are Medicare is secondary, the employer’s plan is primary and a
person did not need Medicare Part B. The same holds true if eligible for
benefits under the plan that your spouse has if still working.
Spending money is just one aspect; how to spend time and where to spend it
are other decisions to face.
A person may want to try another line of work, work part time, volunteer,
travel or find new hobbies and interests.
Other decisions may include relocating, selling the family home, moving to
a new community or maybe a retirement complex.
Whether retirement is months or years away, it’s never too early to
start retirement planning. Each person must make a decision that is right
for them.
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© 2002 Global Action on Aging
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