Are You Ready for Retirement?

Most of us dream of retirement. But are you ready for retirement? In addition to coming up with new ways to fill the time in the way of hobbies that interest you, the financial adjustment of retirement is important. Care Financial is here to help you get ready for retirement. Take a look: here at these 5 ways to know if you are ready for retirement.

Are You Ready for Retirement? Answer these 3 Questions to Know.


Question #1: Is all your debt paid off?


Becoming debt-free is a very lofty goal for many of us. Our society is one of the most abundant in the world. With that, debt is often incurred in the way of homes, vacations, college and more. However, to truly be able to retire without worry, make paying off all your debt a strong goal. With careful planning, most retirees find that their monthly expenses are far less than they were while employed. This is due to empty nesters which cut down on dependent expenses as well as becoming debt-free. We will be your partner to develop a plan to tackle all debt including your home, credit cards, medical debt and other debt that may hold you back from retiring.


Question #2: Have you practiced living off of your retirement income?


If you are close to the age you envision retiring, have you practiced living like that for a few months? If not, adjusting to your retirement income spending can be a big shock. It is realistic to plan for 20 years of retirement if you are in good health. Therefore, practice living on the retirement income for a while to ensure you can do it comfortably. If you find that you cannot, it will be time to make some adjustments either in spending, expenses or retirement planning.


Question #3: Is your healthcare covered?


Healthcare in our country has seen some major changes over the last decade. With that, individuals often overlook this important detail when planning for retirement. In fact, if you plan to retire early, before age 65, privately purchased or extended employer-sponsored healthcare should be a critical part of your plan. Keep in mind COBRA costs through your employer as well as if you have invested in an HSA for retirement. Medicare won’t be effective until a certain age. Medical expenses usually increase as we age from simple medications to expensive surgeries. One medical crisis or hospitalization for you or those who depend on you can drain your retirement savings.

Retirement is meant to be enjoyed. If you dream of travel, hobbies or just leisurely days in your retirement years, don’t let being unprepared take those dreams off course. The experts, here at Care Financial, are here to help you prepare for your retirement so you can enjoy your years to come.

Care Financial is a privately owned and operated business providing families, individuals and businesses with comprehensive wealth management strategies. Contact us online at or call us at 251-633-7122 to get started on your retirement plan.