1. Paying for health care
Health care expenses are one of the top retirement concerns of people over age 50, according to the survey. Despite that fact, fewer than 1 in 6 (just 15%) pre-retirees have estimated how much they need to save for health care costs in retirement. Unanticipated medical expenses can derail years of retirement preparation. But there are smart ways to plan now for the cost of health care later.
2. Maintaining an income stream
Outliving your savings can be a huge retirement concern for people nearing retirement. Working part-time for even just a few years may help you suspend drawing income from Social Security and savings while taking advantage of available pensions and benefits.
3. Saving enough money
Today, nearly 25% of all 65-year-olds will live to age 90, according to the Social Security Administration. Reduce retirement anxiety by estimating how much you’ll need to save to cover a long retirement. To find out if you're on track, use the Personal Retirement Calculator at Merrill Edge.
Then look for ways to boost savings, including starting early, taking advantage of catch-up contributions to retirement accounts, and adjusting your asset allocation to meet your changing circumstances. Find more retirement saving tips at Merrill Edge. Also speak with a Merrill Edge Financial Solutions AdvisorTM to learn more about the investment options offered through Merrill Edge.
4. When to collect Social Security
When it comes to Social Security, time is money. Suspending until full retirement age or beyond to collect payments increases your monthly benefit. Still, there are many important factors you need to consider, including your own goals, your health and life expectancy, and how the system works.
Retirement doesn’t need to be about slowing down. It can be about having the time to enjoy the things you have always wanted to do. Put your retirement concerns at ease by planning ahead and laying a good foundation for your financial security. It will take away a lot of your retirement worries and allow you to focus on your new stage of life.
To weigh your options and decide on the best path for you, set up a time to speak with a Merrill Edge Financial Solutions AdvisorTM