Retirement is not just about the size of your nest egg. There are several considerations for a comfortable senior citizen retirement experience in addition to a financial retirement plan. These considerations extend to where you live, housing options and healthcare quality and choices. Most importantly, what activities will you do in retirement to stay mentally and physically fit? Here's a short list of considerations to add to your retirement checklist.
Healthcare Needs for a Healthy Senior Citizen Retirement Experience
1. Do you have senior health insurance that will cover catastrophes?
2. Do you live in proximity to medical specialists you may need to consult?
3. Is your HMO or health plan available where you plan to have a second home or move?
4. If you plan to travel outside of the US, does your health plan cover you?
5. Do you have long-term care insurance (don't make the mistake of thinking that Medicare pays)
Senior Citizen Retirement and Moving Your Residence
1. What are the tax rates in the new community—property taxes state income taxes, state sales tax and do they tax retirement income and social security income differently than other income?
2. If you reach and age where you cannot drive, will the public transit take you to your favorite places?
3. Is the climate satisfactory in all months? How about allergy months (e.g. spring time)
4. Is there an adequate selection of senior housing complexes, assisted living facilitie4s and nursing homes and what is the cost
5. Is there an active population of retirees in the new area and people you can befriend
Senior Citizen Retirement income
1. Does one spouse have a pension that ends upon death? Your retirement consultant can show you how to possibly replace that income
2. If both spouses are eligible for Social Security income, there may be ways to maximize the benefit—check with a retirement planner
Fortunately, a senior citizen retiring in 2008 and beyond gains the benefit of technology when phone, computers and medical technology allow you to get much of the retirement help you need no matter where you reside.
I love to see articles from retirement planning sites that stress that there is more to retirement than money questions. Your blog poses questions that get people thinking about the other equally important issues for quality of retirement life.
The Designing Retirement page of my website has a similar list making the same point - that there are more questions to ask about retirement than the financial planning/money questions. In fact, beyond the absolute basics, the amount of money we need depends on how we answer the other questions, doesn't it?
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Senior Housing says
As a senior I spend a lot of time reading blogs. I really enjoyed your post and it is these kind of posts that make my time on the net rewarding.
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Good post. Like the fact you list each thing to consider and everything that people should look for. Most people never even plan fdor half the things you listed and wind up buying home that cost to much to maintain or in wrong place and to far from places they need to go.
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Long Term Council offers medicaid senior programs, long term senior health insurance,long term senior assisted living, long term aid and attendance pension for homeless VA veterans
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Cloth Diapers says
This article is great. We need to teach the younger generation to start saving now though. If the younger generation was as concerned with retirement as they are texting and shopping, they would be very well off. Nothing hurts me more than then seeing an elderly lady having to go to work each day. Haven’t they worked hard enough? They have put in their time working and now they should be relaxing and enjoying their lives. We need to insure that the younger generation has the knowledge and support to insure that when they are ready to retire, they can in style.
I am 28 and already thinking of retirement - my husband is joining the JAG program shortly, and I am curious as to what veteran benefits exist for retirees. My Oma is 94 and her husband fought in WWII and she hasn't received anything from the military - she is now in a long term care community. Thoughts/suggestions?
She lives in Idaho Senior Living
Coloring Pages says
This advice becomes even more timely given the recent recommendation that the retirement age for Social Security be raised from 65 to 68.