Fall Prevention for Seniors: 5 Safety Tips

Falling poses a serious threat to older people. Not only can a falling incident cause major damage to one’s body, but it can also prevent seniors from taking care of themselves in their older age. According to the U.S. Centers for Disease Control and Prevention (CDC), falls are the primary cause of fatal and nonfatal injuries among seniors. One in four Americans over the age of 65 experiences a falling incident annually, and three million seniors visit an Emergency Room every year for fall injuries. Many people are simply unsure of what to do if an elderly person falls.

To preserve independence, preventing yourself — or a loved one — from falling can help you maintain your lifestyle and avoid caretaking in the future. Learn what precautions should be put in place to prevent falls from happening to you.

What Can Cause Seniors to Fall?

Knowing how serious a fall can be to a senior, prevention should be at the top of your priority list. To maintain your health and wellness, you need to understand what can cause a spill to happen. From lost mobility and medical issues to hazards in the home, a fall can result from one or a combination of factors. Here are some of the top reasons a senior may experience a fall.

Loss of Muscle Mass

Through the natural aging process, adults lose muscle mass and strength over time. This gradual loss of strength and function can affect your balance and stability, increasing your risk of falling. Losing a small percentage of muscle mass is normal as you age, but you can prevent major loss with exercise, movement, and even strength training. Maintain your muscles, and you’ll have a better chance of avoiding falls due to instability.

Medical Conditions

In addition to losing muscle mass, medical conditions can also lead to unexpected — and extremely serious — falls. Mild medical issues, like low blood pressure, could cause a fall if you stand up too fast. More serious and chronic issues — like diabetes, heart disease, arthritis, and Parkinson’s disease — can lead to a fall if medications are not taken as prescribed. Finally, older folks experiencing cognitive impairments, like dementia, are also at a higher risk for falls.

There are a few ways seniors can avoid spills due to medical conditions.
Be diligent about taking medication.
Remain active to maintain balance, strength, and coordination.
Follow dietary recommendations from your doctor.
Attend your regular medical check-ups.
Notify your doctor if your medication negatively affects you in any way.

Medications

Another leading cause of falls among seniors is their medication(s). Some medications can cause dizziness, drowsiness, or confusion that can increase the risk of falls. Make sure to talk to your doctor if your medication causes side effects that could lead to a fall. Your doctor can adjust your dosage or put you on another medication altogether.

Safety Hazards

There are several safety hazards that could cause a senior to fall and hurt themselves. Whether at home, visiting the doctor’s office, stopping by a loved one’s house, or simply getting groceries, be aware of the following hazards and take it slow to prevent a fall.

Loose rugs or carpeting. Loose rugs and carpets can create a tripping hazard for seniors, especially those who use walkers or canes. install anti-slip pads or remove them altogether to prevent falls in your home.
Clutter. Obstacles, like cords, shoes, and low furniture, can create tripping hazards for older folks. Make sure walkways and living areas are obstacle-free.
Poor lighting. Dim lighting can make it difficult to see tripping hazards. Use bright bulbs or install motion-activated lights to help yourself see better in poorly lit spaces.
Slippery floors. Bathrooms, kitchens, tile floors… rooms with smooth surfaces can make for slippery floors and can be hazardous for seniors. Make sure to wear slip-resistant shoes and hold onto railings when walking on potentially wet floors.
Hazardous weather conditions. Unsafe weather conditions, like snow, rain, and hail, can create wet, perilous surfaces outdoors. Avoid going outside during and soon after bad weather, or ask for assistance if you need to be outdoors during slick weather conditions. Better safe than sorry!

How to Prevent Falls for Seniors: 5 Tips

Now that you’re aware of the safety hazards that could cause a fall, here are preventative measures to incorporate into your daily routine.

1.Use an Assistive Device

If you’re experiencing stability issues, consider using an assistive device. A cane or walker can provide extra balance and stability. And, whenever possible, use grab bars to reduce the risk of falling. Plus, not only does an assistive device provide you with more stability, but it can also increase your mobility, giving you more independence to walk longer distances and participate in activities that you may otherwise avoid due to fear of falling. Talk with your doctor to determine what kind of assistive device would work best for you. They’ll be able to provide recommendations and ensure your device is properly sized for your use.

2. Fall-Proof Your Surroundings

Have you ever heard of the saying, an ounce of prevention is worth a pound of cure? Taking preventative steps now to fortify your surroundings can prevent a fall in the future. Here are a few ways you can fall-proof your surroundings:

Secure loose rugs.
Reduce clutter.
Tuck away electrical cords.
Install grab bars.
Put everyday items at an accessible height (to reduce step stool usage).
Create wide walkways between furniture.
Add lighting.

3. Stay Physically (and Mentally) Active

Regular exercise — and mindfulness — can make all the difference for seniors who are looking to retain mobility and balance. Incorporate fall prevention exercises, like walking, swimming, or yoga, into your daily routine to improve/maintain muscle strength, coordination, and flexibility.

4. Evaluate Your Eyesight

Poor eyesight can affect balance and coordination, and increase your risk of falling. Seniors are especially susceptible to age-related eye conditions, like macular degeneration, cataracts, and eye diseases like glaucoma. Make sure to have your eyes checked regularly and update prescriptions as needed.

5. Keep Your Hands Free

One of the best ways to prevent falls for seniors is to hold onto something sturdy as you walk. However, to have a strong hold on railings or your assistive device, you need to keep your hands free. Avoid carrying objects in your hands while walking — use a bag to carry your things instead. This keeps your hands free and keeps your weight balanced as you move about.

What to Do if You Fall

Despite the best prevention efforts, accidents can still happen, and it can be quite scary when an elderly person falls. Knowing what to do in the event of a fall can minimize the risk of injury and, in some cases, even save a life. Here’s what you should do if you or a loved one experiences a fall.

Take a breath. You may need a few seconds to catch your breath if the fall knocks the wind out of you. Give yourself a moment to collect your thoughts, catch your breath, and assess next steps. Pausing for a beat or two before getting up can help you prevent further injury.
Evaluate your injuries and take action. Take note of any pain or discomfort you feel right after the fall and decide if you can stand up again safely.
Get up — slowly. When you’re ready to stand, find a stable object, like a chair or wall, to support you as you rise.
Assess your mobility. After getting up, see if you’re able to walk without severe pain. If moving hurts, you need to seek medical attention immediately.
Get help. If you’re unable to get up on your own or if you experience severe pain after standing up, you need to get help. Use your medical alert device, call out for a caregiver or neighbor, or ask people around you to assist you.

A final note: make it a habit to keep an accessible phone with you at all times so you can contact others in the event of an emergency, like a fall. Keeping a mobile device or medical alert device on you at all times can save your life.

Fall Prevention in Older Adults: Key Takeaways

Falls can have mild to very serious consequences for seniors. Taking time to mitigate the risk of falling can help you prolong your independence and safeguard your physical health. From maintaining muscle mass and staying on top of medical conditions to fixing the safety hazards in your home, being aware of fall risks can help prevent a spill. And, in the unfortunate event of a fall, knowing what to do to stay safe protects you from further injury. Stay on top of more senior safety tips with Retirement Genius so you can enjoy your golden years to the fullest!

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Passing an Inheritance to Children: 5 Key Considerations

Passing on an inheritance to your children can be a complex planning journey. There are many considerations to take when determining if, how, and when to leave money for your loved ones. From considering family dynamics and parenting values to understanding the financial and tax implications of inheritance planning, it’s essential to examine your decisions carefully.

As you undergo your inheritance planning journey, we’ve included some key considerations you should keep in mind as you navigate inheritance funds. By understanding your options — and taking the time to make informed decisions — you can provide for your children and loved ones in the best way possible.

1. Evaluate Your Financial Wealth

While your instincts may be to take care of your children first, it’s important to make sure that you’ve taken care of your own financial needs so that you can live comfortably after you stop working. After all, in order to take care of those around you, you must first take care of your needs.

Your financial planner can help you create a long-term plan that accounts for inflation over time and includes an estimated savings target for living expenses, income for travel, healthcare, unexpected medical costs, long-term care, and more.

After you have a better idea of your own needs, you can evaluate how much is left to give your children — and potentially grandchildren — an inheritance.

2. Determine When to Give Inheritance Money

One of the most complicated decisions you may make when inheritance planning is deciding when to pass on your inheritance to your loved ones. There are benefits and disadvantages to each timeframe, so take time to determine which route works best for your family dynamics and personal values.

During Your Lifetime

While it’s common for children to be granted access to an inheritance after the passing of a parent, an inheritance can also be given during one’s lifetime. There are several reasons why a parent may want to provide inheritance payments to their children while they’re still living. One reason is that it can provide financial support for their children during their lifetime. The potential drawbacks of passing on an inheritance during the parent’s lifetime includes depleting the parent’s retirement savings and children relying on parents for financial support into adulthood.

Over Time With a Trust

Another route parents may take is to provide inheritance money over time with a trust. An inheritance trust is a popular option that offers a great deal of flexibility with the inheritance funds. Often, parents decide they want to provide wealth to their children after reaching a certain milestone — like completing college, getting married, buying a home, etc. — and that milestone is reached while the parent is still living. Giving an inheritance while still living can allow the parent to see the impact their gift has on their children’s lives and enjoy the fulfillment of providing for them.

Upon Death

It’s very common for an inheritance from parents to be given to their loved ones after death. When parents pass on an inheritance after death, it leaves a lasting legacy for their children, and it gives parents more control over how their assets are used and distributed. This can be important if there are concerns about their children’s financial responsibility or other estate planning tasks that need to be considered.

3. Utilize Wise Wealth Transfer Strategies

Over the next three decades, as Baby Boomers age, up to $70 trillion in wealth will transfer to their heirs, estates, and charities. To make the most of this wealth transfer, it’s crucial to know how to minimize taxes and maximize the value of assets. Simply having wills and trusts isn’t enough to ensure a smooth transfer. You also need to understand how to handle retirement accounts like IRAs, make the most of gifting and estate tax limits, use specialty trusts, and manage insurance and annuity payouts to pass on as much wealth as possible to your beneficiaries rather than giving it all to the IRS. Here are some smart wealth transfer strategies for you to consider alongside a trusted financial advisor.

Will and Trust: One of the biggest mistakes people make with wealth transfer is dying without a will or trust. Take the time to create a will, trust structures, and powers of attorney documents to ensure your estate is distributed according to your wishes and avoid unnecessary costs and taxes.
Inherited IRAs: Be mindful of inherited IRA taxes. Spouses and minor children have the most favorable tax treatment, while other beneficiaries have to take the Required Minimum Distribution (RMD) at an amount calculated for their age and gender over ten years. It’s important to select beneficiary designations and complete paperwork correctly to avoid penalties, accelerated distribution requirements, and unnecessary taxes.
Annual Gifting: Gifting is a smart wealth transfer strategy. The limit every year is $15,000 to each recipient, but that can be doubled to $30,000 when gifted by spouses. Gifting between spouses is unlimited; anyone receiving gifted money doesn’t need to report it on their taxes. However, exceeding the lifetime limit of $11.7 million will result in paying taxes ranging from 18%-40%.
529 Plans: Consider using a 529 plan to grow money tax-deferred and distribute it tax-free if spent on qualified educational expenses. Any unused funds can be transferred to benefit a different beneficiary on the plan.
Cash and Stock Transfers: Be strategic with cash and stock transfers. Any cash or stock transfers below the estate tax threshold must be reported but won’t be subject to tax—but they will eat up the lifetime limit, and anything in excess will then be subject to taxation. Consider making transfers when stock values are low or creating losses that can be used to offset taxes owed.
Grantor Retained Annuity Trust (GRAT): Consider using a Grantor Retained Annuity Trust (GRAT) to transfer wealth while minimizing or eliminating gift and estate taxes if you’ve reached your gift and estate tax threshold.
Family Limited Partnerships (FLP): Another smart strategy is to create a Family Limited Partnership. This allows the first generation to manage business interests, assets, or real estate while transferring them to the next generation gradually through gifting within the gift tax limits or estate tax threshold. During economic downturns or lower valuations, gifting interests can be beneficial.
Insurance: Life insurance can protect and transfer wealth, with lower premiums and more benefits for those who purchase it when they are younger and healthier. Different policy types can build cash value, provide loans, be invested for tax-free growth, or cover critical illnesses and long-term care costs. A tax-free death benefit is paid to beneficiaries.

4. Consider Taxes in Inheritance Planning

While there’s no federal inheritance tax — and only a handful of states have an inheritance tax — there are inherited assets that are eligible for taxation. When stocks, bonds, real estate, and retirement accounts are passed along to heirs, they may be eligible for favorable tax treatment called a step-up in basis. A step-up in basis adjusts the asset’s value when it’s passed on after the parent’s death, reducing the taxes owed by the heir.

5. Make Sure to Consult a Financial Advisor

Inheritance decisions can be complex — and emotional — so consider working with a financial advisor who can assist with inheritance planning. Not only will they be able to provide years of expertise when creating your individualized inheritance plan, but they can help simplify a complex process of navigating financial strategies and tax laws to maximize your inheritance strategy.

With more than $70 trillion transferring from Boomer parents to their heirs, it’s more important than ever to align with a financial advisor about your inheritance plan for your loved ones. Start creating peace of mind today by developing tomorrow’s child inheritance plan. Get in touch with Retirement Genius for more tips on navigating the complex world of retirement.

The Best Exercises for Seniors: Safely Staying Active as a Senior

Staying active as we age is one of the greatest ways to preserve mobility and maintain vitality. Not only does regular exercise offer incredible benefits to seniors — including enhancing physical strength to boosting mental well-being — but it can also keeps chronic medical conditions at bay.

In this guide, you’ll learn different senior exercises specifically designed for senior health and well-being. However, before engaging in any of these activities it’s important to consult with your primary healthcare provider. Check in with them to make sure you’re following the correct safety precautions and ask about personalized exercise recommendations to ensure you’re exercising in a safe way.

Ready to explore some of the best exercises tailored for adults in their golden years? Let’s go!

What Are the Benefits of Exercise for Seniors?

First, let’s take a moment to recognize the benefits of daily movement in older adults. Engaging in regular physical activity offers a tangible way to enhance your overall quality of life. Whether you’re an avid traveler in retirement or you simply love enjoying time with the grandkids, staying on top of your physical health can enable you to do the things you love. Here are some of the top benefits daily exercise provides for adults over the age of 60:

Physical Strength and Mobility: Regular exercise helps maintain muscle strength, flexibility, and joint mobility, which is increasingly important as we age. Strengthening muscles and bones reduces the risk of fractures and falls in seniors. Stretching exercises can be particularly helpful here.
Cardiovascular Health: Aerobic exercises like walking, swimming, and cycling improve heart health and circulation. Most importantly, cardiovascular workouts help lower the risk of heart disease, stroke, and other cardiovascular conditions that affect older adults.
Cognitive Function: Exercise supports cognitive function, memory, and mental clarity in seniors. Physical activity releases endorphins, which reduces the risk of depression and encourages a positive outlook on life.
Chronic Disease Management: Regular exercise can help manage chronic conditions such as diabetes, arthritis, and high blood pressure. These chronic conditions can hurt a senior’s quality of life as they age.
Social Interaction: Group exercise classes and activities provide opportunities for social interaction and connection. It can help seniors foster a sense of belonging and combat feelings of isolation.

How Can Seniors Build Healthy Exercise Habits?

While there are countless benefits to exercising as you age, the reality is that creating — and sticking with — a daily exercise routine can be challenging for people at all ages. To create a sustainable and enjoyable exercise regimen in retirement, follow these easy-to-implement tips.

1. Set realistic goals.
Begin with clear and achievable goals that align with your fitness level and aspirations. Whether it’s walking a certain distance, performing a specific number of repetitions, or participating in a class consistently, setting realistic goals will keep you motivated and prevent overexertion.

2. Find activities you enjoy.
Finding movement you genuinely enjoy increases the likelihood that you’ll stick with it. Whether it’s dancing, swimming, gardening, or practicing yoga, choose activities that bring you joy, making your fitness journey more fulfilling.

3. Prioritize consistency over intensity.
It’s better to engage in moderate activity regularly rather than occasional intense workouts. Aim for 30 minutes of moderate movement every day.

4. Listen to your body.
Pay attention to how your body responds to exercise. If a movement is too difficult, modify the exercise to your current abilities. If you experience pain, dizziness, or discomfort, stop and rest. Pushing through pain can lead to injuries, so it’s important to know your limits and respect them.

5. Rest and recover.
Allow your body adequate time for recovery between workouts. Rest is essential for muscle repair and overall well-being. Overtraining can lead to burnout and injuries, so remember to strike a balance.

What Are the Best Exercises for Seniors?

Now that you understand the benefits of exercise and how to design a sustainable exercise routine, it’s time to decide what type of exercise you’d like to do. While activities using exercise equipment for seniors can be great, it’s important to find equipment-free activities as well. Let’s explore some of the most beneficial exercises for seniors that can be tailored to your individual fitness levels and preferences:

Yoga

This holistic practice focuses on gentle movements, deep breathing, and mindfulness. It offers a range of benefits for retirees, including improved flexibility, balance, and stress reduction. Yoga postures can be modified to accommodate various mobility levels, making it an excellent choice for those seeking a low-impact, yet effective exercise routine.

Water Activities

Water-based activities — such as swimming, water aerobics, and aqua jogging — are highly recommended for seniors. The buoyancy of water reduces impact on joints while providing resistance for muscle strengthening. Water exercises are particularly advantageous for individuals with joint pain or limited mobility, as the water’s supportive nature enhances range of motion.

Pilates

Pilates focuses on core strength, stability, and flexibility. It involves controlled movements that target the deep muscles of the abdomen and back. Pilates exercises can be adapted to accommodate various fitness levels, making it an effective option for seniors looking to improve posture, alignment, and overall body strength.

Walking, Hiking and Jogging

Walking is one of the simplest yet most effective forms of exercise for seniors. It promotes cardiovascular health, strengthens leg muscles, and aids in weight management. Depending on your fitness level, you can choose between a leisurely stroll, brisk walk, or even light jogging. If you’re looking for a more adventurous option, consider hiking on nature trails to engage both body and mind.

Chair Exercises

Senior chair exercises can be an excellent option for folks with limited mobility or balance concerns. A low impact exercise for seniors is typically performed while seated or while using a sturdy chair for support. Chair exercises encompass a wide range of movements that help maintain muscle tone and flexibility.

Here are a few chair exercises to try out:

Seated leg lifts
Seated marches
Seated twists
Seated row with a resistance band

*Remember to perform these exercises in a controlled manner and within your comfort zone. If you experience any pain or discomfort, stop the exercise and consult your healthcare provider before continuing.

Are There Any Risks That Come With Exercise for Seniors?

Exercise offers numerous benefits for seniors — but there are safety risks to be aware of. Safety should always be a top priority when engaging in physical activity, especially as we age. Here are some potential risks that seniors may face while exercising and how to exercise safely:

Overexertion. Older adults may be at risk of overexerting themselves, leading to fatigue, dehydration, or even injury. It’s crucial to start slowly and gradually increase the intensity and duration of your workouts. Listen to your body and give yourself adequate rest between sessions.
Falling out of balance. Balance may become a concern as we age, increasing the risk of falls during exercise. Engaging in exercises that improve balance, such as yoga or balance-specific routines, can help mitigate this risk. Consider using props or a sturdy chair for support when needed.
Triggering existing health conditions. Certain medical conditions, such as heart disease, arthritis, or osteoporosis, can affect how you should exercise. Before starting any new exercise program, consult your doctor to ensure that your chosen activities are safe and appropriate for your health status.

No matter your age, exercise remains one of the best ways to preserve your physical health, longevity, and mental clarity. Remember, this journey to better health is not about progress, not perfection. Every step you take toward a healthier lifestyle is a victory, and with consistency and care, you can maintain your vitality and enjoy the golden years to the fullest. Retirement Genius is here to cheer you on every step of the way — and answer any questions you may have about during retirement. So, lace up your sneakers and get ready to start running the marathon of your golden years. Your health and well-being will thank you.

How to Plan for Retirement: 5 Key Tips for Seniors

Historically, retirement evoked dreams of moving to a sunshine state, regularly playing golf, and relaxing. While some of those dreams may still apply to today’s seniors, the concept of retirement has evolved in the past few decades. A retirement plan full of leisure has transformed into an active lifestyle of pursuing passions, meaningful engagement with loved ones, and activities that are most important to the person retiring.

While people may have a unique vision for their retirement, there’s one thing everyone has in common: the need to plan ahead to make those dreams come true. While retirement can be an exciting life milestone to look forward to, it is important to ensure you have the proper arrangements in place ahead of time. Luckily, there are a variety of strategies that can help seniors with retirement planning. We’ve pulled together five helpful tips on navigating how to prepare for retirement.

Retirement Planning: The Basics

When planning for retirement, it’s never too early to start a roadmap. Whether you’re green in your career or nearing the end, there are always steps you can take toward a secure retirement. Here’s a look at things to consider when retiring:

Set retirement goals. Your goals after retirement should include when you want to retire and ideas of what you want to do during retirement. Calculate your estimated retirement expenses, including cost of living, healthcare, travel, long-term care, insurance, and any other finances you think you’ll need during your golden years.
Save and invest wisely. Invest in tax-advantaged retirement accounts — such as a 401(k) or IRA — as early as you’re financially stable to benefit from compound interest. Work with a financial advisor to help you develop a diversified portfolio. And remember: after you turn 50, you can participate in catch-up strategies to save even more during the last stretch of your career.
Make a plan for Social Security benefits. Understand how Social Security benefits work and develop a plan for when you’ll start collecting your benefits. The longer you wait to start collecting Social Security, the more you’ll receive.
Consider healthcare costs. Plan for healthcare expenses in your retirement goals, including insurance premiums, deductibles, and potential long-term care costs. You’ll want to explore Medicare and supplemental insurance options for retirees.
Pay off debts. Try to pay off debts — such as your mortgage — before retiring to reduce financial stress during retirement.
Work with a financial advisor. Bringing in a professional financial planner can help you create a personalized retirement plan based on your savings goals and retirement dreams.

5 Retirement Planning Tips

There are so many considerations to make when getting ready for retirement — from estimating your living expenses to guessing your life expectancy, it’s impossible to predict the future. However, these five planning tips are a surefire way to develop a retirement plan that accounts for the good, the bad, and even the unexpected.

1. Evaluate Your Retirement Goals

While creating retirement goals is a great first step in retirement planning, it’s essential to revisit your retirement goals as you progress in your career. Your salary may fluctuate throughout your career, and life has twists and turns along the way that impact how much you can save for retirement. It’s important to keep your retirement goals fluid to account for any gains or losses you experience as you save for retirement.

Take stock of your savings every year and determine if your current financial trajectory aligns with your retirement goals. If not, you may want to work with your financial planner to make adjustments to your savings strategy.

2. Create a Spending Plan

It may feel overwhelming to anticipate what your budget needs might be in retirement. Helpful tools, like online retirement calculators, can help you create a directional spending plan based on the age you wish to retire and how much you plan to save. Another valuable tip when developing a realistic spending plan is to create a list of needs by retirement stage:

Pre-retirement
Active retirement
Late retirement

By breaking retirement down into stages, it becomes more manageable to anticipate what your income and spending patterns may be.

3. Expect the Unexpected

You may have calculated exactly how much money you will need in retirement for you to live off once you stop working. But it’s important to remember that there will be factors outside of your control — like inflation, unforeseen medical costs, or a major home upgrade to accommodate changes in health — that can quickly deplete your retirement savings. Because of this, always save more money than you think you’ll need so you’ll have a cushion for unexpected life events.

4. Consider Your Investments

You may wonder: what types of income can you use in retirement to support yourself? A major element of retirement planning is making informed investment decisions. Your investment choices can significantly impact your retirement income and overall financial security. Here are some key strategies to consider alongside your financial planner:

Diversify your portfolio. Make sure to diversify your investments across different asset classes to mitigate market fluctuations.
Take advantage of tax-advantaged retirement accounts. These accounts offer tax benefits that can boost your savings over time.
Participate in catch-up contributions. If you’re 50 or older, take advantage of catch-up contributions allowed by retirement accounts. Pouring more money into your retirement savings can help you make up for any savings gaps.

5. Consult a Financial Advisor

Retirement planning can be an arduous process, so it is a good idea to consult a financial advisor who specializes in retirement planning. They can assess your unique financial situation and goals to create a retirement plan tailored to your needs. The retirement plans financial advisors create for clients can include:

Investment expertise that aligns with your risk tolerance.
Tax strategies to optimize your tax situation before and during retirement.
Social Security benefit recommendations.
A draw-down plan that ensures your savings lasts throughout your lifetime.

Most importantly, your financial advisor understands that life can be unpredictable. They can help you adapt your retirement plan when unexpected events occur, like health issues or changes in your family situation.

If you don’t already have a financial planner in your corner, take the time to interview potential advisors and select one that you’re confident will help you secure a fulfilling retirement.

Common Questions About Retirement Planning

As you craft a tailored retirement plan, you may have questions ruminating in your mind. You’re not alone. Here are some of the most common questions people have about retirement planning.

When Can You Retire?

Technically, you can retire at any age. However, there are some drawbacks to retiring too early, such as running out of money or having to cover healthcare costs until you qualify for Medicare. Here are some considerations to make as you decide the ideal age to retire:

If you retire before the age of 65, you are not eligible for Medicare and will need to pay for healthcare some other way.
Social Security recently raised full retirement benefit qualifications to age 67 (previously age 66) if you were born after 1960.
The 4% rule — a common retirement withdrawal strategy — is designed to last for roughly 30 years. If you retire earlier, you’ll want to adjust your withdrawal strategy accordingly.

Remember: everyone is running their own retirement race. Some may have the financial means to retire by age 45, while it may take someone else twenty more years of working. The name of the game is to avoid comparing your retirement plans to someone else’s and stay laser-focused on your retirement goals.

How Does Social Security Impact Retirement Planning?

Social Security is funded through payroll tax deductions, so from the first paycheck you receive in your life until your last, you are paying into the system. How much you pay into the system will determine how much you will receive in monthly Social Security benefits. The longer you work and/or the more you make—the higher benefit you will receive in the future. Here are some additional ways Social Security can impact your retirement plans:

1. Social Security is designed to supplement — not fund — your retirement income.
Social Security was never intended to be the sole source of income during retirement. It can certainly provide a steady stream of reliable income to help cover some of your living expenses during your golden years.

2. Timing matters.
The age at which you start claiming Social Security benefits can significantly impact your monthly payments. The longer you can wait to receive these benefits, the more you’ll receive every month. Consider your financial needs and goals when deciding when to start receiving benefits.

3. Factor in spousal benefits.
Married individuals may have options to maximize Social Security benefits through spousal claiming strategies. Consult with a financial advisor to explore these possibilities.

4. Understand tax implications.
Depending on your total income — and whether you decide to go back to work after you retire — your Social Security benefits may be subject to taxation. Work with a tax or financial advisor to help you plan ahead.

Is it Beneficial to Delay Retirement?

The short answer is: yes. Working longer means accumulating more income, which can be used for retirement savings. This can also help you delay your Social Security benefit for longer, which means you will end up receiving a higher monthly payout.

While delaying retirement can have several advantages, it may not be realistic for everyone. You’ll want to consider your health and whether or not it’s wise to keep working past the typical retirement age — especially if you work in a more physically demanding environment.

As you design your roadmap to retirement, remember that life can be unpredictable, and your plans should be adaptable to whatever lies ahead. Get your financial planner on board as early as possible to help you design a flexible retirement strategy that can flex as life changes in your golden years. At Retirement Genius, we’re here to provide support, resources, and smart financial strategies that help with planning for retirement. Reach out if you have questions about retirement planning. We’d be happy to share the resources we have with you. Remember: with the right planning and guidance, you can look forward to a retirement that’s not only financially secure but also fulfilling and enjoyable.

Life Settlements Can Pay for Long-Term Care

Long-term care can be expensive, so how can you afford it? Life settlements can provide cash when you need it for any expense that comes your way.