Moving into a retirement community is a major life change, but it doesn’t have to come as a surprise if you start planning for retirement now. Before taking a well-earned rest from a lifetime of hard work, there are several critical steps to take to ensure you’re prepared for this important stage. Here are a few elements to keep in mind.

What to Do Before Retiring

1. Create a Financial Plan

Retirement planning should begin long before leaving the workforce. Creating a budget will allow you to see where your money goes and save accordingly. Examine your income, expenses, debts, and any investments and savings, ensuring all accounts are in order.

Consider whether changing your budget or spending habits to accommodate your retirement income is necessary. If so, start doing it now. Also, making new investments or purchasing any financial services could ease the burden of late-life care.

2. Consider Health Care

Health care expenses are major factors in retirement planning, accounting for 14% of household spending for many seniors. If you’re not covered by Medicare at age 65, you must purchase a private insurance plan.

Research various policies to find an option that suits your needs and is within your means. If you have any health issues, check that your plan covers them. Consider long-term care insurance in case of a health emergency as well.

3. Define Your Retirement Goals

When leaving the workforce, you can make any lifestyle changes you’ve been considering. For example, if you want to take up new hobbies or improve your physical health, you can sign up for classes at local retirement communities. These activities also provide opportunities to form new friendships and socialize with peers while retaining your independence and a high standard of living.

Ensure you’re ready for retirement with help from the team at Longhorn Village in Austin, TX. This top-rated retirement community offers everything seniors need, from comfortable accommodation to arts and crafts classes. They also offer 24/7 medical assistance from a team of licensed nurses and certified nursing assistants. Call (512) 266-5600 to discuss your needs with a team member, and visit them online to schedule a tour today.