Don't Worry, Retire Happy: 7 Steps to Retirement Security #RetireHappyNOW AD

I have said it before and I will say it again, I am not really great with money. However, the more I do work on understanding it and planning our own money the better I am getting at it. While I do have savings for retirement already, there is really no plan other than just keep depositing money. This worries me because I have never really sat down with Hubby and tried to figure out how much we will need and how to get that amount. We are in our mid 40’s now though and it is really time we begin retirement income planning! I want my motto to be Don’t Worry, Retire Happy! When I was asked to learn more (DISCLOSURE: I have been compensated for my work on this program) about the Don’t Worry, Retire Happy program sponsored by State Farm I jumped at the chance.  I’ve watched the program now and have been reading the book and have learned tons!

The Seven Steps

  • Step 1: What is Your Plan?
  • Step 2: Maximize Your Social Security Benefits
  • Step 3: Explore a Hybrid Retirement
  • Step 4: Protect Your Savings from Inflation
  • Step 5: Secure More Guaranteed Lifetime Income
  • Step 6: You Must Have a Plan for Long Term Care
  • Step 7: Use Home Equity Wisely

Obviously those steps are thoroughly explained in the Don’t Worry, Retire Happy program. One of the best things I learned is that you do not have to be rich to have a happy retirement or to even plan for retirement security. Regular everyday people can use what they are teaching here! By taking the time to do this we will eliminate the fear of not having enough money in retirement.

Starting with making a plan is key and we should not be using averages and percentages that are used to base our plan on. We need to make our plan based on our own unique needs and wants and define our own retirement. I had no idea that Social Security benefits were the primary retirement asset for most people either and that if we can delay retirement until 70, at least for the primary breadwinner, we could get maybe 34% more money each month!

Many retired people erroneously think that they can take 10% out of their savings each year – that is just going to make you broke fast. It really is closer to 2% and you still need a form of retirement income, not just living off savings. I had never heard of a lifetime income annuity until the show either – that is a pretty clever way to use a part of your money to give yourself a paycheck every month. Another big area was planning for long term care. Many people think that insurance is so expensive but it is much cheaper to plan for it now than have no insurance and be wiped out by it. Medicaid does not pay any long term care benefits!

The start of our plan is to just think about what we want to do when we first retire – for Hubby and I that includes traveling to places like Ireland and Australia, taking a cross country road trip to see the USA in a motorhome, buy a pontoon boat, plant and care for a nice garden, enjoy dining out, and just to relax with each other.

Our Retirement

Are you still with me? GOOD! I’m glad because that means you want to stop worrying about retirement also and have a plan. To get started…

Your turn! Do you think you would benefit from watching this show? How much retirement planning have you already done, if any? What has kept you from planning more for a happy retirement?

Robyn

 

 

This blog post on “Don’t Worry, Retire Happy™”: The 7 Steps to Retirement Security”, is sponsored by State Farm®. I accepted the opportunity to participate and want my readers to know that the opinions and statements expressed in this post are completely my own.state farm logo