Home Care Services in Macomb County, MI

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Planning for Retirement

You’ve reached age 60, but are you financially ready to retire in the next 2 to 6 years? If not, you are not alone. A growing number of people will work well beyond retirement age, not
because they want to, but because they have to in order to meet living expenses. Even though most people are saving, they are not saving enough. If you are discouraged about what you have not done to prepare for retirement, there are still things that you can do now to secure your financial outlook for the future.

Plan
Never before have so many people lived so long and enjoyed such active lives. Plan to have a long, active and healthy life. Start considering your lifestyle options today and identify resources available to help you
maintain your independence. Consider these life events:

  • Changing work and retirement patterns
  • Changes in your health or that of loved ones
  • Family transitions
  • Aging parents
  • Long-term care
  • End of life issues

Your local Area Agency on Aging is an excellent source for information about retirement planning, financial assistance, legal services, employment and other community resources for older adults.

Act
How do you want to live at age 65 and beyond? Whether you consider retiring or not, the decisions you make now will determine the choices, control and peace of mind you have later about your lifestyle.
  • Identify future income needs. Track your current living expenses for six months to a year. Consider what expenses might decrease such as commuting costs, and identify possible new or increasing expenses such as travel or health care.
  • Review your income sources: retirement income, Social Security, savings and investments.
  • Explore health and long term care insurance options after retirement.
  • Identify and communicate strategies to manage long-term care.
  • Organize and update financial records routinely.
  • Create and communicate an estate plan or will to protect your assets and ensure that your wishes are carried out.
For useful information on these topics visit the Financial Security in Later Life website at www.csrees.usda.gov/fsll, and click on “Tools for Consumers.”
Control
Traditional pensions are rapidly disappearing and you might not be able to depend on Social Security alone. You play an important role in your financial security.  Ensure that the financial decisions you make today will
meet your future needs.
  • Develop a budget and stick to your spending plan.
  • Consider ways to decrease spending, including
    • Entertainment
    • Eating Out
    • Transportation and travel
    • Utility bills
  • Reduce debt.
  • Have a plan for financial emergencies.
  • Learn about the different savings and investment options.
  • Start saving or step it up a notch.
  • Identify and use community services that can assist you.
Evaluate
Consider lifestyle options that will impact your financial security.
  • Take steps to stay healthy to delay or prevent chronic illness and diseases.
  • Look ahead to what type of housing will fit  your needs.
  • Explore future transportation needs and options.
  • Anticipate how to maintain or develop new social and volunteer connections or activities.
  • Learn about community resources that can assist with family care-giving responsibilities.

Contact Pure Home Care Services at (586) 293-2457 today!  If you live in Macomb County or the surrounding area, we can help you care for your loved ones.

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