Is retirement on the horizon? Then you should start planning as soon as possible. As time passes, so does your 9 to 5 job, and the only thing you should care about is the big R- your retirement. Unfortunately, most retirees regret not having prepared earlier for their golden years. So, if you want to save enough money to experience financial independence during retirement, you should definitely consider a few things.
First and foremost, as we age, our bodies aren’t really in tip-top shape, so both your physical and mental health should be your top priorities. But what does this actually mean? What type of health care do you REALLY need? Have you ever thought about it? Health care costs can be a burden for most US citizens, especially retired ones. In other words, every single detail matters when it comes to retirement.
For instance… Have you considered moving to a senior-friendly state? If that thought has crossed your mind at least once, you should also consider informing yourself about the taxes in that state and the overall cost of living.
How about Social Security benefits? Are they enough to achieve that financial freedom? Well… the answer depends on several factors, but the detrimental factor is definitely where you choose to enjoy your golden years, since some states tax Social Security benefits.
Nonetheless, you should be ready for some “tax surprises”.
