We all deserve to have the retirement of our dreams. Unfortunately, most people don’t know how to save for their retirement. Financial planning for a comfortable retirement requires some dedication and determination to be able to afford the retirement you desire.
Buckner Retirement Services welcomes Texas seniors who are looking for a luxury retirement experience. All six of our communities feature spacious floor plans, walk-in closets, plenty of personal services, and amenities. We have independent and assisted living programs, memory care programs, respite care, and short and long-term rehabilitation programs. To see what life is like at one of our senior living communities, call 214.227.7182 today to speak with one of our friendly team members
The Importance of Senior Financial Planning
A rewarding retirement is a goal for many people. People want to be able to do what they desire while being financially secure. In order to do this, senior financial planning is key. Here are a few things to keep in mind when financial planning for seniors:
- Insurance arrangements such as life and health insurance
- Senior discounts
- An understanding of your retirement income
- Designate a power of attorney
- Budget carefully
- Talk with a financial planner
- Estate planning
If you own a home, consider selling it to partially or fully fund your retirement. Reports show that you can fund your retirement with only $500,000 if you plan accordingly and only take what is necessary to live comfortably.1
Buckner Retirement is a full-service senior living community that welcomes Texas seniors to make the most out of their retirement. We assist seniors with the development of a care program that suits their unique needs and can adapt as their health needs change.
Financial Planning for a Comfortable Retirement
The cost of living is increasing, and if you don’t plan ahead of time, you may be caught unprepared. You don’t want to have to pick up a part-time job to pay for your retirement. Doing some advance planning can help you live a comfortable retirement:
Know When to Plan for Retirement
The standard age for retirement is 67 years of age, but you should start planning well before that. As you begin planning, don’t forget to include annuities, retirement savings, and social security in your final totals.
How Much Will You Need
How much is a good amount for retirement? That depends on where you want to end up. The standard cost of retirement in Texas is between $3,500 and $4,500 per month or $54,000 per year. Generally, you’ll want to save 70-90% of your pre-retirement income. This will allow you to do the things you want to do, like traveling, golf, or spending time with friends and family.
Prioritize Your Goals
What goals do you have for your retirement? There will come a time when you need to save for other things, like buying a house or paying for your child’s college education. Ideally, you’ll want to start saving for retirement in your 20s. Try to put away as much money as you can into a savings account, 401K, investment plan, or retirement fund.
Choosing a Retirement Plan
There are several different plans that you can choose from. There are independent living programs where you have the freedom to do what you want. Other types of care programs include:
- Assisted living programs for those who need extra care during the day.
- Memory care programs for those living with dementia, Alzheimer’s disease, and other neurological problems.
- Short and long-term rehabilitation for seniors recovering from a car accident or major surgery.
With a little planning, you can have the retirement of your dreams. All you will need to do is save a little each month, make smart investments, and make sound financial decisions.
Start Your Retirement Planning Now at Buckner Retirement Services
At Buckner, our mission is to create a senior living program that suits your needs today and long into the future. Our team provides personalized care programs ideal for independent seniors and seniors who need more daily care and attention. Our team can assist you with senior financial planning so that there are no surprises down the road.
Visit one of our locations today by calling 214.227.7182 to speak with our team or submit our online contact form to schedule a consultation.
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