First Year of Retirement: 7 Money Moves You Absolutely Must Make
First Year of Retirement: 7 Money Moves You Absolutely Must Make
July 13, 2023 By Nicole Spector GoBankingRates
If you’re near retirement or fresh in it, it’s critical to understand how to manage your financial life, and how it differs from when you were making a salary. To do this, you should make these seven money moves in your first year of retirement — per the suggestions of experts.
Start Tracking Your Expenses
Hopefully, you’ve already made a strict budget and have been tracking expenses leading up to your retirement. Now is the time to really pay attention.
“Take the first few months of your retirement to diligently track your expenses, so you understand where your money is going, and how much you need a month,” said Mark Henry, founder and CEO of Alloy Wealth Management. “It will likely be much different than your pre-retirement expenses, especially if you move. There may be places you can cut back and others where you want to splurge a little more.”
Secure Healthcare Coverage
You may have already sorted out your healthcare coverage, but if not, you need to figure that out sooner than later.
“If you are not eligible for Medicare yet and your employer does not offer continued access to healthcare coverage, you will need to look into alternative options,” said Larry Roby, president and CEO of SFA Wealth Management. “For example, you may use the Health Insurance Marketplace to find a new insurance plan or you might qualify for Medicaid coverage. No matter which route you go, it’s important to get your healthcare coverage in order. Otherwise, you may be one emergency away from depleting your retirement income savings.”
Make Sure Your Retirement Money Is Allocated Properly
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