Questions to Ask Yourself Before Retiring

"Am I Properly Covered for Healthcare Costs?"

Healthcare is often one of the most significant expenses in retirement. Medicare helps, but it doesn't cover everything—long-term care, dental, and vision expenses can add up quickly. Retirees should consider the different options available to them to ensure coverage.

• Enrolling in Medicare at the right time to avoid penalties
• Purchasing supplemental insurance (Medigap) or Medicare Advantage plans
• Planning for long-term care needs, including nursing home or in-home care costs

"Is My Estate Plan in Order?"

Estate planning isn't just about wealth—it's about ensuring your wishes are honored. A comprehensive estate plan includes several steps and considerations.

• A will or trust to direct asset distribution
• Power of attorney and healthcare directives
• Beneficiary designations on retirement accounts and life insurance policies

Taking care of these details now can prevent legal complications for your family later.

"What Will I Do with My Time?"

Many retirees look forward to having free time, only to realize that they miss the structure and purpose that work provides.

Before retiring, think about how you'll spend your days. Will you travel? Volunteer? Take up new hobbies? Having a plan for meaningful activities can help you stay engaged and avoid feelings of boredom or isolation.

"Where Will I Live?"

Your living situation can significantly impact your quality of life in retirement. While you may not have considered it, retirement is a great time to consider how and where you want to settle down.

• Stay in your current home or downsize
• Move closer to family
• Relocate to a retirement-friendly community

Think about factors like cost of living, accessibility, and proximity to healthcare services when making this decision.

"How Will I Stay Socially Connected?"

Work often provides built-in social interactions, so finding new ways to stay connected is essential.

Consider joining clubs, attending community events, or maintaining regular meetups with friends. Isolation can lead to mental and physical health decline, so fostering relationships is key to a happy retirement.

"How Will I Maintain My Health and Wellness?"

A long and fulfilling retirement requires taking care of your body and mind. While you may not have considered it while you worked on your career, now is the perfect time to start prioritizing your health.

• Stay physically active with regular exercise
• Eat a healthy diet suited to your needs
• Prioritize mental well-being through social engagement, hobbies, or mindfulness practices
• Schedule regular checkups and preventative healthcare visits
  

"How Will My Relationship with My Spouse/Family Change?"

Retirement means spending more time at home, which can shift the dynamics of your relationships. Discussing expectations for time together and apart with your spouse is essential.

If you plan to be involved with grandchildren or caregiving for family members, setting boundaries and balancing responsibilities will help maintain harmony.

Connect With Clayton Financial Group

Retirement isn't just about leaving work—it's about entering a new phase of life that should be both financially secure and personally fulfilling.

By asking yourself these important financial and lifestyle questions, you can create a retirement plan that sets you up for success.

At Clayton Financial Group, we help clients achieve their life plans and take their growth and security seriously. We are an independent boutique advisory firm with national coverage and decades of industry experience.

Contact us today if you need help with investment, tax, risk management, estate, or other planning.