Educating Yourself As A New Retiree

Retirement can be a confusing stage in life – not just because it forces you to re-evaluate your purpose, but because there are so many rules and conditions when it comes to what money/services you are entitled to. Educating yourself can ensure that you get all the funding and support that you deserve. Just what are some ways to educate yourself on retirement? This post explains a few of them.

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Talk to your employer

Employer-sponsored retirement plans are popular across the US. But few of us truly know how they work and how to access them when we need them. First, it’s important to determine whether your employer has a scheme in place for you, and if so what type of retirement scheme. The best way to find this out is to talk to your employer. They will be able to inform you what type of retirement plan is in place and how to access it when you retire. 

Consult your bank

Many banks can also offer advice to retirees. This could include helping you to set up or access retirement accounts. It could be worth booking an appointment where you can discuss your options. Most banks can offer appointments in person or over the phone. 

Hire a retirement advisor

Retirement advisors are experts on retirement. They can help you to set up a retirement plan – including helping you explore all kinds of different accounts, benefit schemes and potential income streams. They can also help clear up any questions you may have about retirement. This could include questions about tax, Medicare and grants for seniors. Retirement advisors often charge for their services, but fees can vary. It’s important to do your research when hiring an advisor in order to hire a professional that you can trust. 

Read blogs and watch videos

You can also educate yourself by engaging with various free resources online. On top of various government sites dedicated to retirement, there are many blogs dedicated to retirement and YouTube channels dedicated to retirement. On these blogs and YouTube channels, you may find content that answers obscure questions that you may have – saving you the need to hire an advisor. Try searching for questions you may have online to see what comes up. 

Speak to other retirees

Fellow retirees can be some of the most valuable people to speak to when seeking out advice. There may be older retirees you can speak to have already been through the whole process of applying for Medicaid or accessing their 401(k). As a result, they may be able to help you out, as well as warning you of mistakes they made so that you don’t make the same mistakes. You could find that many people who are already retired are able to put things in simpler English for you than certain guides you may find online. At the same time, you do need to be careful as to who you trust – not everyone will have good retirement advice and you may want to double-check certain information. 

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