top of page
Search

It's Not Too Late!


You still have time to prepare for retirement after 60.

There is still time to improve your retirement finances in the years leading up to retirement. By reviewing how much you have saved and thinking about how much longer you want to work, you may be able to update and improve your retirement plan.


Here are some guidelines:


Conduct a Financial Inventory

  • Decide what you need to support your lifestyle.

  • Don’t forget to include what you want out of retirement. (travel, hobbies, etc)

  • Focus on income generation and distribution.

Take Advantage of Catch-Up Options

  • If you have access to a 401k, and over the age of 50, you can make a catch-up contribution of $6,500 in 2022.

  • If you have more than one IRA (i.e. traditional and Roth) you can contribute $7,000 total combined.

Prepare Your Living Space and Transportation

  • Make home repairs and updates. (fix that leaky roof, replace ac units, replace appliances, etc.)

  • Do major car maintenance and repairs.

  • These repairs can be easier to manage while you still have full income.

Factor in Health Care Costs

  • Compare all your options

  • Consider drug costs, doctor networks, ancillary benefits.

Decide When to Take Social Security

  • Take SS early or later?

  • Continuing to work? Be careful if you are under FRA (full retirement age), watch out for the “penalty”

  • Ask us for a Social Security Timing Report

Don’t Overlook Taxes

  • Certain retirement accounts will be subject to income tax.

  • Social Security can be taxed up to 85% depending on your income level.

Figuring out how to structure your retirement income can be overwhelming. If you have not started, or if you would like a helping hand, attend one of our Retirement Workshops or call us for a meeting! 713-955-7522


 
 
 

Comments


11931 Wickchester Ln. Ste 100

Houston, TX 77043

Our Office is located at:

Give us a call!

 (713)-955-7522

Houston
San Antonio

(210)-858-9025

19202 Huebner Rd. Ste 100

San Antonio, TX 78258

Disclaimer
This website is not connected with or endorsed by the U.S. government or the federal Medicare program. www.medicareinanutshell.com is privately owned and operated. www.medicareinanutshell.com is a non-government resource. We make understanding Medicare easy. If you are looking for the official Medicare website, please visit www.Medicare.gov. 


 All rights reserved.Individual savings may vary, and are not guaranteed. Coverages and discounts subject to state availability and individual eligibility. ** This is not a complete listing of plans available in your service area. For a complete listing please contact 1-800-MEDICARE (TTY users should call 1-877-486-2048), 24 hours a day/7 days a week or consult www.medicare.gov. *** www.medicareinanutshell.com takes no responsibility and assumes no liability for any content posted by consumer or any third party. www.medicareinanutshell.com is a licensed and certified representative of a Medicare Advantage  [HMO, PPO and PFFS] organization, a stand-alone prescription drug plan with a Medicare contract, and Medicare Supplement. Enrollment in any plan depends on contract renewal. By clicking the "Submit” button, you are agreeing by electronic signature to give www.medicareinanutshell.com prior express written consent to call you at the phone number you provided in the above form (even if it is a mobile phone number) to market our product and services to you and for any other purpose. By clicking the button, you also agree that we may use a computer or other automatic dialing technology to call you. Even if computerized dialing is used, there will be a human, not a recorded message, on the call when you pick up. If you do not answer a message will be left automatically. Clicking any button is not a condition to purchase. By completing the contact form above or calling the number listed above, you will be directed to a licensed sales agent who can answer your questions and provide information about Medicare Advantage, Part D, or Medicare Supplement insurance plans. Neither www.medicareinanutshell.com nor its agents are connected with or endorsed by the U.S. government or the federal Medicare program. Availability of carriers and products are dependent on your resident zip code. 

bottom of page