Retirement8000 Days of Retirement: Find a Retirement Mentor

Having someone you trust and who has trekked the road ahead of you will help make the initial journey into retirement a smooth one.

Look at your close friends, family members, or members of communities you belong to such as your church or volunteer organizations and find someone who is happy and thriving!

Pick their brains, solicit their advice, and soak up whatever information they can provide. There are many facets to this new phase of life, and those that have navigated it successfully can usually help you avoid some of the bigger speed bumps you may encounter.

They will help you start to form a ‘to-do’ list of sorts, or perhaps even a bucket list!

Here are some topics to discuss:

Healthcare: once you are no longer on employer-provided healthcare, how do you pick your coverage? What kind of coverage will you need? How about Medicare? Are you eligible? Do you qualify? A good mentor can help get you a list of providers to check out, and your financial advisor can help you plan for medical costs and how to get the most out of Medicare and your HSA if you have one.

Maintaining a social life: How do you fill up your days? Are there new hobbies you would like to try? A fantastic group you should join? Where do you find them?

Staying mobile: How will you continue to get around once it becomes harder to drive?

Cost of living: What happens when you aren’t spending 8 hours a day making money? Are you spending it? What discounts are available? What expenses have you not accounted for? (Your financial advisor can also help with this!)

Having someone walk beside you can ease a lot of the anxiety and turn it into excitement for the road ahead. And plus, people are always happy to share their experiences, so don’t hesitate to ask!

 

This material was prepared by Bill Good. Bill Good is not affiliated with Bailey Wealth Services or LPL Financial.

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