Don’t Retire Early Unless You Do These Things First | Business | #retirement | #elderly | #seniors
3. Come up with a plan for health coverage
Once you turn 65, you’ll be eligible to enroll in Medicare. But if you’re retiring at a much younger age, then you’ll need to secure coverage elsewhere. That could mean hopping onto your spouse’s workplace plan if they aren’t retiring yet, getting an Affordable Care Act (ACA) plan, or signing up for COBRA, which lets you retain your employer coverage for up to 18 months. But make sure to budget properly for that expense — underestimating what health coverage will cost could throw your budget out of whack.
4. Figure out what you’ll do with your time
Early retirement might seem like a great idea — until you realize you can really only afford a handful of trips each year and you’ll be stuck scrambling for entertainment the other 48 weeks. Before you retire, think about some of the things you might do to stay occupied.
You might sign up to take classes at a community college, volunteer at an animal shelter, or even start a small business that not only keeps you busy, but also generates some nice income. The key, however, is to have a plan, because too much boredom early on could really mean kicking off retirement on a sour note.