8 Questions to Ask Yourself Before Retiring

How Will I Pay for Health Care?

All of the financial advisers we spoke with reiterated the importance of factoring in health insurance premiums and prescription drug costs when deciphering how much money you will need in retirement.

Additionally, under federal law, most Americans are not eligible for Medicare until they are 65 or older, so if you’re looking to retire before then you will need to determine where your health care coverage would be ... more 

How Will I Pay for Health Care?

All of the financial advisers we spoke with reiterated the importance of factoring in health insurance premiums and prescription drug costs when deciphering how much money you will need in retirement.

Additionally, under federal law, most Americans are not eligible for Medicare until they are 65 or older, so if you’re looking to retire before then you will need to determine where your health care coverage would be coming from and then factor that plan’s cost into your overall budget.

You’ll also need to ask yourself how you plan to address your long-term care expenses, says Joe Alfonso, a certified financial planner with Aegis Financial Advisory.

“It’s not just about buying the insurance,” he says. “But you need to ask, ‘Do I plan on moving in with my children? Do I expect my spouse to be able to fulfill that need?’” less