Dave Ramsey: 4 Things To Do Now If Retirement Is 10 Years Away
If you’re in your mid-50s, retirement is now just a short decade away. That means you still have some time to make any necessary adjustments that you’ll need to succeed, but not enough time to waste even a little bit of it or make any mistakes.
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Luckily for you, syndicated radio host, bestselling author and celebrity personal finance guru Dave Ramsey has a plan for anyone who’s a decade away from the finish line. In a post on his blog, he listed four to-dos that are non-negotiables for anyone who’s on pace to retire in 10 years.
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Check in With Your Dream Team
Ramsey expects that by now you have what he calls your “dream team” in place — “that group of professionals who are helping you grow and protect your wealth and your legacy,” he wrote.
If you don’t, start by assembling your squad of experts. He maintains a page where you can contact “Ramsey Trusted Providers,” a list of vetted money pros who will make up your dream team. They include:
Real estate professionals
Insurance experts
Tax service providers
Investing and retirement advisors
Ramsey wrote, “Now is a good time to check in with them. Your estate plan or will may need to be updated. You need to check in on the tax implications of your investments. You need to evaluate your insurance. It’s time to huddle together and get a game plan for the coming years.”
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Research Medicare
Healthcare costs rise as people age, and surprise medical bills can sink even the best-laid retirement plans — even for those covered by Medicare — so it’s essential to research the public retirement health insurance program now.
Ramsey wrote, “It’s a confusing program (hello, it’s from the government), so being informed is crucial! If you turn 65 in the next 10 years, learning about it should be at the top of your list. There are some sign-up rules around your 65th birthday, so make sure to read that section carefully.”
Unlike Social Security, you don’t get a bonus for waiting. Those who don’t sign up at 65 get hit with late enrollment penalties, so as Ramsey says — be ready.
Look Up Your Social Security Benefits
Next, Ramsey suggests visiting SSA.gov and using the Social Security Administration’s mySocialSecurity to gauge the amount of your benefit.
Ramsey wrote, “This number may change a little, but knowing the amount is helpful when planning a monthly budget. Remember, though, this money is icing on the cake. Don’t rely on it as your sole source of income in retirement.”
Start Researching Long-Term Care Insurance
The exorbitant cost of long-term care can reach six figures in a single year and quickly scramble even the heftiest of nest eggs. Even for well-heeled retirees, insurance is the only way to cover the costs.
Ramsey wrote, “Getting LTC insurance is non-negotiable. It helps pay for the cost of assisted living, nursing home care, in-home care, or associated costs. With people living longer, you’ll probably need LTC insurance at some point. Use this decade to find a policy that meets your needs. The premiums go up the older you get, so sign up at age 60.”
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