Retirement planning in Iowa is absolutely vital if you want to be able to put your working years behind you.
Buying Powerball tickets is not a very effective retirement plan. It takes levelheaded financial discipline to accumulate the financial underpinning that you need to truly enjoy your golden years.
It is a matter of math. You must gain an understanding of your future financial need, set goals, and do what it takes to reach these goals.
Get a Grip on Social Security
As you are looking ahead you should understand what you can expect from Social Security, and what you can’t expect. While it is true that many people do live almost exclusively on Social Security, they certainly are not living well.
At the end of last year the average monthly benefit was right around $1260.
Exactly what you will be receiving is going to depend on the amount of your earnings during the 35 years within which you made the most amount of money during your working career.
There is a way to find out what you can expect to receive. You can register an account on the Social Security Administration website and access your statement.
If you want to do this, click here: Social Security — My Account.
Everyone does not become eligible for their full Social Security benefit on the same birthday. It varies depending on the year of your birth. If you want to find out exactly when you will become eligible to receive your full benefit visit this page on the SSA website: age of full benefit eligibility.
When you are projecting a budget for the latter portion of your life you should have an idea of your anticipated lifespan. Obviously this is an imperfect science, but the SSA provides a tool that can give you a number: life expectancy calculator.
Nursing Homes & Assisted Living Communities
Most Americans are going to need help with their day-to-day needs eventually, and many of us will reside in nursing homes or assisted living communities.
Because of the costs involved it is simply impossible for a lot of people to pay these expenses out-of-pocket, and Medicare won’t pay for long-term care.
You have to look for solutions, and one possible solution is Medicaid. There are upper asset limits, but it is possible to stay within them while still keeping assets in your family if you plan ahead intelligently.
If you want to look into this you can contact our firm to schedule a free elder law consultation.
In the meantime you can learn a bit about Medicaid as it is utilized for long-term care assistance by visiting this section of the federal government’s Medicaid website: Medicaid long-term care services and support.