11 Apr What Should I Know About the Medicare Impact of Retiring Early?
Many times, you’re covered by your employer’s health care up until the time of retirement. But there’s a gap, many times, between retirement and when Medicare kicks in. So we have to plan for that from a financial planning perspective. How will we pay for that?
Now, granted, when you reach Medicare age, age 65, generally the cost of your health insurance goes down. But you still have to consider the cost between when you retire and that point. How are you going to afford that? How is that going to affect your financial plan?
So the key here really is to do a financial plan, to take a look at your resources. How are you going to cover yourself? It may be, if you have the possibility, you work a couple of extra years. But if you don’t have that possibility, then you definitely need to plan on how you’re going to cover yourself for health care in this day and age.
Parkshore Wealth Management is a family-owned, independent, fee-only Registered Investment Advisor serving the greater Sacramento area with an office in Roseville, CA. We partner with financially responsible individuals and families who are eager to take positive steps that will allow them to use their money to build the life they desire. The firm is led by Harold Anderson, CFP®, and Daniel Andersen, CFP®, both members of NAPFA, the country’s leading professional association of fee-only financial advisors.