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According to a 2018 poll conducted by Gallop, the most worrisome issues for the average American are running out of money in retirement and a lack of money to pay for medical expenses in the case of a severe illness or disease.
If you miss your initial enrollment period for Medicare Part B there is a 10% increase in premiums for each full 12-month period that you could have been on Part B. This penalty continues every year you have Part B coverage.
To start understanding what is needed for retirement, develop a budget based on your current expenses. Adjust your budget for expenses that will change in retirement.
To get the most satisfaction in retirement some planning is needed to address what you want out of life and how you want to spend your time.
Retirement represents a huge change in your lifestyle and finances. Plan and prepare ahead of time to enjoy a comfortable and rewarding retirement.
When you leave the corporate life to become a business owner, you lose the opportunity to continue contributing to your 401k. You can’t replace the employer match, if you received one, but you can create your own retirement plan.