With rising consumer prices and a steady increase in the cost of living, Black Americans approaching retirement age are finding it harder to make retirement a reality. The last thing a person should do is to retire without properly preparing for it.
What should we be thinking about?
#1: Be financially prepared.
Retirement isn't just about saving to hit a magic number. It is about income. Different things will have to supplement a job such as savings, pensions, social security, and other investment assets. These have to meet your retirement needs.
#2: Outstanding debt can ruin retirement plans.
It’s best to try and eliminate any remaining debt from loans, credit cards, and student debt before retirement. We don’t want the bulk of our retirement income going to other people!
#3: Health insurance matters.
Most people get insurance through their employers. Anyone who retires before 65 should find a health insurance replacement and be prepared to pay out of pocket.
Retirement can be exciting. It’s important to plan and consider carefully so that we aren’t pushed back into the workforce. Black people have already overworked themselves for generations. When we plan we can enjoy the rest we deserve!