Retirement is a significant life transition that requires careful planning and consideration. For many, the decision to retire is complicated and involves financial and personal factors. While some individuals may eagerly anticipate their retirement, others may be hesitant or unsure about when they are ready to make this major life change.
Most of us look forward to the day when we can retire, but few of us are prepared for the reality of retirement. Many fail to adequately plan their retirement. One area that many people tend to forget is health care. Most people think that Medicare will cover all of their expenses. The truth is Medicare only covers a portion of medical expenses, and coverage gaps exist for services like long-term care.
Regrettably, only some people enter retirement in excellent health. When you’re in your early 60s, and you have several health problems, you may believe you won’t live very long, which may motivate you to file for Social Security benefits early.