Next Steps for Retirement Savings

By Brent Meyer — SafeMoney.com Founder & Editor Reviewed by Licensed Financial Professionals  |  SafeMoney.com — Trusted Since 2011  |  Updated Regularly Quick Answer: Discover essential next steps for retirement savings. Learn how to secure your future with safe money alternatives. Explore more at SafeMoney.com. If you are among the growing numbers of Americans reaching their retirement savings goals, congratulations! According to the Center for Retirement Research , 50% of working-age Americans report they could maintain their pre-retirement standard of living in retirement, as measured by the Center’s National Retirement Risk Index. This is a 2% improvement over the center’s previous measure of retirement readiness in 2013. Thanks to rising home values and stock market all-time highs, the account balances of employer and individual retirement savings plans are flush. So, now that your retirement savings goal is achieved, what should you do next to enjoy the retirement you have worked hard for over many years? Start with a Retirement Plan You know what it takes to live comfortably now. But what will it take to live comfortably in retirement ? While you will likely shed some expenses, such as potentially paying off a mortgage, there will be new costs associated with retirement. You’ll have time to pursue that dream hobby, quench your desire to travel the world, and take more trips to see the grandkids. Budgeting for these new realities will help you see just what income you’ll need. And the new reality that no one likes to discuss, but that is often the largest expense in retirement? Rising medical costs. A 65-year-old couple retiring this year will need an average of $275,000 (in today’s dollars) to cover medical expenses throughout retirement, up from $260,000 in 2016, according to the latest retiree healthcare cost estimate from Fidelity Benefits Consulting. At that rate of climb, what could that number be when it applies to you? What’s more, this figure is only for retirees with traditional Medicare insurance coverage. It does not include costs associated with nursing home care, which Fidelity reports could add another $130,000. Don’t Forget Long-Term Care Expenses Planning for long-term care should be a critical component of your retirement roadmap. The impact could affect you and your caregivers in several ways: financially, physically and emotionally. Ease the burden of this risk to you and your loved ones b