Retirement planning involves quite a bit of expert analysis and guidance, mixed with a bit of luck and fortune telling. It’s true that none of us know exactly how things will go once we retire, and sometimes we must simply make an educated guess. However, there are some things that we know to increase your chances of retiring comfortably, and remaining comfortable, such as…

Know what to expect. A long, healthy life is a good thing, but longevity can certainly strain your retirement budget. Many people these days are living to age 90 or beyond, so make sure your financial plan accommodates a long retirement.

Avoid debt. In most cases, the best plan is to pay off debts before you stop working. Revolving debts like credit cards are of particular concern. But of course, entering retirement debt-free (or at least with very low debt) is only half of the battle. Avoid taking on new debts as well; this might mean saying no to the kids and grandkids who need you to cosign for a loan. And you should definitely keep some liquid assets in a savings account just in case of unexpected expenses.

Beware of scams. Due to your trusting nature and desire for more long-term income, scammers might view you as the perfect target. Remember that you can’t win contests that you didn’t enter, the IRS won’t call and ask for personal information over the phone, and you can’t trust every email you read. When in doubt, delete the email, hang up the phone, or don’t answer the door. Con artists use a variety of techniques, and they’re everywhere. Be suspicious of anyone asking for money or personal information.

Avoid excessive medical bills. According to the Kaiser Family Foundation, about 30 percent of American households experienced trouble paying medical bills in the past year. Since healthcare costs tend to increase with age, this issue is of particular concern to retirees. The average retired couple will spend about 275,000 dollars on healthcare throughout their later years.

So, to manage these expenses, budget carefully to cover copayments and deductibles. Since Medicare won’t cover all medical expenses, give us a call to discuss insurance options that can keep your bills manageable.