Retirement Services

Preparing for retirement is so important, we made “retirement services” part of our company name – Biro Financial & Retirement Services.

We offer a wide range of retirement services including:

  • Estate Planning
  • Financial Planning
  • Insurance Services
  • Annuity Services
  • Investment Management

Here are a few things to keep in mind as you get ready to retire.

There are over 10,000 baby boomers retiring every day in America and many do not have a solid retirement plan.

As you get closer to your golden years, here are some steps to help you better plan and maximize your retirement.

1. Setting up your Social Security:

The longer you wait to file and get started on social security, the bigger your monthly check will be.

The earliest you can file is at age 62.

Benefits at age 62 are approximately 75% of what your benefits will be if you wait just four more years until age 66.

If you were born after 1943, you will actually increase your social security benefits by 8% per year up to age 70.

Citation: Official Social Security website: –
http://www.ssa.gov/planners/retire/1943-delay.html

We offer a free seminar every quarter (click here for our events calendar) and we will give you a free, personal social security analysis. Just call our office at 480-969-5667 and schedule a time with Pam.

2. Finalize your housing.

If you are going to downsize your home when you retire, and you need to get a mortgage, it might make more sense to buy the new home and get everything squared away before you officially retire.

Getting a new mortgage is going to be easier if you are fully employed. If you have a lot of equity in your home, more than what is needed to purchase the new home, then you can either take the extra money and purchase a rental home for even more income, or invest the extra into another vehicle.

3. Make sure you know where your health coverage is going to come from.

When you turn 65 you are eligible for Medicare Part A, which covers hospital care.
 
Part B covers normal medical care and does have a monthly premium.

Unless you have another form of insurance you should not delay signing up as enrollment costs will increase.

Finally there is Part D which covers prescription drugs.

Biro Financial & Retirement Services offers twice monthly free seminar entitled “Medicare Made Easy.”
Please check our event calendar or call Pam in our office at 480-969-5667.

4. Go see your doctor before your last day of work.

It is a very good idea that you visit your doctor and get a full exam before you leave your employer sponsored health care coverage.

Make sure all of your annual health screenings are up to date too.

Get all of your prescriptions filled too.

Pay a visit to your dentist and get all necessary dental work done.

Get your hearing checked and get some hearing aids if necessary.

Finally, get a vision exam and get new glasses or contacts.

Please note that Medicare does not pay for vision glasses, hearing aids or dental work.

5. Set new goals and map out what your retirement day will look like.

So many people work so hard and scrimp and save for their retirement, but they do not plan out what they want to do when they retire.

Nothing is worse than sitting around all day bored out of your mind because you once lived a hectic and fast paced life with your career.

Start to plan now what you want to do when you retire and enter this new phase of your life.

Are you going to volunteer?

Are you going to travel?

Maybe you want to teach?

Are you going to possibly start a new business?

6. The social shift and new friends?

The last thing to think about is all of those people who were your office family are now going to just be the voice on the end of the phone, occasionally, or a funny email in your inbox.

It makes sense that you will want to build up a set of new friends so you can replace the socialization that came with going into work every day.

There are tons of places to meet new friends who are also retired like meet up groups, church groups, book clubs, and even jogging and bicycle clubs, based on what interests you.

You should now be all set and ready to retire.

A good solid actionable plan will make this transition in your life much easier for you.