A. The following are 5 essential things most retirees need to do:
- Social Security – sign up for Social Security. If you have questions about how retirement works.
- Medicare – when you sign up for Social Security you will automatically be enrolled in Medicare, in fact if you are going to continue to work for a period of time you will have to opt out of Medicare Part B
- Supplemental Health Plan – some 80% of individuals will purchase some type of supplemental health plan to cover the co-pays and deductibles and/or medical expenses that Medicare does not cover. You will purchase either a Medicare Advantage or Medicare Supplement.
- Final Expense – you may need to purchase a life insurance policy to either cover the cost of final expense or replace the first year income lost by a spouse passing in later years.
- Short/Long Term Care – you may need to purchase a plan to help pay for expenses not covered by Medicare or other health insurance to help cover expenses when you are recovering at home after a procedure.