Scenario Planning

Retiring by the age of 65 requires some planning and forethought, but it's entirely possible if you make the right moves. In this course, you&rsquo;ll find all the steps you can take to retire when you're ready, as well as the apps and tools you can use to ease the transition.

About This Class

While the standard retirement age may technically be 65, research shows the percentage of individuals working or looking for work beyond that age may be on the rise. In fact, recent data from the Bureau of Labor Statistics projects 9.5% of the civilian labor force will be older than 65.1
Today&rsquo;s older workers tend to be more educated and higher-earning than those who were working during their golden years several decades ago, they note. But perhaps you&rsquo;re still in the workforce because you have to be, even if you don&rsquo;t really want to be.&nbsp;
If your goal is retiring by the age of 65, or at least by the age of 70, there are steps you can take now to improve your chances at reaching this important milestone. In this class, you'll learn what you can do now to retire when you're actually ready, with important details shared on the following topics:
<ul>
<li style="font-weight: 400;" aria-level="1">Retirement Planning Early: Find out which steps you can take now so you can retire by the age of 65.</li>
<li style="font-weight: 400;" aria-level="1">Healthcare: If you retire in your mid to late sixties, you won&rsquo;t have to find insurance if you don&rsquo;t want to, since you&rsquo;re eligible for Medicare. Find out the basic facts about Medicare and how it can help you retire.</li>
<li style="font-weight: 400;" aria-level="1">Investments: Explore potential investment strategies, including strategies for drawing down your funds.</li>
<li style="font-weight: 400;" aria-level="1">Benefits: Learn how to maximize the benefits you&rsquo;ve worked hard to earn.&nbsp;</li>
<li style="font-weight: 400;" aria-level="1">Taxes: Find out how to legally minimize taxes before and during retirement.&nbsp;</li>
<li style="font-weight: 400;" aria-level="1">Checklist: Look over our retirement checklist so you can know for sure if you&rsquo;re ready.</li>
</ul>
<h4>SOURCES</h4>
<ol>
<li>&ldquo;Number of people 75 and older in the labor force is expected to grow 96.5 percent by 2030.&rdquo; U.S Bureau of Labor Statistics, 4 November 2021, <a href="https://www.bls.gov/opub/ted/2021/number-of-people-75-and-older-in-the-labor-force-is-expected-to-grow-96-5-percent-by-2030.htm">https://www.bls.gov/opub/ted/2021/number-of-people-75-and-older-in-the-labor-force-is-expected-to-grow-96-5-percent-by-2030.htm</a>. Accessed 30 November 2023.&nbsp;</li>
</ol>

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Retirement would be simple if there was a magic number everyone should save that would allow them to retire in comfort and never have to worry about money again. But today more than ever, that&rsquo;s simply not the case. And that&rsquo;s exactly why we created the Retirement Score; it&rsquo;s an innovative approach to determining how long your money should last based on individual factors like your age, how much you&rsquo;ve saved, when you&rsquo;ll be electing your Social Security benefits, and more.&nbsp;
<h3>Example:&nbsp;</h3>
Bob and Ellen are a married couple who have been saving for decades, but put off retirement until they reached 65 because they didn&rsquo;t want to have to worry about healthcare outside of Medicare. They make a combined annual salary of $120,000&mdash;$60,000 each&mdash; and plan to start collecting benefits at age 65.&nbsp;
Here, you can see that if Bob and Ellen&rsquo;s years of careful saving and a later retirement date equated to savings of $500,000, they would be able to spend up to $6,000 per month without worrying much about running out of money (it would last to just over the age of 98.8 at that spending rate).&nbsp;
If they choose to spend $7,000 per month, their Retirement Score will decrease to 80.8 years. At that monthly spending level, Bob and Ellen will need to have saved $1,000,000 in order to avoid running out of money.&nbsp;
<img src="https://cdn.buttercms.com/VQkPn8hXS4aoreZarwwU">
Note: We assume that the Retirement Score is calculated at age 55, retire at age 65, and elect Social Security at 65. Net worth is assumed split between savings and IRA accounts.The maximum Retirement Score for a 55-year-old is 135 years.&nbsp;
Your monthly spend has a direct correlation to your net worth. If you spend lavishly, you&rsquo;ll impact your savings and decrease the longevity of your net worth. That&rsquo;s why it&rsquo;s helpful to understand what your Retirement Score is and how much you can actually afford when you retire.

You want time to enjoy life after retirement, even if you choose to work into your late sixties. You probably have peers who have been enjoying retirement, and now it&rsquo;s your turn! But before you say goodbye to full-time employment, you should take the following steps to ensure your finances are in order.&nbsp;
<h2>1. Establish a Budget</h2>
No matter your age, you shouldn&rsquo;t retire until you&rsquo;ve set up a budget for this next chapter of your life. You know your financial situation will look different, so proper planning is the best way to be successful. A simple way to set a retirement budget is to come up with a total monthly spending amount, just like Bob and Ellen saw in the example in our lesson entitled, &ldquo;How Long Your Savings Will Last By Budget.&rdquo; As you work on your budget, you can compare it to your Retirement Score to get an idea of how long your savings will last based on your monthly budget.
Without any additional money coming in, like end-of-year bonuses, holiday payouts, or extra paycheck months, your budget for your retirement years should cover absolutely all of your expenses. That means you&rsquo;ll need to factor everything from large expenses like healthcare, and smaller ones that can sneak up and bust your budget, like cost-of-living adjustments. It&rsquo;s always good to live below your means so you can build an extra cushion for unexpected expenses. At Silvur, we recommend nailing your budget down at least six months before you stop working so that you can take the final six months of your employment to test-drive your budget and make tweaks wherever necessary.&nbsp;
<h2>2. Maximize Contributions to Retirement Accounts</h2>
In the years prior to retirement (if you haven&rsquo;t been doing so all along), you should make sure you're maximizing employer-sponsored retirement plans that may be available to you (i.e. 401(k) plans, a 403(b), etc.). Doing so can help you make the most of your final years of retirement growth, but don't forget that contributing to tax-advantaged retirement accounts can also lower your taxable income.
How much can you save? That depends on the type of retirement plan you're using. And keep in mind that the maximum amount is typically increased every few years. As an example, the maximum deferred contribution for a 401(k) plan in 2024 is set at $23,000. And with the recent passage of the Secure Act, you can now continue to save in either a traditional or a Roth IRA, and even a 401(k),&nbsp; regardless of age. Previously, the upper age limit for contributions to these accounts was 70 &frac12;.1
Note: If you're self-employed, you'll also want to maximize any tax-advantaged retirement plans you may be using, such as a SEP IRA or a Solo 401(k).
<h2>3. Utilize Catch-up Contributions</h2>
Anyone age 50 or older (with no upper age limit) can boost contributions to certain retirement accounts with what is known as a "catch-up contribution." With catch-up contributions, you can contribute an additional $7,500 to a 401(k) plan in 2024, for a total contribution of $30,500 each year. This is crucial to remember if you&rsquo;re approaching your target retirement age but feel like your savings amount is lagging behind. 
<h2>4. Contribute to IRAs or individual accounts&nbsp;&nbsp;</h2>
You can also contribute to an IRA in addition to other retirement plans. In 2024, the basic contribution limit to both a traditional IRA and a Roth IRA is capped at $7,000, although individuals ages 50 or older can contribute an additional $1,000 in catch-up contributions for a total annual limit of $8,000.2
<h2>5. Cut Expenses</h2>
As you plan to retire between ages 65 and 70, keep in mind that the amount of assets you need is directly correlated to how much you spend. Generally speaking, this means you can retire earlier if you can find a way to cut your expenses.&nbsp;
How can you spend less each month? Consider these tips:
<ul>
<li style="font-weight: 400;" aria-level="1">Keep unsecured debt (i.e. credit card debt) at a minimum</li>
<li style="font-weight: 400;" aria-level="1">Use a monthly budget or spending plan and stick to it. Do a dry run for a few months and see what you need to adjust or tweak.&nbsp;</li>
<li style="font-weight: 400;" aria-level="1">Create a food plan and grocery list each week</li>
<li style="font-weight: 400;" aria-level="1">Compare cable and phone plans to find the best deal</li>
<li style="font-weight: 400;" aria-level="1">Use public transportation instead of driving</li>
<li style="font-weight: 400;" aria-level="1">Take advantage of discounts for seniors, like prescription drug cards that can help pay for medication.&nbsp;</li>
</ul>
<h2>6. Choose the Right Healthcare Plan</h2>
Affording healthcare before Medicare kicks in is difficult, which is what makes 65 such a great age to retire - you&rsquo;re finally eligible for Medicare three months before you turn 65. Be sure to do your research on the program before you retire, so you can ensure you sign up for the parts you need most (and on time - penalties apply for late enrollment!). Even if you don&rsquo;t yet need much medical coverage, or you&rsquo;re considering delaying because you&rsquo;re covered by your younger spouse who&rsquo;s still working, you&rsquo;ll need and want Medicare at some point, so it&rsquo;s good to know as much as possible.&nbsp;
If you&rsquo;re planning your Medicare enrollment strategy, don&rsquo;t forget to complete our <a href="/retirement-school/category/medicare" rel="follow noopener" target="_blank">Medicare</a>&nbsp;classes in the Retirement School. There, we lay out all the different parts, the costs, and the rules you need to know before you enroll.&nbsp;
<h2>7. Estate Planning</h2>
Estate planning is an incredibly broad subject to broach when you're looking forward to retirement, yet there are some simple steps nearly everyone should take. For example, you should plan to:
<ul>
<li style="font-weight: 400;" aria-level="1">Take an inventory of your possessions and create a basic will and testament</li>
<li style="font-weight: 400;" aria-level="1">Choose an executor you trust to follow your final wishes</li>
<li style="font-weight: 400;" aria-level="1">Update beneficiaries on your retirement accounts, bank accounts and life insurance policies&nbsp;</li>
<li style="font-weight: 400;" aria-level="1">Create a living will that dictates what happens to you if you're alive but not longer able to speak for yourself</li>
<li style="font-weight: 400;" aria-level="1">Pre-plan for your funeral and final disposition</li>
</ul>
While you can hire an attorney to help you write a will and testament as well as a living will, it's possible to take care of some of this on your own using an online tool that provides legal documents. While having a will does not necessarily mean your beneficiaries will avoid probate, it does increase the likelihood of your assets being handed off based on your preferences.&nbsp;
<h2>8. Look into Long-term Care Insurance and Life Insurance</h2>
Are you covered in the event of an unforeseen health crisis? It&rsquo;s never too late. Long-term care insurance is expensive but can offset the high costs you&rsquo;ll face if you or your partner ever needs nursing home or assisted living care. And life insurance can provide you with additional security as well. Learn more about both of these types of insurance in our classes dedicated to <a href="/retirement-school/category/long-term-care-and-life-insurance" rel="follow">Long-Term Care and Life Insurance</a>. 
<h4>SOURCES</h4>
<ol>
<li>401(k) limit increases to $23,500 for 2024, IRA limit rises to $7,000.&rdquo; IRS.gov, 1 November 2023,&nbsp;<a href="https://www.irs.gov/newsroom/401k-limit-increases-to-23000-for-2024-ira-limit-rises-to-7000">https://www.irs.gov/newsroom/401k-limit-increases-to-23000-for-2024-ira-limit-rises-to-7000</a>. Accessed 1 November 2023.</li>
<li>Ilbd.</li>
</ol>

Whether you are married, single, divorced or widowed can impact your retirement in myriad ways. Consider how your marital status could affect your plans, as well as steps you can take to improve your situation regardless.
<h2>Married Couples</h2>
Married couples face advantages and disadvantages when it comes to retirement. With two people retiring together, you&rsquo;ll need twice as much cash to cover daily living expenses like food, utility bills and healthcare. Also, decisions you make in retirement as an individual in a marriage can adversely affect the other person.&nbsp;
However, having another person to lean on can be immensely helpful since you can make decisions together and take care of one another. Married couples can also choose to have one or both partners continue working part-time to increase retirement income or delay withdrawals from investment accounts.
In addition, there are other strategies for married couples when it comes to Social Security and Medicare. For example, Social Security election age is important especially if one relies on the other&rsquo;s benefits. Typically, females live longer than males so if one elects too early, this might end up hurting the other spouse&rsquo;s spending in the future. You can learn more strategies in our class &ldquo;<a href="/retirement-school/social-security-for-married-couples" rel="follow noopener" target="_blank">Social Security Benefits for Married Couples.</a>&rdquo;&nbsp;
For spouses who have a large age gap, you can potentially save money on healthcare costs by enrolling into your younger working spouse&rsquo;s healthcare plan even if you&rsquo;re eligible for Medicare. But there are rules to know if you plan to delay your enrollment which you can learn more in our &ldquo;<a href="/retirement-school/medicare-101" rel="follow noopener" target="_blank">Medicare 101</a>&rdquo; class. 
<h2>Singles</h2>
Being single in retirement can be immensely beneficial in some ways. For example, you can opt for a smaller living space, and you only need to have enough assets to pay for monthly expenses for yourself. However, being single in retirement can also mean paying for regular living expenses entirely on your own, and having to make an array of important decisions all by yourself.&nbsp;
To best assess your finances and Social Security benefits, you need to factor in your longevity. If you plan to live a long life, it might not be wise to collect benefits early at a reduced rate. It might make more sense to build up your savings to carry you over while you delay your Social Security election age to increase your benefits. For a more detailed explanation on when to elect benefits, you can read our class &ldquo;<a href="/retirement-school/social-security-benefits-for-singles" rel="follow noopener" target="_blank">Social Security Benefits for Singles.</a>&rdquo; 
One great option to lessen the burden of retirement is to find a roommate you trust and get along with. It&rsquo;s a great way to help each other out, reduce bills like food and utilities, and have company when you want it as well.&nbsp;
<h2>Divorced or Widowed&nbsp;</h2>
Being divorced or widowed can leave you in a similar position in retirement as if you were initially single. However, you're more likely to have access to remaining benefits such as a pension or spousal Social Security benefits. Make sure you have a plan to maximize any spousal benefits currently being paid out to you, as well as those you expect to receive in the future. If you&rsquo;re a widow or widower, you can draw survivor benefits as early as age sixty without affecting your own benefits, and while you&rsquo;re still gainfully employed. This is key, since it allows you to keep working and building both your nest egg and your own Social Security benefits which you can learn more about in our class &ldquo;<a href="/retirement-school/social-security-benefits-for-widows" rel="follow noopener" target="_blank">Social Security Benefits for Widow(er)s.</a>&rdquo;&nbsp;
Benefits work a bit differently for divorced spouses, though. If you were married for more than 10 years and you&rsquo;re now divorced, you&rsquo;re entitled to 50% of your ex-spouse&rsquo;s Social Security benefit amount. If your own Social Security benefits are higher, though, you&rsquo;ll automatically receive that higher amount and your ex-spouse&rsquo;s benefits won&rsquo;t come into play. Do keep in mind though, if you are receiving spousal benefits, you can only get the maximum benefit amount when you hit Full Retirement Age. Filing before that will reduce the benefits you&rsquo;re entitled to. Understand what the rules are to maximize your ex-spousal benefits at &ldquo;<a href="/retirement-school/divorced-social-security-benefits" rel="follow noopener" target="_blank">Social Security Benefits for Divorced Couples.</a>&rdquo; 
Finally, for widowed or divorced, remember that these are both considered qualifying life events for the purpose of healthcare enrollment. So be sure to use that to your advantage if you still need to sign up.&nbsp;

The good news for those turning 65 is the fact you're finally eligible for Medicare, or the federally run health insurance plan for the retired. There are three main components of Medicare you should know about:1
<ul>
<li style="font-weight: 400;" aria-level="1">Original Medicare: This comprises both Medicare Parts A and B. Medicare Part A, which is hospital insurance, covers inpatient hospital care, skilled nursing facility care, hospice care and more. Medicare Part B is the medical insurance part of Medicare. This coverage applies to some doctor's visits, medical supplies, outpatient care, preventative services and more.</li>
<li style="font-weight: 400;" aria-level="1">Medicare Part D and Medigap: These are &ldquo;a la carte&rdquo; plans or supplemental coverage to Original Medicare. Medicare Part D covers prescription drugs, and Medigap, which you can think of as coverage for &ldquo;miscellaneous&rdquo; expenses like deductibles and coinsurance payments. Medicare Part D can also cover required or recommended shots and vaccines.&nbsp;</li>
<li style="font-weight: 400;" aria-level="1">Medicare Advantage: This is an all-in-one solution that gives you the full scope of coverage offered by Original Medicare and Part D. Note that Medicare Advantage typically has more limitations on your choice of doctors.</li>
</ul>
Most people do not pay a premium for Medicare Part A, although you may pay up to $505 per month for Medicare Part A if you haven&rsquo;t paid Medicare taxes while working. Meanwhile, everyone pays a premium for Medicare Part B. In 2024, the standard Part B premium amount is $174.70 per month.2 
As a side note, you may have heard of Medicare Advantage, which is an "all in one" alternative to regular Medicare. If you opt for Medicare Advantage, you'll be able to purchase a bundle of services and coverage that includes Part A, Part B and potentially Part D. Some Medicare Advantage plans also cover "extras" like dental and vision.&nbsp;
While you can delay enrolling in Medicare at the age of 65 if you have other coverage, this is usually not the best move, particularly when it comes to Part A. Most people have paid enough toward Medicare taxes so they will not be charged a premium for Part A, so there is no reason to delay.
However, there are times it can make sense to delay enrolling in part B. For example, if you have health insurance for medical care separately through your job or a spouse, it can make sense to maintain that coverage and delay paying for Part B of Medicare until you're ready. Just be sure to understand the rules and see if it makes financial sense to delay: you&rsquo;ll pay a life-long penalty (yes, you read that correctly) if you avoid signing up on time.3
Get a better understanding of Medicare by reading all of the classes in our Medicare Retirement School course.&nbsp;
<h4>SOURCES</h4>
<ol>
<li style="font-weight: 400;" aria-level="1">&ldquo;What&rsquo;s Medicare?&rdquo; Medicare.gov. <a href="https://www.medicare.gov/what-medicare-covers/your-medicare-coverage-choices/whats-medicare">https://www.medicare.gov/what-medicare-covers/your-medicare-coverage-choices/whats-medicare</a>. Accessed 30 November 2023.</li>
<li style="font-weight: 400;" aria-level="1">&ldquo;2024 Medicare Parts A &amp; B Premiums and Deductibles.&rdquo; CMS.gov, 12 October 2023,&nbsp;<a href="https://www.cms.gov/newsroom/fact-sheets/2024-medicare-parts-b-premiums-and-deductibles">https://www.cms.gov/newsroom/fact-sheets/2024-medicare-parts-b-premiums-and-deductibles</a>. Accessed 12 October 2023.</li>
<li style="font-weight: 400;" aria-level="1">&ldquo;Employer Community.&rdquo; CMS.gov, 6 September 2023.&nbsp;<a href="https://www.cms.gov/Outreach-and-Education/Find-Your-Provider-Type/Employers-and-Unions/Employer-community">https://www.cms.gov/Outreach-and-Education/Find-Your-Provider-Type/Employers-and-Unions/Employer-community</a>. Accessed 30 November 2023.</li>
</ol>

It can be difficult to determine whether or not to purchase insurance as you prepare for retirement. When you&rsquo;re trying to streamline your budget, the last thing you want to do is pay for something you might not need. But there are two types of insurance that can actually bring financial security during retirement: long-term care insurance and life insurance. Here, we&rsquo;ll take a look at each type so you can make an informed decision about whether these two types of insurance might be right for you.&nbsp;
<h2>Long-Term Care</h2>
Long-term care insurance is a type of insurance coverage that is designed to pay for the overwhelming costs of long-term healthcare, such as skilled nursing care or nursing home care. This coverage is commonly purchased with the goal of protecting financial assets. After all, the average cost of a private nursing home will be over $9,872 per month in 2024.1 Without long-term care insurance, this expense could deplete even a healthy retirement account over the span of a few years.
Most people purchase long-term care insurance between the ages of 50 and 65, even though most people never use this coverage until they're in their eighties.2 This is important to note since long-term care insurance is expensive. Buying coverage earlier in life can mean securing lower monthly premiums, but it also means you could be paying on your policy for decades before you're in a position to use it.
The cost of long-term care insurance is quite high for low coverage: estimates for the average 2023 annual premium for 65 year olds are $1,700 for a male and $2,700 for a female with a $165,000 policy and no inflation protection. And a couple, both age 65, can expect an annual premium of $3,750. For more coverage (which would likely be necessary), you can expect a much higher monthly premium&mdash;almost double. Additionally, if you&rsquo;re hoping to have a policy that protects against inflation, you&rsquo;ll need to include an inflation rider. That will increase your premiums quite a bit as well. While these policies can be pricey, it&rsquo;s a short-term sacrifice to ensure you&rsquo;re able to get the best care possible in the latter part of your retirement.3
<img src="https://cdn.buttercms.com/6TSCG1ahSk2unBgUnDRz">
On the flipside, waiting too long to purchase long-term care insurance can also leave you with limited options. Unlike health insurance that is required to accept everyone regardless of pre-existing conditions, long-term care insurance companies hand pick who is approved or denied.&nbsp;
<h2>Life Insurance</h2>
If you haven&rsquo;t already purchased a life insurance policy, or your term-life policy has lapsed, you&rsquo;ll want to carefully evaluate whether you need to purchase a life insurance policy at this age. Unfortunately, any policy you shop for will be quite expensive, since the chance of developing a health issue increases as you age. If you&rsquo;re in your upper sixties to early seventies, Guaranteed Universal Life Insurance (referring to as GUL), is widely considered the best type of life insurance for you. 
This no-frills type of coverage offers a guaranteed death benefit at the time of your passing. And since there&rsquo;s no cash value offered (you can&rsquo;t take a loan or withdrawal against a guaranteed universal life policy), policies tend to be far less expensive than other types, especially as you reach your older years. You can use GUL insurance to&nbsp; pay for final expenses, or to ensure a small nest egg for survivors, and you're guaranteed to be approved without a medical exam.4&nbsp;
<img src="https://cdn.buttercms.com/HscuPBRXGx1fSI1qwN6Q">
Though this is a common strategy among retirees, at this age you would need to carefully consider whether the higher cost of permanent life policy seems like a solid strategy.
<h4>SOURCES</h4>
<ol>
<li style="font-weight: 400;" aria-level="1">&ldquo;Cost of Long Term Care by State: Cost of Care Report.&rdquo; Genworth, <a href="https://www.genworth.com/aging-and-you/finances/cost-of-care.html">www.genworth.com/aging-and-you/finances/cost-of-care.html</a>. Accessed 30 November 2023.</li>
<li style="font-weight: 400;" aria-level="1">Schwab-Pomerantz, Carrie. &ldquo;Should You Purchase Long-Term Care Insurance?&rdquo; Schwab, 11 March 2021.&nbsp;<a href="https://workplace.schwab.com/content/should-you-purchase-long-term-care-insurance">https://workplace.schwab.com/content/should-you-purchase-long-term-care-insurance</a>. &nbsp;Accessed 30 November 2023.</li>
<li style="font-weight: 400;" aria-level="1">&ldquo;2023 Long-Term Care Insurance Information.&rdquo; American Association for Long-Term Care Insurance,&nbsp;<a href="https://www.aaltci.org/long-term-care-insurance/learning-center/ltcfacts-2023.php">https://www.aaltci.org/long-term-care-insurance/learning-center/ltcfacts-2023.php</a>. Accessed 30 November 2023.</li>
<li style="font-weight: 400;" aria-level="1">&ldquo;Top 7 Guaranteed Universal Life Insurance Companies.&rdquo; Top Whole Life, 21 July 2022.&nbsp;<a href="https://topwholelife.com/top-7-guaranteed-universal-life-insurance-companies">https://topwholelife.com/top-7-guaranteed-universal-life-insurance-companies</a>. Accessed 30 November 2023.</li>
</ol>

The best way to manage your investments depends largely on the investments you have and your specific plans for retirement. However, it's important to note that being 65 and older gives you some advantages when it comes to retirement. The most notable of which is the fact you are old enough to take withdrawals from tax-advantaged retirement accounts like a 401(k) or an IRA.&nbsp;
However, you may want to use other assets to cover living expenses while you let your money grow, whether that includes any inheritance you have received or cash you have in a savings account. First, let&rsquo;s take a look at the average savings by age for your age group.
<h2>Average Savings by Age 65 - 70&nbsp;</h2>
Most experts agree you can retire when you have the assets to pay for 25 years of living expenses. As an example, a 65-year-old would strive to build up assets to cover their living expenses until age 90.&nbsp;
So in Bob and Ellen&rsquo;s case from the example in Lesson &ldquo;How Long Your Savings Will Last by Budget,&rdquo; if they plan to spend $75,000 per year in retirement (roughly $6,000 per month) they would be able to retire with just under $500,000 in the bank. While other retirement income streams you have can reduce the amount of money you need, longevity above and beyond that 25 years can have the opposite effect. If your family is full of octogenarians and above, Silvur can take this into account when we calculate your Retirement Score. This will give you a better sense of how long your money will last.&nbsp;
Once again, however, it's important to note that lowering your living expenses can help you increase your Retirement Score. If you manage to pay off your mortgage or eliminate all your debts before retirement, that can make a huge difference.
<h2>401(k)</h2>
By now, you can tap into your 401k without any concern about penalties or fees, unlike your younger peers. But one thing you will still have to pay is taxes. Since you didn&rsquo;t pay taxes on the money you put into your 401k account, the tax man will be lurking when you pull money out. That&rsquo;s why it&rsquo;s a good idea to have a withdrawal strategy for your retirement accounts; decide which type you&rsquo;ll pull from first; tax-deferred or tax free, and stick with it.&nbsp;
On the flip side, perhaps you&rsquo;re feeling like you need to put in a few more years of work. If that&rsquo;s the case because it appears your savings fall short of where they need to be, maximizing contributions to your 401k should be a top priority for you. In 2024, the contribution limit is $23,000. But you&rsquo;re eligible to contribute an additional $7,500 each year. While it may not seem like a lot, it&rsquo;s a great way to boost your savings before you leave the workforce.&nbsp;
<h2>IRA</h2>
By the time you reach 65 or above, you can also withdraw funds from your IRA account without penalty. If you have a Traditional IRA, you&rsquo;ll be taxed on any money you withdraw, while a Roth IRA allows you to withdraw money tax free.&nbsp;
By this point in life, you can contribute a maximum of $8,000 to your IRA. And, thanks to the SECURE Act of 2019, you can continue contributing to your IRA past the age of 72, but there&rsquo;s one caveat: you can only contribute from earned income&mdash;not pensions, dividends, or any other source. And you should know that you can contribute to both your own and your retired spouse&rsquo;s IRA as long as the total contributions don&rsquo;t exceed your income.1
<h2>Roth Conversions</h2>
As you enter this age bracket, 65 to 70, RMDs may be on your mind more and more if you&rsquo;ve built a handsome nest egg. That&rsquo;s because in just a few short years, at age 73, you&rsquo;ll be required to start withdrawing a certain amount of money from your retirement accounts. Required minimum distributions can be costly, since the money you withdraw will be counted as income for tax purposes. Converting money from a tax-deferred account like a Traditional Roth or a 401k to a Roth IRA can help you avoid RMDs, but you&rsquo;ll pay a hefty tax bill in the year you convert. Think of it this way: you don&rsquo;t pay taxes on the money you put into your 401k or traditional Roth, so you&rsquo;ll have to pay this tax bill when you convert the money from these accounts.&nbsp;
Doing several smaller conversions can help you avoid paying too much tax in one year. To learn more about how to account for taxes and RMDs in retirement, read our course &ldquo;<a href="/retirement-school/taxes-in-retirement-101" rel="follow noopener" target="_blank">Taxes in Retirement 101</a>.&rdquo;
<h2>Pensions</h2>
Pensions are typically offered in the form of monthly payments that last for the rest of your life. Most pension plans allow you to take a pension as a one-time lump sum payment or a monthly amount. Monthly payments can make budgeting in retirement easier, and you could end up "ahead" depending on how long you live, but a lump sum of money can give you more control over how your pension funds are invested and spent.
Here are some pros and cons of each withdrawal method:2
<h3>Lump Sum</h3>
<img src="https://cdn.buttercms.com/6EdraqaMTExkfGcNFkSG" alt="Lesson 7.png">
<h3>Monthly Payment</h3>
<img src="https://cdn.buttercms.com/jNccTeTxSzgAc7vyQHsQ" alt="Lesson 7-1.png">

<h4>SOURCES</h4>
<ol>
<li style="font-weight: 400;" aria-level="1">Benz, Christine. &ldquo;You Can Now Make IRA Contributions at Any Age. But Should You?&rdquo; Morningstar, 28 April 2023, <a href="https://www.morningstar.com/retirement/you-can-make-ira-contributions-any-age-should-you">https://www.morningstar.com/retirement/you-can-make-ira-contributions-any-age-should-you</a>. Accessed 1 December 2023.</li>
<li style="font-weight: 400;" aria-level="1">&ldquo;Pension lump sum considerations.&rdquo; StateFarm, 4 May 2023,&nbsp;<a href="https://www.statefarm.com/simple-insights/retirement/pension-questions-should-i-take-a-lump-sum-offer">https://www.statefarm.com/simple-insights/retirement/pension-questions-should-i-take-a-lump-sum-offer</a>. Accessed 1 December 2023.</li>
</ol>

If you&rsquo;re between 65 and 70, you&rsquo;ve reached an important milestone when it comes to Social Security benefits: you&rsquo;ve either reached full retirement age, or you will very soon. If you&rsquo;ve put off claiming your benefits this long, congrats! Drawing Social Security at full retirement age nets you the maximum benefit amount you&rsquo;re entitled to. And while that looks different for everyone, it&rsquo;s nice to know you&rsquo;re no longer leaving money on the table when it comes to your Social Security benefits.&nbsp;
By age 70, your Social Security benefits are projected to be 77% higher than someone who claimed their benefits as early as possible at age 62. So that&rsquo;s something to celebrate. But it&rsquo;s best to use Silvur&rsquo;s Social Security calculator to determine when the best time to elect is based on your longevity input.
If you&rsquo;re divorced or widowed, perhaps you&rsquo;ve already been receiving ex-spouse or survivor benefits. As a divorcee, you&rsquo;re entitled to 50% of your ex-spouse&rsquo;s benefits if that amount is higher than your own benefits. And if you&rsquo;re eligible for survivor benefits, you can claim 100% of your loved one&rsquo;s benefits if the amount is higher than your own.&nbsp;
In both cases, this allows you to leave your own Social Security benefits alone to let them grow as much as possible before you elect. Remember, you&rsquo;ll receive 100% of your eligible benefits if you wait until full retirement age to elect, but your benefits will be permanently reduced if you file earlier than that.&nbsp;
However, if you&rsquo;re a widow(er), there&rsquo;s an additional election strategy that you can do if you qualify for your own benefits. Find all your election strategies in our class &ldquo;<a href="/retirement-school/social-security-benefits-for-widows" rel="follow">Social Security Benefits for Widow(er)s</a>.&rdquo; And for divorcees, head to our class &ldquo;<a href="/retirement-school/divorced-social-security-benefits" rel="follow">Social Security Benefits for Divorced Couples</a>&rdquo; to see what rules you need to follow to get your ex-spouse's benefits.

Planning for taxes in retirement can be tricky since you don't know how tax laws could change before you're able to step away from work. Also, note that tax laws and rules could change dramatically during the decades you spend enjoying retirement.&nbsp;
Any retirement budget should include taxes, since you&rsquo;ll still be on the hook to pay some taxes even after you exit the workforce. Here&rsquo;s what you need to know about taxes in retirement.&nbsp;
<h2>Taxes on Social Security Benefits</h2>
When putting together your retirement strategy that involves leaving the workforce between the ages of 65 and 70, don&rsquo;t forget to account for taxes on your Social Security benefits. The federal tax rate on Social Security benefits is based on your combined income. You can determine your combined income by adding the following: Your adjusted gross income + nontaxable interest + &frac12; of your Social Security Benefits.
If your combined income is:
<ul>
<li style="font-weight: 400;" aria-level="1">$34,001 or more ($44,001 or more if you&rsquo;re married filing jointly), up to 85% of your benefits will be subject to federal tax.</li>
<li style="font-weight: 400;" aria-level="1">Between $25,000 to $34,000 (or between $32,000 and $44,000 as a joint filer), you&rsquo;ll be taxed on 50% of your benefits.&nbsp;</li>
</ul>
And if you live in any of the 10 states listed below, you could also be subject to state-level taxes on your benefits. The following states are considered not-so-friendly to retirees from a tax perspective: Colorado, Connecticut, Kansas, Minnesota, Montana, Nebraska, New Mexico, Rhode Island, Utah and Vermont.1&nbsp;
<h2>Taxes Based on Location</h2>
Thinking of relocating during or before retirement? Be sure to factor taxes into your decision. After all, your new location may have a big factor on your taxes. Consider differences in cost of living and healthcare expenses, as well as federal and state taxes. Here&rsquo;s a shocking example: the median annual health care rate in New York is about $8,208 whereas Hawaii is $6,537. So where you live truly does matter when it comes to having extra money in your pocket.2
And if you plan to leave an estate, that money could also be taxed federally and at the state level if you&rsquo;re residing in a state that allows this. And that&rsquo;s the same if you receive an inheritance as well. State inheritance tax rates vary widely, from 1% to 18%, and in most states, the difference is determined by your relationship to the deceased.3&nbsp;
Compare retirement costs at different locations to where you currently live with our <a href="/retirement-score/cost-of-living-calculator" rel="follow noopener" target="_blank">Cost of Living Calculator</a>.&nbsp;To learn more, check out our class, &ldquo;<a href="/retirement-school/how-location-impacts-taxes" rel="follow noopener" target="_blank">How Location Impacts Taxes</a>.&rdquo;&nbsp;There, you can dive deeper into each state&rsquo;s individual tax situation as well as any special tax deductions for older Americans. Then, go to our Cost of Living calculator to compare different tax rates and see how moving impacts your Retirement Score.
<h2>Taxes on Investment Accounts</h2>
Once you&rsquo;re finally retired, you&rsquo;ll likely turn to those tax-deferred retirement accounts you&rsquo;ve been working so hard to beef up over the years. Once you do, remember that you&rsquo;ll be taxed on any withdrawals you make. The amount will count as ordinary income in the year it&rsquo;s withdrawn, though at this age, there are no other penalties to worry about.&nbsp;
These tax-deferred accounts, like a traditional 401(k) or 403(b), SEP, or traditional IRA, are subject to Required Minimum Distributions (RMDs), which are yearly amounts you&rsquo;re forced to take once you turn 73 (or 72 if you were born before December 31, 1950). RMDs are also treated as taxable income.
If your money is sitting in a Roth account, it can continue to grow untouched, and thanks to the SECURE Act, you can even continue contributing to it. But don&rsquo;t forget to assign a beneficiary to your Roth IRA, your beneficiary can inherit 10 years of tax-free distributions.
<h2>Tax Strategies to Help You Save Money</h2>
Yes, taxes are definitely part of retirement. And one thing you may not have considered is the order in which you&rsquo;ll start drawing down your retirement accounts. But chances are you&rsquo;ve got money in both taxable and non-taxable accounts, so you can actually minimize the impact to your taxes by putting together a savvy withdrawal strategy.&nbsp;
How do you know which withdrawal strategy to employ? It depends mostly on the goals you have and your desire to shield yourself from a tax hit as a result of upcoming Required Minimum Distributions (RMDs). Below, we&rsquo;ve taken an excerpt from our Taxes in Retirement course as a reference. Here, you&rsquo;ll be introduced to three popular methods of withdrawal sequencing, depending on what your goals are.
Taxable First, then Tax-Deferred
<ul>
<li style="font-weight: 400;" aria-level="1">Withdraw from taxable accounts first (Social Security, annuities, other forms of earned income)</li>
<li style="font-weight: 400;" aria-level="1">Then start to draw down tax-deferred accounts (401(k)s, traditional IRAs, etc.)</li>
<li style="font-weight: 400;" aria-level="1">Leave the tax-exempt accounts (Roth IRA or Roth 401(k)) for last</li>
</ul>
Doing this allows you to potentially benefit from a lower tax rate and prioritizes leaving an inheritance for your heirs. Here, accounts with RMDs are tapped early on.
Taxable First, then Tax-Exempt:&nbsp;
<ul>
<li style="font-weight: 400;" aria-level="1">Drawdown taxable accounts first, like the first method,&nbsp;</li>
<li style="font-weight: 400;" aria-level="1">Then draw down the tax-exempt accounts (your Roth accounts),&nbsp;</li>
<li style="font-weight: 400;" aria-level="1">Finally, start drawing on the tax-deferred accounts (401(k)s, etc.).&nbsp;</li>
</ul>
This method reduces your tax bill throughout retirement and can make sense if you anticipate a lower tax rate in the future when you start drawing from the tax-deferred accounts, since those withdrawals will be counted as income.&nbsp;
Tax Bracket Management:&nbsp;
<ul>
<li style="font-weight: 400;" aria-level="1">Start with your tax-deferred accounts (e.g., IRA &amp; 401K accounts) first, but only up to a specific tax bracket (e.g. 12%, 22%, etc),</li>
<li style="font-weight: 400;" aria-level="1">Then withdraw from taxable accounts,</li>
<li style="font-weight: 400;" aria-level="1">Leave tax-exempt funds for last.&nbsp;</li>
</ul>
This method prioritizes passing your estate to your heirs and may be a good strategy if you expect a higher tax rate in the future. However, staying within a preferred tax bracket requires a bit of tax knowledge.
<h2>Taxes on Inherited Accounts</h2>
You may have inherited accounts from your parents or relatives - it&rsquo;s a great way to add to your nest egg. But there are some tax considerations that come along with it. Typically, any inherited accounts are still subject to RMDs and must be distributed within a 10-year period. These inherited accounts, outside of Roths, count as taxable income and can bump you into a new tax bracket. And depending on where you live, you may incur state taxes, too. If you don&rsquo;t want to deal with the taxes and responsibilities of real property or creditors, you have an option to disclaim an inheritance. To understand all the tax liabilities and rules that come with an inheritance, go to our course &ldquo;<a href="/retirement-school/taxes-in-retirement-101" rel="follow noopener" target="_blank">Taxes in Retirement 101</a>&rdquo; to get a deeper understanding.
Here are some tax considerations you'll want to keep in mind as you transition to retirement:
<ul>
<li style="font-weight: 400;" aria-level="1">Make sure to plan for Required Minimum Distributions (RMDs) once you reach age 73.</li>
<li style="font-weight: 400;" aria-level="1">Consider lowering your expenses so you can minimize withdrawals from retirement accounts, and thus keeping your tax bill manageable.</li>
<li style="font-weight: 400;" aria-level="1">Lean on any tax-free money you have for retirement as you plan to minimize taxes owed, such as investments in a Roth IRA or your personal savings.</li>
<li style="font-weight: 400;" aria-level="1">Remember that, once you reach age 65 or older, you can use funds from a Health Savings Account (HSA) any way you want, provided you pay income taxes on your withdrawals.</li>
<li style="font-weight: 400;" aria-level="1">Consider speaking with a tax professional who can help you find ways to legally lower your tax bill during retirement.</li>
<li style="font-weight: 400;" aria-level="1">Next steps: Go to our Retirement School course called &ldquo;<a href="/retirement-school/taxes-in-retirement-101" rel="follow noopener" target="_blank">Taxes in Retirement 101</a>&rdquo; to learn more.</li>
</ul>
<h4>SOURCES</h4>
<ol>
<li style="font-weight: 400;" aria-level="1">Washington, Katelyn, &ldquo;States That Tax Social Security Benefits.&rdquo; Kiplinger, 5 September 2023. <a href="https://www.kiplinger.com/retirement/social-security/603803/states-that-tax-social-security-benefits">https://www.kiplinger.com/retirement/social-security/603803/states-that-tax-social-security-benefits</a>. Accessed 4 December 2023.</li>
<li style="font-weight: 400;" aria-level="1">Silvur Services LLC. (2023) Cost Of Living Calculator. Unpublished internal company document.</li>
<li style="font-weight: 400;" aria-level="1">Fritts, Janelle. &ldquo;Does Your State Have an Estate or Inheritance Tax?&rdquo; Tax Foundation, 24 February 2021.&nbsp;<a href="https://taxfoundation.org/state-estate-tax-state-inheritance-tax-2021">https://taxfoundation.org/state-estate-tax-state-inheritance-tax-2021</a>. Accessed 1 December 2023.</li>
</ol>

Just because you&rsquo;re retiring doesn&rsquo;t mean you have to stop making money altogether. Today, there&rsquo;s a way to make money doing just about anything, which can make it that much easier to retire regardless of your age. Here are some ideas to consider if you&rsquo;re hoping to set up some income streams, no matter how small or large, to supplement your retirement income.&nbsp;
<h2>1. Get a Side Job</h2>
Working after retirement keeps your mind active and sharp, boosts your social life and provides extra income. If you left your previous employer on good terms, consider inquiring about reducing your hours to part-time. Or, try your hand at something new. You probably won&rsquo;t be the oldest person on the job. The Bureau of Labor Statistics predicts that 30% of all 65 to 74-year-olds will be working in 2026.1 Once you begin receiving Social Security benefits, make sure to check on earnings limits.&nbsp;
Something to think about: 70% of our customers plan to work part-time in retirement. See how adding part-time work can increase your Retirement Score.
<h2>2. Sell Assets</h2>
Declutter your house and pocket some cash in the process by selling your stuff at a garage sale or online through Nextdoor, Poshmark, Craig&rsquo;s List or eBay.
<h2>3. Move to a Retiree-Friendly Area</h2>
While interest rates are low and housing markets are hot, you may want to relocate to an area with a lower cost of living. Florida and Texas are two retirement-friendly states where you can get more house for the money and save on taxes, too. For example, moving from NYC to Florida can add 12 years to your Retirement Score and allow you to say goodbye to income taxes and high cost of living.&nbsp;
<h2>4. Ladder Money Markets and CDs</h2>
Staggering maturity dates for Money Market accounts or CDs (3 months, 6 months, 9 months, 12 months, etc.) makes your investments more readily available while earning higher rates of interest on longer term investments. Laddering these accounts also protects you from investing too much money at too low a rate for too long a time.2
<h2>5. Rent Part of Your Home</h2>
If you have a spare bedroom or guest house, consider renting it for extra income. Or perhaps you could rent storage space in your garage, or offer to park a boat or an RV on your property for extra cash. Just make sure to check out tax ramifications and HOA guidelines first.
<h2>6. Consider Home Equity</h2>
Your home is not only your castle; sometimes it can be your cash cow. Leverage the equity in your house. Home equity loans, reverse mortgages and even the outright sale of your home can provide the extra cash you need. Stretch those dollars even more by downsizing or moving to a retirement-friendly state where you&rsquo;ll get more house for your money.&nbsp;
<h2>7. Cut Down on Non-Essential Expenses</h2>
Once you start looking for ways to save money, you&rsquo;ll realize how much money you&rsquo;ve wasted over the years. To cut back on your budget: cancel your landline phone and use only your smartphone. Stream your favorite TV programs and say good-bye to outlandish cable TV bills. Prepare home-cooked meals instead of eating out. Become a one-car family again and save on insurance, maintenance, fuel and tires. Increase your insurance deductibles. Rent pricey yard equipment like pressure washers. Install a smart thermostat to regulate house temperature. Order 90-day prescriptions to save on drug costs.&nbsp;
<h2>8. Volunteer</h2>
You can&rsquo;t put a price on helping others&mdash;or compute the good that comes from volunteering. It boosts self-esteem, makes the world a better place and may even lead to a part-time job. Dorothy, a court-appointed special advocate (CASA) volunteer, was eventually hired by the local Boys and Girls Club. Leslie&rsquo;s job as an activities coordinator for a senior citizen&rsquo;s home was a direct result of her years volunteering at their weekly bingo games. Pay it forward and you just may get a payback, too.

<h4>SOURCES</h4>
<ol>
<li style="font-weight: 400;" aria-level="1">&ldquo;Labor Force Participation Rate for Workers Age 75 and Older Projected to be Over 10 Percent by 2026.&rdquo; Bureau of Labor Statistics, 29 May 2019, <a href="https://www.bls.gov/opub/ted/2019/labor-force-participation-rate-for-workers-age-75-and-older-projected-to-be-over-10-percent-by-2026.htm">https://www.bls.gov/opub/ted/2019/labor-force-participation-rate-for-workers-age-75-and-older-projected-to-be-over-10-percent-by-2026.htm</a>. Accessed 30 November 2023.</li>
<li style="font-weight: 400;" aria-level="1">Gibbs, Karen. &ldquo;How a CD Laddering Strategy Can Elevate Your Savings.&rdquo; Life and Money by Citi,10 October 2019,&nbsp;<a href="https://www.lifeandmoney.citi.com/money/savings/cd-ladder-strategy-for-high-interest-saving">https://www.lifeandmoney.citi.com/money/savings/cd-ladder-strategy-for-high-interest-saving</a>. Accessed 30 November 2023.</li>
</ol>

Knowing whether you're ready to retire can be tricky since so many details come into play. To show how one family reached their retirement decision, we interviewed a couple who happily retired at age 65 without significant assets.
<h2>Retirement at 65-70: A Real-Life Story</h2>
Sandra and Damon P. were both able to retire at the age of 65, although they were 6 years apart in age. The pair reached their retirement goals easily due to the fact they lived below their means and have remained in the same modest home for almost 50 years.
Damon worked in the insurance industry for 30 years before choosing to retire, and Sandra continued working as a school librarian until age 65. The fact that Sandra continued working for the first six years of Damon's retirement helped the duo leave their retirement funds alone longer. And since Sandra was younger and enjoyed her job, she didn't mind.
Once Sandra turned 65, she decided she was tired of working and ready to enjoy her golden years. She decided to take Social Security benefits early to help increase the couple's monthly income.&nbsp;
The couple has been happily retired for the last decade thanks to approximately $700,000 in savings, Social Security payments, and the fact they have been mortgage-free for the last 30 years. Currently, they are living off of their Social Security benefits and leaving their nest egg to grow.

The specific steps you'll need to take to retire depend on your unique situation and how old you are right now. The following checklist can help you figure out which moves you should make next:
<h3>Steps at Age 55:</h3>
<ul>
<li style="font-weight: 400;" aria-level="1">Take an inventory of your assets, then run your Retirement Score using your current financial picture to see if you&rsquo;re on track to retire at your desired age.&nbsp;</li>
<li style="font-weight: 400;" aria-level="1">Create a last will and testament</li>
<li style="font-weight: 400;" aria-level="1">Create a formal living will</li>
<li style="font-weight: 400;" aria-level="1">Name or update beneficiaries on all your accounts</li>
<li style="font-weight: 400;" aria-level="1">Look for ways to reduce your living expenses</li>
<li style="font-weight: 400;" aria-level="1">Find ways to increase income</li>
<li style="font-weight: 400;" aria-level="1">Use Silvur's Cost of Living calculator to see if other areas are more or less expensive than your current zip code, and consider moving to lower expenses. Secure a loan before retiring.&nbsp;</li>
<li style="font-weight: 400;" aria-level="1">Assess your current life insurance policies and consider updating them or purchasing new coverage</li>
<li style="font-weight: 400;" aria-level="1">Look into long-term care insurance</li>
</ul>
<h3>Once You're Age 60:</h3>
<ul>
<li style="font-weight: 400;" aria-level="1">Run your Retirement Score with your current financial profile to see if you&rsquo;re still on track to retire.</li>
<li style="font-weight: 400;" aria-level="1">Start building a retirement budget and drawdown strategy</li>
<li style="font-weight: 400;" aria-level="1">Take full inventory of any future benefits you'll receive, such as pension funds</li>
<li style="font-weight: 400;" aria-level="1">Use the Silvur app to decide if you should take Social Security benefits early, or if you should wait</li>
<li style="font-weight: 400;" aria-level="1">Review your insurance coverage if you have it, to help you budget for long-term care expenses and final expenses that may be needed in the future.</li>
<li style="font-weight: 400;" aria-level="1">Continue cutting expenses</li>
<li style="font-weight: 400;" aria-level="1">Look for ways to pay off any remaining debts you have, such as a mortgage or car loan</li>
</ul>
<h3>At Age 64:&nbsp;</h3>
<ul>
<li style="font-weight: 400;" aria-level="1">Check your Retirement Score to know if you&rsquo;re able to meet your retirement plan date</li>
<li style="font-weight: 400;" aria-level="1">Sign up for Medicare within three months of the month you turn age 65 and within three months after the month you turn 65</li>
<li style="font-weight: 400;" aria-level="1">Use Silvur's Healthcare Calculator to get Medicare Part A and B and supplement plan costs estimates based on your zip code</li>
<li style="font-weight: 400;" aria-level="1">Update insurance policies and beneficiaries on all your accounts</li>
<li style="font-weight: 400;" aria-level="1">Use the Silvur app to project your Retirement Score, which projects the age you'll be when you run out of retirement money (if at all)</li>
</ul>

Planning for retirement can be overwhelming, and that's especially true if you're starting the process later in life. We hope the information and resources we have shared in this guide will help you in your journey &mdash; or at least give you something to think about.
No matter what, you'll have the best chance at retiring by age 65 or 70 if you start planning now. You'll also be better off if you're willing to take actionable steps now to increase retirement assets or lower your cost of living.
Silvur provides an array of resources and calculators that can help you see where you're at now &mdash; as well as where you could be in a few years. Make sure to utilize these valuable tools as you begin planning for the retirement you really want.
<h3>Next Steps:&nbsp;</h3>
<ul>
<li style="font-weight: 400;" aria-level="1">Check out Silvur&rsquo;s Retirement Score to play out different scenarios to see what you can do to extend your score based on your planned retirement age, Social Security election age, expenses, net worth and healthcare costs</li>
<li style="font-weight: 400;" aria-level="1">Use our Healthcare Calculator to see how much Medicare costs will add to your score</li>
<li style="font-weight: 400;" aria-level="1">Use our Social Security Calculator to see the best age to begin taking Social Security benefits</li>
<li style="font-weight: 400;" aria-level="1">Use our Cost of Living Calculator to see if relocating in retirement could help you retire early or on time</li>
</ul>

Retiring by the age of 65 requires some planning and forethought, but it's entirely possible if you make the right moves. In this course, you’ll find all the steps you can take to retire when you're ready, as well as the apps and tools you can use to ease the transition.

This class will explore employer-sponsored retirement plans, focusing on the differences between defined contribution plans like 401(k)s and defined benefit plans like pensions. It will cover the pros and cons of each plan type and how to choose the best plan for you.

This class will explore employer-sponsored retirement plans, focusing on the differences between defined contribution plans like 401(k)s and defined benefit plans like pensions. It will cover the pros and cons of each plan type and how to choose the best plan for you.

Learn about the budgeting and spending in retirement.

Learn about what's being proposed in the 2025 presidential budget for Medicare and Social Security.

Learn about what's being proposed in the 2025 presidential budget for Medicare and Social Security.

Learn about the Mistakes Retirees Make: Starting Too Late, Overlooking Best Practices, and More.

Learn about common retirement scams&mdash;and how to avoid them

Learn about the updates taking effect in 2024 and how they may impact your Retirement Score.

Learn about the updates taking effect in 2024 and how they may impact your Retirement Score.

Learn about whether working with a financial planner or advisor is right for you.

Learn about how the Roth IRA conversion works and decide whether it&rsquo;s right for you.

This class covers everything you need to know about the potential changes to both Medicare and Social Security in President Biden&rsquo;s budget&mdash;including a detailed breakdown of these budget line items, how the changes could impact you and what to do if you&rsquo;re currently retired and receiving these benefits or nearing retirement and planning to receive them soon.

This class covers everything you need to know about the potential changes to both Medicare and Social Security in President Biden’s budget—including a detailed breakdown of these budget line items, how the changes could impact you and what to do if you’re currently retired and receiving these benefits or nearing retirement and planning to receive them soon.



Here&rsquo;s what all California teachers should know when getting ready to retire.

Here’s what all California teachers should know when getting ready to retire.


When you&rsquo;re retired, protecting the money you&rsquo;ve built up over your working years is critical. Fortunately, there are several government programs designed to help ensure that individuals have access to their cash when they need it, no matter what happens to your financial institution.

When you’re retired, protecting the money you’ve built up over your working years is critical. Fortunately, there are several government programs designed to help ensure that individuals have access to their cash when they need it, no matter what happens to your financial institution.

If you find yourself retiring sooner than expected, here&rsquo;s what you can prioritize to keep your retirement in check.

If you find yourself retiring sooner than expected, here’s what you can prioritize to keep your retirement in check.

Here&rsquo;s your resource for everything women need to know about planning for retirement and making the most of their benefits.

Here’s your resource for everything women need to know about planning for retirement and making the most of their benefits.

Deciding when to retire with your partner? Well there&rsquo;s a few factors to consider ranging from age, healthcare, Social Security, and more. Find out if you and your partner should retire together or at different times.&nbsp;

Deciding when to retire with your partner? Well there’s a few factors to consider ranging from age, healthcare, Social Security, and more. Find out if you and your partner should retire together or at different times. 

You&rsquo;ve reached your 50s. But are you in good shape to retire? Here&rsquo;s a look at how you compare to others your age, along with helpful information to help you plan an early exit from the workplace.

You’ve reached your 50s. But are you in good shape to retire? Here’s a look at how you compare to others your age, along with helpful information to help you plan an early exit from the workplace. 

You&rsquo;ve reached your early sixties. That means you&rsquo;re definitely eligible for retirement - if you can afford it. Are you in good shape to retire? Here&rsquo;s a look at how you compare to others your age.&nbsp;

You’ve reached your early sixties. That means you’re definitely eligible for retirement - if you can afford it. Are you in good shape to retire? Here’s a look at how you compare to others your age. 

Transitioning into retirement requires planning and preparation. However, there are some items you should prioritize before you leave the workforce. Here&rsquo;s what you should do now and what can wait until later in retirement.

Transitioning into retirement requires planning and preparation. However, there are some items you should prioritize before you leave the workforce. Here’s what you should do now and what can wait until later in retirement.

Have you ever dreamed about owning a boat or RV? To help turn that dream into reality, this class will teach you everything you need to know about budgeting, financing, insuring, and even saving money on your boat and RV.

Have you ever dreamed about owning a boat or RV? To help turn that dream into reality, this class will teach you everything you need to know about budgeting, financing, insuring, and even saving money on your boat and RV.

Even if you set up an estate plan decades ago, you might need to make updates. Here&rsquo;s what you need to know about estate planning in today&rsquo;s changing circumstances.

Even if you set up an estate plan decades ago, you might need to make updates. Here’s what you need to know about estate planning in today’s changing circumstances.

Here&rsquo;s our assumptions on how we calculate your Retirement Score. Learn more about your Retirement Score and what you can do to improve it.

Here’s our assumptions on how we calculate your Retirement Score. Learn more about your Retirement Score and what you can do to improve it. 

Make the most out of your IRA, based on your goals and retirement needs.

Make the most out of your IRA, based on your goals and retirement needs.

Learn the essentials for taking care of yourself and your family when a spouse dies. The lessons include understanding estate planning &amp; probate, managing changes to your Social Security, a checklist of people and institutions to notify, a review of your legal rights to the estate, and a guide to managing your spouse&rsquo;s retirement accounts.

Learn the essentials for taking care of yourself and your family when a spouse dies. The lessons include understanding estate planning & probate, managing changes to your Social Security, a checklist of people and institutions to notify, a review of your legal rights to the estate, and a guide to managing your spouse’s retirement accounts.

Along with retirement comes a chance to reflect on how this change will impact your financial life. Retirees who own a vehicle or property can take a look at their home and auto insurance to find savings and prepare for a prosperous retirement.

Along with retirement comes a chance to reflect on how this change will impact your financial life. Retirees who own a vehicle or property can take a look at their home and auto insurance to find savings and prepare for a prosperous retirement.

Inflation is always daunting. But that&rsquo;s even more the case when you&rsquo;re retired. Here&rsquo;s what you need to know about protecting your retirement income and dealing with inflation during retirement.

About this Class

Inflation is always daunting. But that’s even more the case when you’re retired. Here’s what you need to know about protecting your retirement income and dealing with inflation during retirement. 

When you&rsquo;re divorced, it&rsquo;s especially important to make sure that your estate plans are updated in retirement so that they reflect your wishes as they stand today, not as they were while you were married.

When you’re divorced, it’s especially important to make sure that your estate plans are updated in retirement so that they reflect your wishes as they stand today, not as they were while you were married.

Make sure you understand the importance of your estate planning documents in retirement &mdash; and keep them updated &mdash; no matter your marital or partnership status.

Make sure you understand the importance of your estate planning documents in retirement — and keep them updated — no matter your marital or partnership status.

Make sure you understand the importance of your estate planning documents in retirement &mdash; and keep them updated &mdash; no matter your marital or partnership status.

Here are the 2025 annual updates on costs and benefits coming to Social Security, Medicare, and ACA.

Here are the 2025 annual updates on costs and benefits coming to Social Security, Medicare, and ACA.

Scenario Planning Category

Retire by Age 65-70

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