Medicare and Social Security Aren’t Enough: Plan Now for a More Stable Retirement

Stephanie Haywood
January 23, 2023

Image: Pexels

If retirement is in the not-too-distant future, you know that preparing now is a crucial step in establishing financial security. You’ll need more than just Social Security and Medicare to cover your costs and provide for yourself after leaving the workforce. To get on the path to successful retirement planning, it’s important to explore all of your options and develop a plan tailored specifically to your unique situation. If you’re wondering what you can do in order to secure your financial future, this blog post from True Health Center for Functional Medicine is the perfect place to start!  

Plan for the Long-Term

Start by taking stock of your current savings situation and setting realistic goals for the future. Setting realistic goals and tracking your progress can help keep you motivated as you work toward achieving them. Additionally, make sure that your savings are being put to good use.

Broaden Your Portfolio

Investing in stocks, bonds, mutual funds, and ETFs can be a great way to grow your wealth over time. Choose funds that have low management fees and broad exposure across different sectors and markets so that if one area underperforms another will pick up the slack.

Establish a Budget

Creating a budget can help you keep track of where your money is going each month so that none of it is unaccounted for. Knowing exactly how much money you have coming in versus going out each month allows you to plan ahead and allocate more money toward reaching your long-term financial goals such as retirement investing or saving up for a down payment on a house.

Create Passive Revenue Sources

Consider starting a side business or freelance gig as an additional source of income if needed. Even just an extra few hundred dollars per month could make all the difference in achieving long-term financial goals faster.

Have a Plan for Health Insurance

Having adequate health insurance to cover doctor visits, treatments and prescriptions is essential to safeguard against potential financial ruin. Taking a few simple steps now can help secure that peace of mind so you can relax into retirement without worrying if a medical bill will be too much to handle. Explore your options today and get the level of coverage that meets your needs. Keep in mind any current health issues or potential future issues based on hereditary or progressive diseases.  

Carefully choose your medical provider as well. True Health Center for Functional Medicine offers state-of-the-art care for optimal health and well-being.  

Boost Your Income with a New Degree

Going back to school isn't just an exciting adventure, it's also a powerful opportunity to gain knowledge, skills, and experience that can help you increase your earning potential when it comes to preparing for retirement. With online degree programs available in virtually every field of study imaginable, there's no better time than now to earn a higher-level degree or certificate that could open doors for additional career opportunities and greater earning potential. For example, if you’re looking for a bachelor of computer science program, many online programs offer flexible schedules with part-time options or accelerated instruction so that you can work full-time while still keeping up with your studies.  

Once you’ve completed your education, creating a great CV is an important first step in achieving your career goals. To make a winning impression, your CV should include relevant experience, skills, and education that relate to the job or industry you are targeting. To design a memorable CV, you can try this online tool which offers modifiable templates.  

Building financial health now should be priority number one if you want to avoid reliance on Social Security and Medicare later as part of your retirement plan. Setting realistic savings goals and tracking progress toward them, investing wisely in diversified funds, making budgeting a top priority, choosing optimal health insurance and boosting your earning potential with a degree are all sound methods of building a solid financial foundation for retirement.

What Our Patients Say
Wouldn’t it be great if your Dr. actually listened?