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7 Things You Didn’t Know About Retirement

Posted July 1, 2022

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It’s essential to have people in your life who can tell you the hard truth, be honest with you, and help you see more clearly when your judgment may be clouded.

When it comes to retirement, we want to be those people for you. At Thayer Financial, we are committed to being your partner in prosperity, and as fiduciaries, we are legally bound to work with your best interest in mind 100% of the time and to provide you with undivided loyalty. We’re here to help you see the good, the bad, and the ugly regarding retirement so you can spend your golden years surprise-free.

To get started, look at these seven things no one tells you about retirement.

There’s still the same amount of time in a day

The fact of the matter is that before you retire, one of the first things you will need to do is decide how you will spend your time. Spending your days on the golf course or by the pool will only last so long. What is it that you will fill your days with? Plan now so you won’t feel the loneliness or boredom that often accompanies retirement.

Your bills haven’t retired

Just because you have retired doesn’t mean your bills have retired. For instance, many homeowners aim to pay off their mortgage before retirement, but many fail to meet this goal. In fact, according to an American Financing survey, 44 percent of retired homeowners between ages 60 and 70 still carry a mortgage (Source: AARP).

Half Birthdays Are Back

Remember when you were younger and would tell people you were four and a half? It was the greatest thing in the world to be a half-year older, and now the importance of half a year is coming back again. When you turn 59 ½, you can take money out of your IRA or 401(K) without the 10% early-withdrawal penalty. The next half birthday that matters is when you turn 70 ½ when you can make Qualified Charitable Distributions (QCD) from your traditional IRA.

Retiring early isn’t always the best idea

It sounds lovely, doesn’t it— retiring early? More years of your life to spend on a tropical beach, visiting family, doing the things you always wanted but never had time for? If you have your sights set on early retirement, keep in mind that you could be sacrificing years of compound interest. Not only that, but you will have to make your retirement savings last longer than you would if you retired at age 65 or later. These are things to consider when considering whether early retirement is right for you.

Medicare Is Not The End All Be All

As you get older, you will likely find that your medical expenses are increasing, which is probably not a shock to anyone reading this. However, what may surprise you is that Medicare may not cover all your medical expenses.

According to Fidelity Investments, The average 65-year-old couple will pay $240,000 in out-of-pocket costs for health care during retirement (Source). To help you prepare for these medical expenses, it may be wise to have a health savings account, supplemental insurance policies, or simply prepare and save for your medical expenses during retirement.

Living on a Fixed Income Isn’t As Easy As It Seems

For decades you have had the funds at your fingertips to buy that extra pair of shoes, go out to eat with your friends throughout the week, go on a memorable vacation or simply keep up with the cost of inflation. Now, you’re on a fixed income, and your budget may not be as flexible as you had hoped. Plus, you may find it difficult to work part-time as those jobs often have strict hours that don’t coincide with your retirement dreams. If you’re wondering if you have enough money to retire and what your life will look like with a fixed income, you should talk with a financial advisor who can help you put a plan in place.

Yep, that’s taxable.

It may surprise you, but when you start receiving your Social Security checks, you have to pay taxes on that income. You’ll also find that any withdrawals from your 401(K) or traditional IRA may trigger a tax bill you weren’t expecting. All this to say, talk with your financial advisor about taxes you can expect during retirement and plan accordingly.

There are so many beautiful things to look forward to during retirement; they indeed can be your “golden years” if you are prepared. We are telling you these seven things that no one tells you about retirement so that you can be ready for the next stage of life and live it to the fullest.

Suppose you have questions about retirement savings, retirement plans, early retirement, health savings accounts, or your 401(K). In that case, we’d love the opportunity to talk with you and answer any questions you may have.

Thayer Financial is ready to advise you on your retirement options and help you create a financial plan from the perspective of comprehensive financial planning to enjoy every moment of your retirement. Thayer Financial is your dedicated resource for fee-only, fiduciary advice as financial advisors in Hickory, North Carolina. Schedule an appointment or call us today.


Thayer Financial, L.L.C. (“Thayer Financial”) is a registered investment adviser offering advisory services in the States of North Carolina, Tennessee, Texas and in other jurisdictions where exempted. Registration does not imply a certain level of skill or training. This website’s presence on the Internet shall not be directly or indirectly interpreted as a solicitation of investment advisory services to persons of another jurisdiction unless otherwise permitted by statute. Follow-up or individualized responses to consumers in a particular state by Thayer Financial in the rendering of personalized investment advice for compensation shall not be made without our first complying with jurisdiction requirements or according to an applicable state exemption.

All written content on this site is for information purposes only. Opinions expressed herein are solely those of Thayer Financial, L.L.C., unless otherwise specifically cited. Material presented is believed to be from reliable sources and no representations are made by our firm as to other parties’ informational accuracy or completeness. All information or ideas provided should be discussed in detail with an advisor, accountant or legal counsel prior to implementation.


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