Here’s How to Plan for It Ready to Take Up the Nomadic Lifestyle After Retirement?
You’ve worked hard for years to arrive at this moment: retirement. Now that you’re free of your 9-to-5 job, you have a lot more time for activities you enjoy. That extra time is what leads many people to turn to a nomadic lifestyle after retirement. Touring in an RV, sailing around the world, or even just retiring to a cabin in a remote locale are all popular options for new retirees. If the spirit of adventure is calling you, here are some financial tips to set you on the right path. income to fund their travels, staying in apartments and rentals as they go. If that seems too drastic, downsizing to a smaller home is also a good option, especially if you plan to travel in intervals but want a home base to return to. This also gives you the option of renting your home while you’re away and using the money to continue traveling. Ask Other Nomads Crowdsource advice from friends and family members who’ve taken the leap. Lots of other people have shared Downsize Before You Go Some folks choose to sell their home and use the
your dream and made it a reality. Many have turned their experience into books or blogs, like Lynne Martin, who’s been traveling around the world with her husband, Tim, for the last three years. The Martins used the sale of their home to finance their travels. They also take cruises to cut down on travel costs and often dine in to save money. Do Your Research If you have a specific place in mind for your retirement, like Hawaii or Texas, look at rental costs and other lifestyle changes
that can affect your budget. For example, Hawaii’s cost of living is cheaper than other popular retirement states, like Florida, but basic commodities may be more expensive. If a boat or RV is more your style, be sure to add repair and fuel costs into your budget. As you go about researching and planning, be sure to consult with your financial advisor so they can help you look at your current situation and make adjustments. With the proper planning, you’ll be living your nomadic dream in no time.
current coverage is better than Medicare, you may still want to enroll in Medicare Part A because it provides hospital coverage, and it doesn’t cost you anything. In this situation, your employer’s plan will typically be filed first, and Medicare Part A will be filed second, so you won’t actually end up using it. But it’s free to get, and signing up takes just a few minutes online.
To be eligible for Medicare, you have to be at least 65 years old, unless you are on disability. You can enroll in Medicare in a seven-month enrollment window: three months before your birthday, the month of your birthday, and three months after your birthday. If you miss that window, you’ll have to wait for a special enrollment period. Of course, becoming eligible for Medicare doesn’t necessarily mean that signing up for Medicare is the best option for you. If you’re still working at 65 and you’re on an employer health care plan or your spouse’s health care plan, you might find that enrolling in Medicare parts A and B would mean a downgrade in coverage from your current plan, even if you add a supplement. My advice is to check the numbers. Make sure that your current coverage is better than what’s available through Medicare. However, even if you discover that your
What you don’t want to do is enroll in Medicare Part B, which costs $134 per month per person and provides coverage for doctor and outpatient procedures. As with Medicare Part A, Medicare Part B comes second to your employer’s health coverage, so it will most likely cover nothing or very little. Getting your Medicare coverage wrong — or missing an enrollment period — can have long-lasting effects. Check your numbers and know your deadlines! To learn more about Medicare eligibility and many more Medicare topics, check out our extensive video library at OmahaInsuranceSolutions.com/Medicare-News.
2 • OmahaInsuranceSolutions.com
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