Retire VA 24 - 6

Financial Freedom
WRITTEN BY DAN SMITH
Creating your own plan for retirement in some degree of comfort has
some simple guidelines. It's not rocket science.
I
t is relatively easy to find volumes
of advice for those considering
how they will live when they
enter retirement. But each plan is
different, which is a minefield of
confusion-or not. It depends on the rules
you follow and who wrote them. And,
whether you are open to the advice of a
financial planner in the Roanoke Valley.
Here are a few examples of their advice.
Josh Chocklett of Chocklett Financial in
Roanoke says that creating a budget as a
senior can help ensure financial stability
and peace of mind during retirement. He
6 Retire-VA.com / RETIRE-VA 2025
suggests these tips for senior budgeting:
ASSESS INCOME AND EXPENSES
Identify all sources of income, including
Social Security, pensions, retirement
accounts, part-time work and any other
investments. List all monthly and annual
expenses. Categorize them into essentials
like housing, utilities, food, healthcare
and non-essentials such as entertainment
and travel.
Make sure to have comprehensive
health insurance. Consider Medigap or
Medicare Advantage plans to cover gaps.
Budget for prescriptions, medical supplies
and out-of-pocket costs. Consider setting
up a Health Savings Account (HSA)
if eligible.
DEBT
Debt, of course, must be managed and its
reduction is a priority. Pay off high-interest
debt, such as credit cards. Consolidate
loans at lower interest rates. Schedule
manageable payments on those debts.
LONG-TERM CARE
This could be a major consideration,
if not now, then eventually. Long-term
care insurance will cover potential future
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Retire VA 24

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