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Navigating Retirement as an Older American

Retirement marks a significant milestone in life, offering opportunities for rest, relaxation, and pursuing passions. However, navigating retirement as an older American requires careful planning and consideration to ensure fulfilling golden years.

This article explores essential tips and strategies for older Americans to maximize their retirement years, covering retirement planning, lifestyle considerations, healthcare and insurance, and estate planning.

Retirement Planning Strategies

Retirement planning is a critical aspect of preparing for life after work.

“Despite the average American spending approximately two decades in retirement, more than half of working Americans haven’t calculated how much they need to save for it,” says Charles Castro, Senior Vice President of Investments at David Lerner Associates, Inc.

Here’s how you can be ahead of the curve:

  • Set clear financial goals. While you may have accomplished numerous professional goals throughout your life, it remains crucial to continue setting new ones to pursue in retirement. Start by setting clear financial goals for retirement, including estimating your living expenses and desired lifestyle. Experts suggest that you will likely require 70 to 90 percent of your pre-retirement income to uphold your standard of living once you cease working.
  • Approaching retirement age signifies the opportunity to relish the rewards of one’s hard work. However, if not managed carefully, there’s a risk of overspending and depleting savings hastily. Create a budget to track your income and expenses and prioritize saving and investing wisely to build a retirement nest egg. If retirement is just around the corner, a budget can help you figure out the costs of your current lifestyle if you intend to sustain it.
  • Consider various sources of retirement income, such as pensions, Social Security benefits, and retirement accounts like 401(k)s and IRAs, and take advantage of catch-up Diversifying your investment portfolio can help mitigate risk and ensure long-term financial stability.
  • Seeking advice from a financial advisor or retirement planner can offer invaluable guidance. These experts help navigate retirement planning complexities, assess individual needs, and develop personalized strategies. Their expertise ensures alignment between plans and goals, adapting to changing circumstances.

Lifestyle Considerations

Retirement offers the opportunity to pursue new interests and passions while maintaining a fulfilling lifestyle.

  • Stay physically and mentally active by engaging in regular exercise, hobbies, and intellectual pursuits. Research has shown the benefits of being active as we age – boosting our mood, relieving tension and stress, and helping us feel more relaxed and positive.
  • Explore opportunities for volunteering or community involvement to stay connected and make a positive impact. Contributing your time and effort to a cause dear to your heart can infuse your retirement with purpose and a profound sense of achievement while positively impacting your community.
  • Cultivate social connections with friends, family, and peers to combat feelings of isolation and loneliness. Solitude can be enjoyable, but loneliness can adversely affect your well-being. By reaching out and sharing your concerns, you can lighten the burden and strengthen your ability to cope.

Embrace retirement as a chance to explore new experiences and enjoy the freedom that comes with it.

Healthcare & Insurance

Healthcare is a critical consideration for retirees, and having adequate insurance coverage is essential for managing healthcare costs.

  • Familiarize yourself with Medicare options, including Medicare Parts A, B, and D, and consider supplemental insurance plans like Medigap or Medicare Advantage to fill gaps in coverage.
  • Explore healthcare savings accounts (HSAs) and long-term care insurance options to prepare for future medical needs.
  • Prioritize preventive care and wellness activities to maintain good health and quality of life throughout retirement.

Estate Planning

Estate planning is another crucial aspect of retirement preparation, ensuring that your wishes are carried out and your assets are protected for future generations.

  • Create a comprehensive estate plan that includes a will to outline how your assets will be distributed upon your passing.
  • Establish powers of attorney for healthcare and financial matters to designate trusted individuals to decide on your behalf if you become incapacitated.
  • Consider long-term care planning to address potential healthcare needs and protect your assets from depletion. More than two-thirds (69 percent) of Americans will need long-term care, even though only 37 percent think they will.


Navigating retirement as an older American requires careful planning and consideration of various factors, including financial preparedness, lifestyle adjustments, healthcare needs, and estate planning.

By following these tips and strategies, retirees can enjoy a fulfilling and rewarding retirement while maintaining financial security and peace of mind. Review and update your retirement plan regularly to adapt to changing circumstances and ensure a secure future.

Ready to navigate your retirement journey with confidence? Contact David Lerner Associates today for expert guidance and personalized strategies tailored to your needs. Let us help you secure your financial future and maximize your golden years.

Material contained in this article is provided for information purposes only and is not intended to be used in connection with the evaluation of any investments offered by David Lerner Associates, Inc. These materials are provided for general information and educational purposes based upon publicly available information from sources believed to be reliable– we cannot assure the accuracy or completeness of these materials. The information in these materials may change at any time and without notice.

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