Medicare (the federal program that provides coverage doesn’t start until age 65. If you retire before then, you’ll need to find insurance, and it is not cheap.
Current law says your insurance costs can’t be more than 8.3 percent of your household income.
That means a person making $50,000 would pay $346 a month, or $4,150 per year.
You will typically spend about 80 percent as much in retirement as you do when you work.
If you retire at an early age and you’re still in good health, you’ll find you’ll be spending more money and splurge on things now that you have more free time.
If you can retire without a mortgage, that’s a blessing.
But according to surveys, 44% of retired homeowners between ages 60 and 70 still carry a mortgage.
A rule of thumb is to set aside 1% of your home’s purchase price annually to cover repairs and replacement.
That’s $3,500 per year on a $350,000 house.
Learn about Tennessee’s property tax freeze.
Can I really afford to stop working?
Do I need to get a part-time job to make ends meet?
How will I get health insurance?
What will I do to occupy my time?
Are my plans in sync with my spouse/partners?
Use this quick calculator to see how much you will receive from Social Security. Benefit Calculator
Lost or Stolen ATM/Debit Card: 800-500-1044
Telephone Banking: (931) 289-1990
Toll-Free Telephone Banking: (844) 787-3233
Main Office: (931) 289-5500
Traditions First Bank - Institution NMLS #791806
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