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
Main Office: (931) 289-5500
Traditions First Bank - Institution NMLS #791806
Download Adobe Reader
Your privacy is very important to us. We would like to advise you that Internet email is not secure. Please do not submit any information that you consider confidential. We recommend you do not include your social security or account number or other specific identifying information.
You are leaving Traditions First Bank's website and linking to a third party site. Please be advised that you will then link to a website hosted by another party, where you will no longer be subject to, or under the protection of, the privacy and security policies of Traditions First Bank. We recommend that you review and evaluate the privacy and security policies of the site that you are entering. Traditions First Bank assumes no liability for the content, information, security, policies or transactions provided by these other sites.