Retirement planning can be a daunting and stressful undertaking. With many questions surrounding Social Security, Medicare, your retirement nest-egg, and pension planning, you may soon feel that retirement is more work than work! You can improve your financial knowledge, and in honor of April as Financial Literacy Month, we’ve handpicked our top 10 articles (and a few bonus ones) to help.
Each Thursday, Wealth Legacy Institute publishes educational articles to help you build your financial literacy, especially around preparing for and living in retirement. With the knowledge you gain from these articles, you can breathe a sigh of relief knowing you can get on the right track to retire happy, healthy and free!
Boost your financial literacy for retirement
1. “Find Your Financial Bearings - Why You Need a Financial Plan for Retirement”
How do you build a financial plan that aligns with your financial goals? Learn what a financial plan is, why you need a plan, and how to align your finances to your ambitions. In the same vein, “A Big Picture View for Retirement: Benefits of Long-Term Financial Planning” will help you find the right financial advisor for your life stage. As you approach retirement, you need a planner who will be your partner and help you stay on track. This relationship goes beyond “setting and forgetting” investments.
2. “The Other Side of Health Care - Planning for Long Term Care Costs in Retirement”
Long-term care is rarely covered by regular health insurance plans but few retirees factor these costs into retirement planning. Learn how to calculate what you may need to cover and ways to pay for this care. In addition, you can educate yourself about “Medicare Basics - What You Need to Know About Healthcare in Retirement.” Answer your most pressing questions about Medicare through a digestible infographic.
3. “Pension Plan Primer - What You Need to Know as You Approach Retirement”Are you fortunate enough to have a pension? Learn about the many types of pensions, what vesting means, and how benefits are paid out. Find out your options for securing this income in retirement.
4. “Are You Covered? What Retirees Need to Know About Homeowners Insurance”While not glamorous, homeowners insurance is a necessary part of a retirement plan if you own your home. Find out what types of coverage exist, what to look for in your policy, and what extra insurance you may need.
5. “7 Common Questions Retirees Ask About Social Security Benefits.”Relieve your anxiety by asking and answering the 7 most common questions about social security. Find out what you need to know about deciding when to claim. Be sure to scroll down to the infographic that breaks down each question and answer into bite-size pieces.
6. “What Retirees Need to Know About Required Minimum Distributions”There are two phases for retirement: strategic saving and strategic spending. When it comes to spending, one essential is to understand what Required Minimum Distributions are and how they are important for retirement. Plus, you’ll learn how to calculate your RMD.
7. “Why an Investment Process is Key to a Successful, Stress-Free Retirement”
When the markets get volatile, it can be hard to stay the course with your investments. That’s why it’s important to have an investment process grounded in science; a philosophy that you’re comfortable with in both good and bad times. Learn the parts of a sound investing framework that can help you make decisions that fit your plan.
8. “Using the Tax Triangle to Save Money and Boost Your Retirement Plan”What is the best way to spend your retirement savings strategically? This article outlines the most important parts of tax diversification (aka the tax triangle) to get the most out of your retirement savings plan. The helpful infographic breaks down the pros and cons of each kind of retirement savings account: tax free, taxable, and tax deferred.
9. “Consider Year-End Roth Conversions for Retirement Tax Savings”
Have you heard about doing a “Roth conversion”? You will get a basic understanding of what Roth conversions are and if they are right for you. Don’t worry if you don’t quite understand Roth conversions, because you will by the end of this article!
10. “Fiduciary 101: How to Find Your Best-Fit Wealth Management Advisor.”One of the best ways to build your financial literacy is to work with a financial advisor who has your best interest in mind. You want someone who will give you an honest, holistic, and practical approach to understanding your financial needs. Learn about the different kinds of advisors and how to find the one that’s right for you.
With this list, you are on your way to a stress-free retirement journey! For more information to boost your financial literacy and prepare for retirement, download our 2021 Essential Retirement Guide. 
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