teens with legal issues

If you are like most seniors, you might reach a day where you realize you would rather stay home and garden than head in to work for the day. However, quitting your job and starting your retirement might be more difficult than you think. Here are two things you should do before you retire, so that you can stay afloat financially:

1: Meet With A Lawyer to Discuss Medicaid Planning

Medical expenses can eat through your retirement savings fast—especially if you ever develop serious health issues. Unfortunately, independent medical insurance plans can be hard to qualify for if you are elderly, which is why most seniors plan on using Medicaid. Unfortunately, Medicaid requirements change constantly, which can make it hard to qualify for care.

However, you might be able to streamline the process by working with an attorney that specializes in Medicaid planning. After evaluating your assets, liabilities, and budget, your lawyer will help you to arrange your finances to be in accordance with Medicaid requirements. It might seem silly to worry about applying for Medicaid the minute you retire, but you never know when you will be left dealing with a surprise ailment or an emergency.

Before you discuss your healthcare plans with your lawyer, consider talking to your doctor about your health. If you have serious issues, share them with your attorney so that you can make sure they are covered under your new healthcare plan. 

2: Get A Home Inspection

Home repairs are another huge expense that can sidetrack your retirement. Issues might be easy to overlook when you spend most of your day at work, but once you have more time on your hands, you might discover serious problems that need emergency attention.

Fortunately, you can identify problems easily by getting a home inspection. Although some people assume that home inspections are only for people looking to buy a house, folks get them all the time to discover hidden problems. Home inspections only cost between $200 and $600, which is nothing compared to the peace of mind you might feel when your home report comes back clean.

Also, by getting your house inspection before you retire, you might be able to afford any repairs that you might need—while you still have a job. Instead of fretting over that leaky roof or that under-insulated bedroom, you can simply put off your retirement for a few months to cover the expense.