GRAND Magazine - November/December 2017 - 6

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From Self-Employment
to Retirement
Making the Move After Working for Yourself

id you know, the older you are, the more likely you are to
be self-employed? One-fourth of those 65+ call themselves
'boss'. But where does that leave you when it comes to
retirement?
For the self-employed, retirement looks different than for everyone
else. If you are your own boss, you need to plan your own exit strategy.
After all, you do this to fulfill your own dream, not an employer's, right?
You need a plan for our long-term needs and lifestyle goals, especially
since we're living longer. According to the SSA, married couples at age 65
today have at least a 50/50 chance that one of them will live to at least age
90. Need help getting going? Here is where to start:

Finances:

Of course, the ability to retire starts here. A first step is to create a
spreadsheet with investments, savings, etc, and their current value.
You can insert projections about what you'll save until the day we
stop saving and start taking money out. Will you have some continued income from your business? This will affect your rate of saving
and what you will need to withdraw.
Take stock of your social security benefit, as well. The SSA has
excellent resources to help decide when to start receiving benefits,
strategies to help maximize those benefits and getting started with

Comprehensive eye exams provide
many clues to our overall health.
6 GRAND

NOVEMBER DECEMBER 2017

Medicare as you approach age 65. See:
* Your Statement of Account with Social Security
* Your Retirement Estimator
* Retirement Toolkit - Department of Labor
* Your Retirement Benefit: How It Is Figured - Social Security

Insurance:

Evaluate any plan that you have...do you still need it? Is it possible
that additional payments are unnecessary? Whether your employer
offers benefits into retirement or not, it is worth taking note of
individual plans you might need, even if they are just supplemental. For example, our eye heath is even more critical as we age.
VSP® Individual Vision Plans save you money on essential eye care
like an annual eye exam, glasses, contacts, and more. Comprehensive
eye exams are about more than just correcting blurry vision. They
provide clues to your overall health, like offering a clear view of blood
vessels.

Your Home:

A big piece of the retirement puzzle is figuring out how and where you
want to live. Options around house and home are many, so just take it
back to your personal situation and goals. Do you own your home and
is it paid off? Do you want to be closer to the grandchildren or move to
where it's always warm? Do you want to stay put, but access your home
equity? These are all things to consider when entering retirement.
Continued on next page

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GRAND Magazine - November/December 2017

Table of Contents for the Digital Edition of GRAND Magazine - November/December 2017