“It’s Five O’Clock Somewhere.” You’ve planned on reaching that celebratory beach vacation over the many years of your career while also designing, building and protecting your financial life. there are key planning point to take into account while in retirement.

When I work with pre-retirees, I find that one question consistently comes up:

What does Medicare cover, exactly?

There’s an assumption that Medicare will cover everything that the healthcare coverage from your pre-retirement employer covers. Unfortunately, this isn’t true. Medicare is broken into four separate parts - A, B, C, and D. Each part covers a different set of medical expenses you may face during retirement.

On average, people estimate that a caregiver will spend about 25 hours per week on their duties and responsibilities on top of their normal work schedule. This demand can put a lot of strain on the part of the caregiver, causing them to lose sight of their own needs.

The Social Security Administration, or SSA, will pay qualifying recipients in monthly installments based on their work record and the age they begin filing. A work record is an official document of a person’s employment status throughout their lives. Based on the amount of time someone works, they accumulate work credits that become used to determine the value of their Social Security benefit. The other factor determining the amount a person could receive in benefits is the age they begin filing.