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You're dreaming about retiring in 5 years or so. Here are a few things you need to consider.

Middle Aged Daughter Talking To Her Father About His Retirement Plan.

Top 4 Things to Do


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Budgeting for Retirement

Your budget depends on your lifestyle in retirement. How will you spend yours?

Income & Your Budget

A budget is pretty important, especially if you're thinking about retirement. And yours will likely change when you retire. Now you're saving for retirement, and chances are good that you may have some expenses drop off, like your mortgage or a car payment. You may spend more or less than you do now. So you need to have a plan for your money now and in retirement. Here's a quick look what that might include.

What's Coming In?

  • Your pension
  • Your Social Security benefits
  • Income from your 457, 403(b) or IRAs
  • Other income: Retirement plans or pensions from other employers | Business income | Part-time job

Expenses & Your Budget

As you’re making your budget, add up how much you need to pay the bills and subtract that from what’s coming in. Then factor in the fun stuff, like entertainment and travel. If you have enough to cover the essentials and then some, you’re probably on the right track. But if your estimate falls short, you may want to delay retirement.

Common Expenses

  • Taxes, utilities and home maintenance
  • Health insurance & Long-term care insurance
  • Medical bills and prescription costs
  • Travel & Entertainment

Turning Your Savings Into Income

By now, you probably have a sizable nest egg to help support your retirement needs. In retirement, you’ll have a few options on how to use it. You can choose to draw income from your savings to maintain your lifestyle. This could mean funding travel or entertainment. Or you can keep your savings in reserve to help pay for insurance or future health care costs.

The important thing is to create a withdrawal plan that helps your savings last through retirement. You may want to visit with your KPERS 457 or other plan counselor, or contact a certified financial planner for help building your plan.

Three Ladies Enjoying Coffee and a Conversation. Three Ladies Enjoying Coffee and a Conversation.

Health Care Gap & Medicare

Health care is one of retirees' largest expenses.

Depending on your age when you retire, you may have a gap between your employer-sponsored insurance and Medicare. Kansas law lets you stay on your employer’s insurance plan if you pay the full premium. KPERS doesn’t offer health insurance to retirees.

If you’re waiting to qualify for Medicare, you may want to consider joining your spouse’s insurance plan, buy a private insurance plan, or buy one in the Health Insurance Marketplace.

You’ll qualify for Medicare when you reach age 65 or have certain disabilities or illnesses. Use the calculator to see when you’re eligible and estimate your premium.

Know the 4 Parts of Medicare

Part A (Hospital Insurance)

  • Inpatient care in hospitals
  • Skilled nursing facility care
  • Home health care
  • Hospice

Part B (Medical Insurance)

  • Care from doctors or other health care providers
  • Outpatient & home health care
  • Durable medical equipment
  • Some preventative services

Part C (Medicare Advantage)

  • Medicare-approved plan from private company
  • Bundles Part A, Part B and usually Part D
  • May include extra benefits like vision, hearing & dental

Part D (Drug Coverage)

  • Care from doctors or other health care providers
  • Includes benefits covered under Part A and Part B from Medicare-approved private insurance companies

Health Really is Wealth

As the saying goes, an apple a day keeps the doctor away. So can 20 minutes of moderate exercise. The Center for Disease Control recommends 150 minutes of moderate exercise per week to help reduce your risk for common diseases like heart disease, cancer or diabetes. And you don’t need a gym membership to stay fit. You can start by walking in your neighborhood or lifting free weights at home. Be sure to check with your doctor before you start a new workout regimen.

Mother nearing retirement at lunch with her daughter Mother nearing retirement at lunch with her daughter

Saving for retirement is important. But have you thought about what you're going to do when you retire? Start planning now to make sure you'll have a fulfilling retirement. Here are a few ideas.

Connect With Family and Friends

About 21% of workers hope to spend more time with loves ones when they retire. Create lasting memories by babysitting your grandkids or planning a reunion.

Start Something New

Pursuing new hobbies is a goal for about 15% of workers. Many plan to take up golfing, painting or writing. Others want to back to school. Find free or low-cost classes to suit your interests at local colleges or recreation offices.

See the World

42% of workers say they want to travel in retirement. Some travel agencies offer discounts to retirees.

Give Back

Retirees are setting an example for workers to make volunteering a priority. Schools, churches and nonprofits often have the greatest need. Want to give back but don’t know where to start? Search for opportunities by skill, category or activity at the United Way. The Kansas Volunteer Commission can also put you in contact with volunteer centers across the state.