Are you retired? Basic tips for managing your retirement

Retirement can be an enjoyable, relaxing, and enriching stage in a person’s life.’s annual report highlighted that, in 2021, 57 % of retirees in the United States relied on Social Security benefits alone. In 2022, the approximate cost of living for retirees is $47,357 annually and the estimated Social Security retirement benefit averages $19,884 annually.

Retirement is a time in which we all hope to enjoy health and financial stability. However, it is still a period of change, full of moments of uncertainty. We want to have the ease of covering monthly expenses, medical deductibles, mortgage, car, among other things.

Practical tips for managing retirement

Here are some practical tips to manage retirement.

1. Set a budget

Experts estimate that you will need between 70-90 % of your previous income to maintain your lifestyle during retirement. We recommend identifying possible monthly expenses and evaluating them, as well as establishing savings as the first fixed expense. A useful tool for managing money during retirement is the 4 % rule. It suggests that a retiree withdraw 4 % of their savings or investments without fear that they will run out. For this, changes in investment patterns and cost of living must be considered.

2. Understanding life expectancy

A study conducted by The Global Health Observatory estimated that, in the years 2000 to 2019, life expectancy increased from 66.8 to 73.4 years. It is important to understand that, although the estimated retirement age may be earlier or later than anticipated, planning is an essential part of enjoying retirement without insecurities.

3. Acquiring coverage

Expenses related to illnesses and hospitalizations are often high, so it is important to have coverage that give you significant benefits. An illness or hospitalization coverage will help you avoid having to withdraw extra money for emergencies.

Getting a policy is simple and could provide you with significant benefits in times of need. Whether for hospitalization or illness, this coverage will help you both avoid withdrawing extra money for emergencies or medical care but also, if you do not have it, will pay for you. What more people of mind is there?

Therefore, TOLIC offers you an Accident and Illness policy that helps you face unforeseen expenses, paying the benefits directly to you. This policy will also help you defend yourself financially from the high deductibles of health insurance plans. In addition, the policy’s hospitalization benefit pays you up to $250 and the intensive care benefit pays you up to $1,500.

4. Keeping a healthy lifestyle

People between 55 and 65 years old are adopting better eating practices and taking care of their health. It is important to have a good diet and follow an exercise plan to achieve a full life.

5. Planning an estate (inheritance)

This topic is usually the most difficult to address, but it is also the most important. We hope to enjoy the benefits of retirement, but having a appropriate estate or inheritance plan, such as life coverage, ensures that your assets are distributed in the way you choose and that your loved ones do not experience financial hardships after your death. The essential thing is to know how to manage your money and where it works best.

Lean on TOLIC

TOLIC offers you several coverages that will help you better manage your retirement. Our life insurance help you protect your life, and your and your family’s future. Also, our retirement plans will allow you to see your money grow faster. Our policies will help you defend yourself financially from the high deductibles of health insurance plan.

For more information, visit our website or email us to contact one of our representatives ( And find out why, at TOLIC, we are Going Beyond Insurance.


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