Your next chapter. Texas-sized possibilities.
More freedom. New routines. Maybe a little more time for the things you love. Here's your Texas retirement guide, from planning your finances and navigating Medicare to choosing where to live and protecting what you've worked for.
Less clocking in.
More living it up.
Maybe retirement means traveling across Texas. Maybe it means spending more time with family, starting a new hobby or finally tackling that garden.
Whatever your plans, a little preparation can help you enjoy the freedom you've worked so hard for. Here's your Texas retirement checklist.
First, figure out what your next chapter costs.
Retirement can change your income, expenses and financial priorities. Start by estimating what you'll need each month and where that money will come from.
Know what's coming in.
Review Social Security, pensions, retirement accounts, investments and any part-time income you expect.
Know what's going out.
Include housing, property taxes, insurance, utilities, healthcare, travel and everyday spending.
Give yourself some breathing room.
Plan for unexpected repairs, medical expenses and other costs that don't follow a schedule.
Leave room for the fun stuff.
Travel, hobbies, family visits and personal projects deserve a place in your budget too.
Retiring soon?
Consider speaking with a qualified financial professional about retirement withdrawals, taxes, inflation and how long your savings may need to last.
When should you start collecting?
You can generally start Social Security retirement benefits as early as 62. Waiting longer increases your monthly benefit up to age 70.
Early benefits.
You may be eligible to start receiving retirement benefits, but claiming before full retirement age reduces your monthly amount.
Know your number.
Your full retirement age depends on your birth year. It's 67 for people born in 1960 or later.
Delayed retirement credits.
Delaying benefits past full retirement age increases your monthly benefit up to age 70.
Consider the whole picture.
Think about your income, savings, spouse's benefits, work plans and personal circumstances.
More free time.
Don't forget healthcare.
Healthcare can become a significant retirement expense. Understanding Medicare enrollment, supplemental coverage and prescription costs can help you avoid surprises.
Medicare eligibility
Most people become eligible for Medicare at age 65. Your initial enrollment period generally begins three months before the month you turn 65 and ends three months after. Special timing rules may apply.
MEDICARE ENROLLMENT ↗Original Medicare or Medicare Advantage?
Compare covered services, provider networks, prescription coverage, out-of-pocket costs and travel needs before choosing a plan.
Still working at 65?
Employer coverage can affect when you should enroll in Medicare. Check the rules before delaying enrollment to avoid possible penalties or coverage gaps.
Plan for long-term care.
Medicare generally doesn't cover ongoing custodial long-term care. Consider how you would pay for future assistance at home or in a care facility.
Need help comparing plans?
Texas offers free Medicare counseling through the State Health Insurance Assistance Program.
FIND MEDICARE COUNSELING ↗No state income tax. But keep an eye on property taxes.
Texas doesn't have an individual state income tax. However, property taxes, insurance and other housing expenses can have a significant impact on your retirement budget.
Check your eligibility.
Eligible homeowners can receive a general residence homestead exemption on qualifying primary residences.
Additional property tax relief.
Eligible homeowners age 65 or older can receive an additional school district homestead exemption and may qualify for local exemptions.
Understand the tax freeze.
Qualifying homeowners age 65 or older receive a ceiling on school district property taxes for their residence homestead, subject to applicable rules.
Ask about transferring benefits.
If you move to another Texas home, you may be eligible to transfer a percentage of your school district tax ceiling.
Apply through your local appraisal district.
Exemptions and tax limitations have eligibility and application requirements. Your county appraisal district can explain the rules for your property.
TEXAS PROPERTY TAX EXEMPTIONS ↗Big city? Small town? Lake house?
Texas offers plenty of different lifestyles. Think about the things that matter most to you before choosing your next home.
Keep everything close.
Major cities offer access to healthcare, cultural attractions, airports and entertainment.
A little more breathing room.
Explore smaller communities, scenic drives, outdoor recreation and a quieter pace.
Waterfront weekends, anyone?
Consider boating, fishing and waterfront living, while factoring in flood, windstorm and maintenance costs.
More time together.
Think about proximity to children, grandchildren, friends and your support network.
Downsizing?
A smaller home doesn't automatically mean lower expenses. Compare property taxes, HOA fees, maintenance, accessibility and homeowners insurance before making a move.
Get organized. Then get back to enjoying life.
Retirement is a natural time to review your estate plan, beneficiaries and important documents. A little organization now can make things easier for your family later.
Make sure your documents reflect your current wishes, family circumstances and assets.
Check retirement accounts, life insurance policies and other beneficiary-designated assets.
Consider who should be authorized to handle financial and healthcare decisions if you're unable to do so.
Keep documents, account information and professional contacts secure but accessible to appropriate trusted people.
Own property in multiple states?
Discuss your estate planning arrangements with a qualified attorney. Multistate property ownership can create additional legal and probate considerations.
Now for the good part.
Retirement isn't just a financial milestone. It's an opportunity to decide how you want to spend your time.
Hit the open road.
Discover state parks, small towns, scenic highways and weekend getaways.
TEXAS ROAD TRIPS →Find your next favorite place.
Explore hiking, fishing, camping and outdoor recreation throughout the state.
TEXAS STATE PARKS →Make time for your people.
Join local groups, volunteer, pursue hobbies and spend time with family and friends.
Keep your options open.
Revisit your retirement budget and goals as your lifestyle and priorities change.
Oh yeah.
Insurance.
Retirement can change where you live, how much you drive and what you need to protect. It's a good time for an insurance review.
Homeowners insurance
Staying put or downsizing? Review dwelling coverage, deductibles, personal property and weather-related risks at your address.
Auto insurance
Driving less after retirement? Changing vehicles? Ask whether your updated driving habits affect your coverage or discount eligibility.
Life insurance
Review existing coverage and beneficiary designations. Consider whether your policy still aligns with your current financial obligations and estate planning goals.
Umbrella insurance
If you're protecting accumulated assets, additional liability coverage may be worth exploring.
Recreational insurance
Buying an RV, boat or motorcycle for your retirement adventures? Explore coverage designed for your new favorite pastime.
EXPLORE RECREATIONAL INSURANCE →Hey Charley is independent, so we can help you compare available insurance options as your lifestyle and priorities change.
More freedom.
Let's talk protection.
Retiring soon? Downsizing your home? Buying an RV for the open road? Let Charley take a look at your insurance options.
LET CHARLEY TAKE A LOOK →