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Retirement and good living can go hand and hand, but unfortunately for some people, life isn’t working that way. Some baby boomers, for example, end up without enough money, with little to no retirement savings, or with too many health issues. In other cases, people often struggle with boredom or lack of emotional connections once they retire. Your retirement does not have to be this way. With the right approach, it can be the stunning third act it deserves to be, especially with these tips.
Balance Retirement and Good Living with These 7 Tips
1. Have a Clear Vision
One of the first things to do in order to achieve a happy balance between retirement and good living is to visualize your future.
What do you want to achieve by the time you retire? Are you thinking about getting a part-time job or moving to a retirement community? Do you expect to live in assisted living or independent living facilities? What kind of long-term care services might you need? Do you want to travel, try new hobbies, spend more time with friends and family, or perhaps do all three?
Too many people rush toward retirement only to realize after their last day of work that they do not have a plan.
2. Secure Your Finances
Social Security has a lot of benefits, but it is often not enough for your retirement spending. You will probably need something to augment your Social Security checks.
For those of retirement age, there is a good chance that they no longer have to worry about a mortgage or college tuition fees. Because of this, the check can be useful in covering other living expenses, such as home repairs and property taxes.
The best way to achieve retirement and good living, however, is to learn to make your pre-retirement income grow. These can include different forms of investments, including individual retirement accounts (IRAs).
When you have too many options, it can quickly become confusing and overwhelming. A financial planner, particularly one who specializes in retirement, can help you out.
Discuss with them what you would like your standard of living to be like during retirement, and they can help you plan so you can make sure your retirement accounts will provide for those standards.
Ideally, it is best to start this process as soon as possible. However, if you do not start investing until after you are 50 — you still have time.
3. Plan for All the Stages of Retirement
Many people actually have different ways of defining the retirement age. Some believe it is equal to life expectancy. Others consider themselves early retirees, which means they are already out of the workforce before they even hit 60 years old.
The truth is that retirement is a journey, and it has different stages:
– Pre-Retirement and Planning
– Feeling Free and Easy during the “Honeymoon” Stage of Retirement
– Disenchantment Stage
– Creation of a New Identity that Aligns with Retirement
– Settling into Retirement
– Winding Down and Considering Long-Term Care
Other analysts divide retirement into three, four, or five stages, but the point remains regardless of how you break it up: you need to plan for a variety of different experiences, from active early retirement, to old age, and onward to long-term care.
At the beginning of retirement, of course you will be active. You might travel, explore new hobbies, and reward yourselves for the forty-plus years of hard work you have just completed.
However, as you get a bit older, everything slows down, and that could possibly include your expenses. According to a research from the Bureau of Labor Statistics, people who are 75 and older spend nearly a quarter less than people who are aged 65 to 74.
Because of this, you may want to plan to have more money at the beginning of your retirement and taper the amount you have closer to the end.
There is a lot involved in retirement and good living. Whether you are hoping for early retirement, or plan to work as long as possible, you need enough money to cover your living expenses. A great way to help with the latter is to start an IRA.
What are your tips to enjoy your retirement and good living? Share them with us below.
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