7 retirement tips to make planning your paradise easy.
Retirement! The prize of a life well-lived. For the majority of our fellow Americans, we are working to reach a point where work is no longer required for our day-to-day living expenses. For most people retirement is the cherry on top of life, finally being able to do what you want. Whether it be to open a little cafe, start a bait and tackle shop, travel the world, or just spend more time with family retirement is the chance to explore and fulfill your wildest dreams. How do you prepare for retirement? With 7 tips for planning, we can help you make the most out of your time to enjoy life. So what are you waiting for? Start planning your dream retirement today and prepare to enjoy all life has to offer!
One of the best things to work towards when preparing for retirement is to minimize unnecessary debt. Retirement planning does come with a significant financial component. It will take less money to maintain a certain lifestyle if you do not have debt that you are continuing to pay for. Credit cards, mortgages, and vehicles are just a few places where it can be easy to rake up a substantial amount owed. Talk with a financial planner about a detailed plan to reduce any debt you may have collected on your path to retirement. Savings can be spent on much more important things in the fun season of retirement if you are not required to make a large monthly payment to a credit card company.
Have a plan!
Life can be unpredictable at times and no plan is perfect but retiring with an idea of what you want can be very helpful. The way you approach retirement will vary greatly depending on if you plan to live in a small cottage in the woods with lots of dogs, a large condo by the ocean with beach access, or if you want to have multiple homes with plenty of room to entertain friends and family. The cost to finance the previously mentioned scenario will be drastically different as will the cost to maintain them. Having a solid idea of what you want your retirement life to look like can make the preparing portion of it much easier. If you are unsure of the journey you want to take during retirement prepare for the most extravagant of your goals. Worse case you will have more money available to enjoy life with! Speaking to a licensed financial planner can help determine where you need to arrive to retire comfortably.
Invest in your mental health!
One of the best things you can do for your mental health during retirement is to keep your mind active. So many people reach retirement age and check out. They no longer learn or stimulate their mind. Once retiring there are so many different ways to expand your mind. Colleges often offer free or cheap classes to retirees. Community centers can be great places to take classes as well. Even creating new hobbies can be an excellent way to keep your mind engaged. Finding like-minded people, reading great works, exploring new cultures, and going on adventures are great ways to expand your mind. The minute you start learning you begin living!
Staying active can increase your lifespan by years. Physical activity also releases endorphins in the brain which increases overall happiness.Another way to get active in retirement could be to pursue volunteer work! have you always wanted to run a 5k for charity now is a great time to do that. keeping the body and mind active not only improves physical health but mental health as well. and nothing does a body good like giving back to others through volunteer work. When in doubt, help someone out! Get your body and mind moving through charity work, and help the world be a better place.
Much like in real estate a big component of enjoying retirement is the location you choose to retire in! Have you always dreamed of running off to an island and leaving the world behind after you retire? Or are your daydreams filled with pretend tea parties, board games, and sleepovers with grandkids? Proximity to family, climate, activities available, lifestyle, cost of living, access to health care, and population are all factors that should be considered when judging a potential retirement local.
If you are a person who has arthritis choosing to spend the rest of your life in a cold climate may not be the best decision. If you are planning on relocating consider visiting your potential retirement area several times before making a final choice. Visiting at different times of year is important to make sure you enjoy all-weather it has to offer. While the rainy and cozy weather in Seattle might be great for an aspiring author it would not be ideal for an avid golfer looking to hit the links.
To others being close to family is an absolute must and that is what makes retirement wonderful. However, others may prefer to use this time in life to explore a new area of the world. Take time to carefully consider what you want your daily retirement life to look like and pick a location that will help you to create it.
What if I plan to travel during retirement? Can I still get retirement advice?
It's a lifelong goal of many to pursue travel after they successfully transition into retirement. There are many ways to travel part of the time or full time especially when you don't have a career tying you down. What option that many people choose is to live in a recreational vehicle more commonly known as an RV to travel whenever and wherever they choose. Others choose to have multiple homes located in various parts of the world that they can go among to suit their needs. Another way to travel and retire is weekend-long trips that require no real long term financial commitment. Determining what your personal goal is when it comes to incorporating travel in the retirement phase of life can help you plan to successfully set that phase up. If you suspect that you might want a more complicated retirement plan, one that involves multiple homes or traveling the world speaking with a licensed financial planner is certainly advisable.
Get your priorities in order!
Describe your idea of Heaven on Earth. take the elements that you just described and incorporate them into your post-work-life. If your version of Heaven looks like Lazy Days by the pool plan to live in a warm climate, invest in a home with access to a body of water. we all have different things we would like to accomplish in our lives and to make the most of the time we have it's best to get those ranked in some sort of order so we know where to put the most effort in. This can be especially tricky for couples who are trying to match up to their ideal retirement scenarios with their partners. If your retirement plan includes a partner, make time to discuss with them at length what they want their retirement to look like. one spouse may prioritize adventure and golf while the other wishes to focus on family. it's no fun getting to the finish line to find out that your teammate was running in a completely different direction the entire time. If this is an especially difficult conversation for you and your partner to have it may be wise to enlist the assistance of a mediator or counselor to help you sort through your later life goals.
Prepare for the unexpected.
Like it or not, when most of us reach retirement age this also means we'll be reaching an age in which our health and physical condition May begin to decline. It would be unwise to enter this phase of life without considering things like health insurance, Home Health Care, hospital stays if necessary, end-of-life care, and funeral costs. There are many ways to prepare for the unexpected financially. The person who can best guide you in this manner would be a licensed and experienced financial planner. Not all Financial plans will work for all people and someone who is experienced and knows the industry can help you make the right decisions. is not necessary to dwell on these negative potential outcomes but it is best to be prepared. Also, consider if any loved ones need to be informed about wills, do not resuscitate orders, and how one would like their life celebrated at the time of passing. Estate planning can be difficult but goes hand-in-hand with retirement planning.
Estate planning as part of your retirement plan
If you've not taken time to go through the process of estate planning it is a necessary part of retirement planning.
Estate planning deals with wills, division of assets, Powers of Attorney, funeral planning, custody of children, and any other financial and legal matters that must be cleared up to ease the burden upon your loved ones after you have passed. If you do not have an estate plan your financial planner may be able to assist you in creating one. If you are going to begin retirement planning but already have an estate plan you may wish to bring any documentation along with you to better help your financial planner understand your long-term retirement goals as well as key aspects of your estate. All these can be difficult conversations to have. However, they are necessary and can ease the grief and pain that loved ones suffer after someone has passed.
No matter what your retirement plan looks like the most important thing to remember is to take time to enjoy this phase of your life. Chances are you have spent years of hard work leading up to this point. saving, making sacrifices financially, putting dreams on hold, all just to reach the point in your life where you are free to do whatever you want. Take this time to explore the options you have available to you to pursue things you are truly passionate about. At the end of the day, the memories you take with you and the experiences you have will help to define a wonderful and full life.
Taking the next step forwards!
Are you ready to start actively making moves towards retirement planning? Now is a great time to speak to a financial planner! They can assist in a variety of areas that all make up retirement planning. Finding the right financial planner can be difficult but it's definitely worth the time and the effort. After all, this is your future you are planning and not something you would want just anyone to work on. Once you find the right fit for your needs set up an appointment to begin the process of creating your retirement. A financial planner can offer retirement tips, money management advice, and so much more to get you on your way to retirement.
I think I have a retirement plan, but what if it is not a good one?
If you don't think your retirement plan is the best or if you feel like it needs to be updated it is always wise to enlist the assistance of a financial planner. They can go over your current retirement plan, help you make adjustments as needed, and get you on your way to retirement in the best fiscal manner possible. If you have never spoken with a financial planner about retirement planning now is the time to do so! there could be many opportunities that you're missing out on that could lead to spending more time in the workforce and less time enjoying your life! Put yourself first today.
When was the last time that your retirement plan was updated? How much has your life changed since the last time you updated it? Much like a will or an estate plan a retirement plan should flow with you and change as your needs evolve. If you find yourself looking at your retirement or financial plan and realizing that is out of date give a financial planner a call. That puts you one step closer to being ready to retire all the sooner!
No matter what your perfect retirement looks like now is the time to start planning it. Explore your dreams, complete your bucket list, travel the world, and accomplish life goals! Do it all while knowing that your future and your family’s future is secure. Planning your golden years is much easier with a financial planner at your side, and knowing that your wealth is secure!