We all dream of the day when we can say goodbye to the 9-to-5 and grind and say hello to retirement, but if you aren’t actively planning towards it, retirement can hit you like an anvil. You need to start today so that you can remain financially independent, can do the things you want and travel, and most of all just enjoy your life to its fullest. This means putting emphasis on your health, your wellbeing, and your finances.
This can feel daunting, but the good news is that you can start today very easily. You also don’t have to do it all on your own. You can even start right here, by using this guide to help you understand the various tips and tricks that you can use to prep for the ultimate retirement experience:
Financial Planning
One of the most important steps that cannot wait is financial planning. Rather than paying blindly into your pension fund, it’s important to look at the big picture and get expert advice for your individual situation. Retirement planning can look like income and wealth management at the moment, for example. An advisor can help you understand your assets, and how to use what you have more strategically to better prepare yourself for the future.
· Identify Passive Income
Part of this step could involve either identifying passive income streams you currently have or investing in options. For example, if you own your own home, you could rent it out for the first ten years until your savings start to feel tight, and then sell it on. If the rent you earn is less than the cost of your downsized location, then you can even live in a stress-free surplus.
· Plan Out Your Will
When it comes to financial planning, of course, it is important to also plan for your death. You have loved ones you want to care for, and while you should have a long time left, it’s still not something you want to sneak up on you. Getting in touch with a professional can help you plan out your will and can even help you with your estate.
Regardless of what your situation is, it’s time to start planning today. You could be in your 20s or could be just a few short years away from retirement yourself, and this tip still holds true. You cannot take back the time that’s already passed, but you can take advantage of today.
· Make Important Purchases Now
If you’re near your retirement, it’s a good idea to make those big, important purchases now. You could plan and pay for big trips that take you around the world in the first few years of your retirement right now and have it all paid off while you still have an active income. If the appliances in the home you’re planning on living in during your retirement are old, outdated, and inefficient, now is the time to replace them with an option that will carry you through for the next decade. Since you have an active income, you can more comfortably pay off these big expenses and set your retirement up more comfortably as a result.
Some purchases can even be a bit of a splurge. If you’ve noticed your bed has started to cause more bumps and bruises than peaceful night’s rests, upgrade it! Think about how you can improve your quality of life with heritage investment pieces or splurges. What this means is that the items you buy should be investments that survive for a decade at least – a new mattress, a new boiler and so on. If you don’t have a problem and are happy with what you currently have, but are worried about the future, put aside money for those purchases in the future.
The reasoning behind this tip is simple. Often, items that cost more upfront are actually more cost-effective in the long-run. By making those purchases now, you can more comfortably handle the upfront hit and then benefit from the long-term cost-savings.
Social Planning
Aside from financial planning, many retirees also experience a drop in their social lives. If you think about it, a huge portion of our socializing day is taken up by our jobs. We have work friends, co-workers, bosses, clients, and everyone else between our front doors all the way to the office and back. Even if you do have friends outside of work, if they’re not retiring at the same time as you are, they likely won’t have the same amount of free time.
That’s why social planning is so important, and yet so hard. Unlike financial planning which is more about taking smart steps and working things through logically, social planning can be anything but straightforward. After all, social planning is, ultimately, about how you’re going to make friends outside of work.
· Volunteering, Clubs and Societies
The good news is that you don’t need to put that kind of pressure on yourself. Instead of thinking about meeting people to make friends with, think instead of what activities, hobbies, and clubs interest you instead. If you want to stay productive while focusing on what you love, for example, you could volunteer. There are many great volunteer activities you can get started with that will let you work alongside people who love what you do and, as a result, are more likely the type of people you’d get on with.
You can also join clubs or societies. There are many options out there, with a particular focus for retirees looking to enrich their lives and meet new people. You can join a walking group, a gardening or book club, and so on.
· Make More Time for Your Loved Ones
As for the friends and family you currently have, know that it can be frustrating being the one that’s free from work obligations, since you’ll have to contend with their schedules. Try to build up habits now that can easily carry on once you retire. For example, you can set up a family dinner once per month or start picking up the phone once a week to get in touch with everyone. In short, make plans. Explore the city and area you live in and invite your loved ones to see if they want to join. A lot of the time what’s barring people from doing just that is the time or even mental space to look. By taking the time to find those great walks, or that new restaurant, or even to plan a trip to the beach, you can populate your days with your loved ones and stay active in all the best ways once you retire.
· Consider Retirement Community
If you’re planning on downsizing, consider moving into a retirement community instead of a regular home. These properties can be just homes, with one key difference: those that live there are in the same phase of life as you are. This can make it far easier to get to know your neighbors and even plan events and activities since you can immediately relate to them.
If you have any health concerns, then it’s almost a must. Not only will you gain access to those who are also retired, you’ll have more safeguards in place. In some properties this may just mean having a nurse on site in case there’s an issue. If you have advanced health concerns, then this nurse can instead come in the form of an entire team.
In short, there are plenty of different retirement living options out there that range from complete independence, all the way to round-the-clock care, so don’t immediately dismiss them just because you’re healthy. Retirement communities can be a great way to meet new people and feel connected to a community, since you’re not surrounded by those still on life’s race.
· Go on Group Trips
If you want to make friends, see the world, but the loved ones back home aren’t playing ball, then look for planned group trips. These can be all ages, for retirees only, and so on. Making friends while exploring new places is a great way to live life, and it’s also how those who don’t have a partner to go with can see the world without it feeling lonely.
Enrichment Planning
Last but certainly not least, enrichment. You don’t need to actively plan this tip as much as the others, but it is a good idea to start keeping an eye out for it. What enrichment means, in this case, are hobbies; things to do, places to see. Traveling is absolutely a way to enrich your retirement! Identify where you want to go, how you want to get there, and so on.
Don’t just think big, either. Learning throughout your retirement is a great way to improve your quality of life and brain health all at once. You can learn new hobbies and skills, take classes, or even attend university lectures and talks. It can be empowering to simply know what kind of options are out there.
That being said, there is no reason to wait. Start enriching your life today and spend more time and energy on things that interest and delight you, and you’ll set up good habits that will help you enjoy every day more during your retirement.
