Take a minute to close your eyes and envision what retirement looks like to you. For most, the ideal “retired life” includes traveling around the world, free time to check off bucket list items, no work and no worries. Financial planning is the main reason most people can’t make this dream a reality. Truth is, many of us spend a majority of our work-life devoting our time to saving and preparing for their financial future, that we actually forget to think about how we will fill all of our free time once we enter retirement.
While, yes planning financially for retirement is crucial, it’s just as important to think about what it will be like living in retirement. You can’t expect things to just magically fall into place. This isn’t to say that everyone needs to plan out their daily routines or long overdue trips, this instance. Rather, when retirement starts approaching it’s a smart idea to prepare for living in retirement.
Stay Happy & Healthy
Striving to live an active and healthy retirement is a great starting point. For one, it will help cut down on healthcare expenses, eliminating some strains on one’s finances. To maintain a happy and active retirement life, consider implementing some of these recommendations:
- Have hobbies and interests before you retire – few people manage to develop new interests throughout life; once they stop working, they end up bored and watch TV all day
- Volunteer – there are many organizations out there in need of a helping hand, not to mention volunteering can keep minds engaged and bodies active
- Stay Curious – you are never too old to learn. An open,
questioningmind stays healthy, reducing the risk of stress and mental illnesses like dementia(1)
- Socialize – naturally, humans are social animals and sociality is great for one’s health, making it good for your finances too
While some believe retirement means the end of working, a majority of individuals entering retirement don’t stop working completely. In fact, a lot of retirees use their increased free time to work part-time or even start the business they’ve always dreamed of starting. Those who continue working during their retirement, view the time as a lifestyle or career transition, allowing them to experience an aspect of the work world they haven’t quite experienced. Just make sure you find a healthy balance between working and lifestyle.
Ready to plan for living in retirement?
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