Retirement is a big deal. This is a major transition in life, and just like you don’t want to choose the wrong university, marry the wrong partner, get the wrong job, or buy a house in the wrong location, you don’t want to regret it. I am thinking of retiring without any problems.
Even if you’ve already taken the plunge, here are some tips to ensure you’re happy and satisfied with this big decision.
Focus on planning to spend time with people, especially your loved ones
Love, that’s what makes the world go round.
And love is all human. Study after study has shown that a person on his deathbed most regrets not spending more time with his friends and family.
One such study is northwestern university 43% of survey respondents said they had relationship regrets, significantly higher than the 35% who cited job or financial worries.
Retire at the right time – not too late, not too early
Many people find themselves dissatisfied and anxious after retirement. Some people retire and are so happy they can’t believe they didn’t retire sooner.
If you’re not sure when you’ll retire, professional advice may be helpful.
Lifestyle concerns: If your concerns about when to retire are related to lifestyle issues, such as knowing what to do in retirement and trying to determine whether you’ll be happy with your decision, work with a retirement coach. That might be beneficial.
Financial anxiety: If you have financial concerns, you have options. Start by developing a comprehensive plan and assessing your current situation. NewRetirement Planner helps you stay organized and identifies opportunities to do better.
Talking to a financial advisor is another way to build confidence and find a way to retire safely.
Don’t put off doing what you really want to do, travel while you can.
Travel is a top goal for most retirees. 90% of NewRetirement Planner users list travel as one of their goals. However, do whatever you want. Do it now!
We don’t always want to face this problem, but the reality is that time is ticking. Now is the time to achieve your goals.
If traveling is something you’ve always wanted to do, here are some tips to satisfy your wanderlust, no matter your budget. Not sure how you want to spend your time? Here’s a list of 120 things to do after retirement.
make a very detailed retirement plan
I’m sure you’ve heard this before, but it’s important. If you want to retire with no regrets, you need careful planning.
In a sense, retirement means flying without a net. You live with what you already have. And unless we go back to work, we have to keep our existing resources going for as long as possible, no matter how long that takes.
You don’t want to leave your job with only vague guesses about how you’re going to pay for everything. That’s stress.
To be able to confidently finance your (and your spouse’s) retirement, it helps to have a very detailed plan. We want to see how we’re going to make a living over the next 20 or 30 years.
NewRetirement Planner is the best way to accomplish this huge task. This is a simple step-by-step approach to creating a plan, understanding your current state, finding ways to improve your plan, and sustaining it over time.
Keep your plans updated and adjusted
You can’t plan everything. What you can do is update your plan monthly or quarterly. Just check in and document your changes to make sure you’re on track and adjust as needed.
I will retire when I am free and able to take responsibility.
What do retirees think is the best thing about being retired? Many would say it was the feeling of freedom.
Transamerica Retirement Research Center (TCRS) asked people, “What does retirement mean to you?” As a result, despite the preparation and the magnitude of the challenge, people most often associate the words ‘freedom’ (55%), ‘fun’ (53%) and ‘stress-free’ (43%) with retirement. I found out that there are many.
Be responsible and free: If you have children, you may remember saying this to your teenager. “With freedom comes responsibility.” In retirement, you must be prepared to manage your financial, emotional, and social freedom.
Take care of yourself and stay healthy
If you’re already in your late 90s, you might be able to go all out and smoke cigarettes, eat all your cupcakes, and enjoy as many of your favorite things as you want. It will probably take longer for these vices to kill you than any natural phenomenon.
But if you’re younger, you’re better off taking care of yourself by eating well, exercising, and keeping your brain active to really enjoy life.
Remember: “Never regret growing older. Many are denied that privilege.”
Speaking of death, let’s think about our own mortality.
what? Yes, you read that correctly.
Essay published in new york times He argued that thinking about your own death makes you happier. The idea is to think about your daily choices as if this year were your last. This study shows that using death to prioritize how you spend your time actually improves your satisfaction with your choices and overall sense of well-being.
If you’re worried that thinking about death will make you depressed, the opposite may be true. Researchers have found that thinking deeply about death can actually be funny. ”Telling jokes in the face of death: A fear management approach to creating humor”
Get rid of unnecessary items even in your home
You’ve probably heard that Millennials don’t want your stuff.
Today’s young people live in small houses, buy second-hand goods, and are more interested in experiences than antiques, heirlooms, old desks, books, and porcelain.
So you don’t have to hold it all up for them. And cleaning everything may make you feel better mentally.
But you may find that the real benefit of sorting through your belongings goes beyond the joy Marie Kondo preaches, and that it can also help you downsize your home. Learn more about the benefits of decluttering.
Downsizing can positively impact your retirement lifestyle and is one of the most effective ways to increase your retirement funds.
make plans with your spouse
If you’re married and don’t want to go through a gray divorce, it’s a good idea to plan for retirement with your spouse.
It sounds obvious, but it happens much less often than you might think.
Don’t Start Social Security Too Early
Do you want to retire with no regrets? Don’t start Social Security too early. You can retire, but don’t start Social Security until you understand the lifetime value of your benefits.
by Social Security Administration“We calculate your basic Social Security benefit, the amount you’ll receive at full retirement age, based on your lifetime earnings. However, the amount you actually receive each month depends on your benefit receipt. It depends on when you start. You can start your retirement benefits anytime from age 62 to age 70, and the later you start, the higher your benefits will be.”
The difference between starting at age 62 and starting at age 70 can be about $100,000, and could be more depending on spousal benefits.
stay early
Many retirees seek to plan for a steady source of income for the rest of their lives. This may not be the best idea.
The truth is, for many people, retirement consists of different stages. When you first retire, you spend more, when you start to slow down, you spend less, and as you get older you spend less, but in the last years of your life you can spend significantly more on health care.
If you carefully consider the ups and downs of your spending and create a budget, you might feel better about splurging a little for the first time in retirement. Learn more about creating a reliable retirement budget and evolving spending plans.
Consider spending everything.
You earned your retirement benefits. you saved. You’ve earned a reward. If you want to go all in, do it!
NewRetirement Planner helps you find your maximum spending rate. You can also identify exactly how much money you want to keep aside and plan for it.
