At some point in your life, you may have to retire. This phase can be challenging, intimidating, and even overwhelming, especially if you’re not really sure how to make the necessary adjustments.
To make your transition more simple, here are some of the best retirement planning tips you can try.
Ease Into Things
Suddenly stopping working after so many years can be incredibly tough so avoid rushing the process.
If working part-time for your employer is an option, consider it. If not, you might want to do some freelance work in your field for a while.
You can also use your hobbies to get more involved in work and find ways to stay busy. It might be teaching piano, sharing your love of painting, or crafting and selling your items online.
At your retirement party, network with other coworkers who’ve already retired to see what jobs they’ve taken up. There are a lot of options, so find something that can keep you busy and your mind occupied.
See Also: 10 Amazing Business Ideas For Stay-At-Home Retirees
Make Sure You Are Financially Prepared
Just because you feel like you have saved enough money does not mean you are already financially prepared for retirement. You need to have a plan for how you will tap your retirement savings for living expenses, including taxes.
There are strategies you can use to minimize taxes. Talk to your bank and check your employer’s retirement policy to find out where you are at before retiring. Know how you can make the transition and keep all your money.
Think About Where You Will Live
Many retirees want to stay in their homes but others may want to move to places that are warm or have lower taxes.
Before you actually retire, make sure to map out a plan for your living situation. Talk to your family and see if they have an opinion on where it might be best for you to live. If you have health issues, it might be a good option to also look for institutions that can help you with mobility or medications.
Take Steps to Stay Healthy
Numerous studies suggest that healthcare spending takes a large bite out of people’s retirement funds. These expenses can easily hit the six-figure level for many retirees.
To stay in good health, you’ll need regular checkups, especially if you have existing health issues. Make sure you talk to your healthcare provider to keep a plan in place for your future.
Find Things to Do
Boredom and loneliness can be real issues for retirees. Apart from making the transition harder, they can be bad both for physical and mental health, too. That’s why it’s important to find things to do.
Many retirees like to travel. However, since that can be expensive, it may not be an option for all people. If this sounds like your case, you can try volunteering, going to shows and concerts at your local event center, or playing sports. You can try bowling and golf.
See Also: Retirement Activities that are Financially Viable
Retirement is an exciting but scary experience. However, by following these retirement planning tips, you’ll be able to experience a smoother and easier transition. Just be sure to keep your options open and be prepared beforehand so you can have a great start in your retirement years.
The post Retirement Made Easy: Tips To Make The Transition Simple appeared first on Dumb Little Man.
Sig Nordal 