Courtesy of Lizzie Weakley
Retirement is the opportunity to enjoy more free time than just about any point in one’s adult life. However, it is not a decision to take lightly. In order to become properly prepared for this major life transition, you should consider a few things. Below are four important questions that should be addressed before beginning a journey into retirement.
Am I Financially Prepared for Retirement?
One of the biggest concerns, of any retiree, is outliving their retirement funds. It is important to consider how long a retirement fund should last. Factors that should be considered are the already existing money saved up and the income generated from Social Security payments, pensions, dividend payments, and disability payments. It is also important to consider that one may live longer than expected. By preparing for a retirement that can last multiple decades, financial concerns will be left at a minimum.
How Do I Plan to Spend My Day in Retirement?
Retirement can be more than just sitting on the sofa watching TV, surfing the internet, or reading the morning newspaper. This phase of life is the opportunity to try new hobbies, create new social relations, or pursue new opportunities. Retirement is also a time to concentrate on becoming physically active. It is a good idea to have a way to structure one’s day to ensure that retirement is both productive and rewarding.
Should I Continue to Work Part-Time or Consult During Retirement?
While retirement is a time to escape the daily grind of work, one should consider if working part-time or consulting is in their best interest. A long career, in one field, can make one eminently qualified for highly part consulting or part-time work. And this added income can make retirement more comfortable and exciting.
Should I Move?
Many retirees prefer to sell their current home and move to a place more conducive to a retirement lifestyle. That can include moving to a beachfront condo, adult active community, or even seek something unique such as seeking out luxury mountain homes for sale. Retirement should be an opportunity to move to a fun, exciting, and desirable location.
Retirement should be a time to further develop yourself and explore your passions. And having a blueprint for a productive, protected, and active retirement will play a major role in the quality of this phase of life. Use the above questions to help make this unique phase of life both fruitful and rewarding.