Ah, the glorious retirement years. Whether you are close to retirement or have another decade to go, it’s never too early to prepare for a great retirement. We’ve gathered five ways to really enjoy your retirement years when you plan ahead.
1. Get Out of Debt
Do your best to get out of debt before you retire. While many believe there’s good debt and bad debt, any debt means you owe interest to someone. Use your working years to pay off your mortgage, credit cards, and any loans before retirement. You’ll be in a better position financially and it’s a great feeling when you head into retirement debt-free.
2. Create a Financial Plan for Retirement
After you no longer receive paychecks from your company, it’s important to know where your income sources will come from after you retire. The Social Security Administration can help you get a good projection of how much to expect and what happens if you delay taking benefits. If you have a pension or annuity, you will want to get an idea of how much income you’ll receive. Be sure to include money from any work you plan to continue doing and income from your retirement savings.
Create a budget based on your monthly needs when you reach retirement and don’t forget to calculate for increasing health care expenses as you age. Create a long term care plan before you retire to decide where you want to receive care and how you will pay for it.
3. Travel Near and Far
After working hard to provide for your family, retirement is the time to de-stress and explore the world. However, traveling doesn’t need to take you to far-off places. Retirement travel can include weekend trips to the beach, nearby cities, or trips to see the grandkids.
4. Learn Something New
Keep your mind active and growing by taking a class or learning new skills. Whether it’s writing poetry, learning a new language, painting, kayaking, or sailing, make goals to keep your body active and your mind sharp.
5. Get Involved
Retirement is a great time to support your local community or organizations you are passionate about by volunteering your time and resources. While retirement can be a lonely time for some people, giving back elevates happiness levels and helps connect you with new people in your community who are interested in similar causes.
Are you prepared so you can enjoy retirement? Learn more about creating a long term care plan during your retirement planning years.