Retirement is the best time to enjoy all the fruits of your backbreaking labor. Visualizing a clear picture of the way you want to live your life once you retire will allow you to make better plans and adapt more smoothly to the changes that retirement brings.
You need to have a game plan of how you want your retirement to be like, having specific things to look forward to.
With thorough and proactive planning for retirement in mind, there are questions you need to ask yourself before you retire. Thinking these things through would guide your ongoing retirement plans.
If you are married, keep in mind to have a conversation if you are on the same page, and don’t assume that your partner wants to do the same things you want to do.
How long will I live?
Death is a natural phenomenon that no one can escape, but no one knows when it will knock on your door, so you need to consider how long you will live.
Did you know that anxiety is one of the causes of death in seniors? Without considering your life’s longevity while planning your retirement, you might end up on edge, facing financial hurdles. This can lead to too many worries, and you know what can come next.
After your retirement, you should take things easy, which could only be achieved with objective planning.
If you have a sense of life expectancy, you will be able to conclude the best time to begin claiming your social security withdrawals. Only withdraw your retirement money after a thorough background check, health audit, and lifestyle assessment.
What do I do with my free time?
Many 9-5 job workers would definitely kill for free time since it’s a luxury to have such a free day without worrying about missing work. However, you’ll no longer have that 9-5 job after retirement, and you have all the time in the world to do what you want, so you must ask yourself what you’re going to do for all the free time you have.
To get a precise vision of what you will be doing most of your time during retirement, consider thinking of the activities that occupy your time during weekends, day-offs, and holidays. Do you prefer staying indoors and setting out for adventure?
For instance, if you often book a flight on holidays, you can try traveling around the world after retirement. Or, if you love staying indoors, you can try new activities at home like knitting, blogging, gardening, or painting.
Am I saving enough money?
To sustain your accustomed lifestyle after retirement, you need to have adequate savings. Saving is very cliche advice that you can see in the financial world. But no matter how much common this advice is, you should not overlook its power. Saving is a fundamental aspect of our lives, and it can serve as the backbone of your retirement funds.
You don’t have to save all the money you earn every month. You can start small and just walk your way up to your savings goal and take advantage of retirement savings platforms like IRA, security fund, and 401K.
Are you moving close to home?
If you are among the people who left the countryside to work in a busy city, away from family and friends, ask yourself whether you want to get back home, or if you want to stay in the urban.
After retirement, you should consider the possibility of moving back close to your hometown. You will be able to get away from the busy hustle and bustle in the city, get some fresh air, and reconnect with your families who are also living in the area.
If you are free-spirited and don’t feel like coming back home to your hometown, you can move to another city and live a life that’s different from the one you are living now. If you prefer to live in the metropolitan or in major cities, you should know that such places are pretty expensive for seniors.
Should I consider downsizing?
The author of Lighter Living, Lisa Shultz, strongly believes and romanticizes the idea of downsizing. Downsizing your home can bring you a fair share of advantages, including addressing mobility issues, allowing you to have smaller and fewer steps to take around your home. By downsizing, you will also be able to clear quite a lot of clutter and just have the things you need around you.
If you want to downsize after retirement but don’t want to transfer to another house, you could rent out a room or a portion of your home. However, you should think about this idea with care, especially if you will rent it to someone you don’t really know.
The good side of this is that you will be able to earn some good bucks, which you can use for your daily expenses.
Would I be able to start a business?
Life sometimes begins after retirement, and with the accumulated experiences you have, you might be able to be the next game-changer. You can make use of all the knowledge you learned during your career to establish a business. Any idea you have in mind can potentially be the next hot thing in the headlines.
Although many believe that retirement is meant to be just fun, there is really no need for you to stay idle during your retirement. Take all your life experiences and turn them into a profitable source of income.
You will be your own boss, and you can set your own rules, so you can enjoy your retirement season and make money at the same time.
Do I prefer a gradual or wholesome retirement?
Working too hard to earn a living and make ends meet undeniably becomes the reason for living for many. If your career intertwines with your purpose in life and you find joy in what you are doing, you can retire gradually. Remain to do your job, but only accept a few tasks to work with.
On the other hand, if you want a wholesome retirement because you are tired of your job, you can freely choose to savor every moment of your retirement doing what you love and the things you weren’t able to do before.
What are my plans for my retirement healthcare?
If you work under a company, your healthcare is probably covered by your company’s insurance, so you don’t have much to think about when it comes to it. However, you won’t have a company backing up your medical bills after you retire.
Consider enrolling in Medicare, which you can use to pay for all your medical bills when needed. You can also enroll in a health savings account, allowing you to be worry-free when an unexpected, unfortunate disease creeps in.
At what age should I retire?
Are you dreaming of having the perks to retire early after having financial freedom? Or do you want to work and save as much as you can until you’re weary? Whatever you choose, as long as you can support yourself until your last breath, there shouldn’t be anything stopping you.
However, before deciding at what age you should retire, take into consideration the retirement age in your country and the consequences you might face if you retire too early or too late.
