Many seniors strive for a stress-free retirement. They work hard, save their income, and create retirement plans that they hope will allow them to live their lives to the fullest. As in any phase of life, unexpected circumstances, stress, and worries can creep up. Even so, retirement should be fun and exciting.
It can be with the proper planning and thought about how you want to approach these years. Here is how to have a stress-free retirement.
Plan and Stick to It
If there ever was a time to plan, budget, and stick to your financial plans, it’s retirement.
In retirement, there will be a lot of time to fill. Don’t let it slip away. Think about what makes you happy and make time for it. Kick back and enjoy. Whether it’s places to visit, things to do, or talents you want to learn, write a list.
Eliminate the Negatives
You don’t have to give in to the daily grind week in and week out. You can say no to things you don’t want to do. Give some thought to what doesn’t make you happy and remove those items, events, people, or things. Free yourself to live your best retirement years.
Stay Physically Active
Invest time and effort in your health. Regular physical activity is key. Low-impact exercise, such as walking or swimming, can go a long way to keeping you fit. Staying in peak health could also avoid certain healthcare costs.
Appeal of Retirement Homes
Retirement homes cover many expenses and make senior living fun, exciting, and eventful. If you intend to downsize and are looking for recreational opportunities beyond what is afforded to you living where you are, retirement homes and senior communities are certainly a consideration.
Prioritize Your Mental Health
Many seniors struggle with mental health symptoms because they aren’t stimulating their minds enough. Puzzles, reading, and learning new skills all play a role. Socialization also includes joining a club or group that aligns with your interests.
Stay Social
Even if you enjoy alone time, staying social as a senior is important. Join groups or pursue activities where you interact with others. Make new friends or go out with existing friends. These things go a long way to ward off loneliness and reduce stress.
Save Your Money
Hopefully, you have set aside as much as you can for retirement. Many don’t. That said, the average median account balance for people aged 45-54 is $115,000. Whether your savings are higher or lower, and whether or not you can build them up further, you have more financial stability.
Boost Your Savings
There are dozens of ways to save more money for retirement savings. Sell your home, vehicle, and assets. Get rid of anything you no longer use and sell it for cash. Consider what you can do to boost your savings.
Pursue the 4% Rule
Financial experts recommend withdrawing 4% of your savings balance in your first year of retirement and another 4% in every subsequent year. This is income you can count on besides what you receive from the government and other sources.
Define Your Income Expectation
Know what income sources you have. You may have savings, a pension through a former employer, and government benefits. Before you dig into whether you want to pursue part-time work, a side hustle, or anything else, know if you’re happy with the income sources you will be privy to.
Earn Extra Income
Ways to earn additional monthly income include renting out a room in a property you own, getting a part-time job, or offering a service locally that can net you some additional income. Consider looking at cash jobs, such as handyman work.
Estimate Retirement Expenses
You will want to know your expenses inside and out for a stress-free retirement to avoid financial shortfalls. Consider living expenses, healthcare, entertainment, and monthly bills. Look for ways to lower and eliminate expenses in a well-thought-out budget that works for you.
Consult with a Financial Advisor
If you aren’t sure about your financial situation, speaking with a financial advisor may be wise. They can advise you on what to do regarding your retirement goals, risk tolerance, and timeline. It’s also an opportunity to ask questions.
Consider a Relocation
Relocating into a retirement community, a different city, or simply downsizing to smaller living quarters are all ways to reduce living costs. It can also set you up to pursue your passions and hobbies or get a fresh start.
Published by HOLR Magazine.