You spend your entire adult light working, so it’s only natural that you want to enjoy yourself when you come to retire. As dull as it might be, a little preparation in advance can go a long way to giving you the retirement you want. Then you can concentrate on doing all those things you said you would when you retire. 

Speak to a financial advisor

How much you need to live on when you retire can be tricky to work out. It will depend on a number of factors such as what age you want to retire, whether you qualify for any social security benefits, your savings, and property and how much money you have in your private pension. It can be difficult to navigate around all of the financial products and regulations so a financial advisor can put them into perspective for you. 

 

When choosing a financial advisor, choose one that has particular experience in retirement planning and is fully qualified and licensed. 

Let family and friends know your plans

Everyone’s retirement is different. Do you want to downsize your property and spend more time with your family, move to a different state or retirement community.   Whatever you’re planning, it’s smart to let your family know what your wishes are, that way they aren’t taken by surprise and there are no avoidable family rifts. 

 

Set out what you would like to happen if your health deteriorates. Do you want to live in care, respite care, or something different. 

Slow down gently

Some people don’t really like the concept of retirement, especially if they have been concentrating on their career for so long. A sudden shift from a 40 hour week to retirement can be a bit jarring and can lead to low mood. You can avoid this by reducing your workload several years before you finally retire. By the time you get to retirement, it won’t be such a wrench to give up work life. 

 

If you’re the type of person who really needs to be doing something, then there are lots of opportunities to volunteer or take up new hobbies once you’ve retired. 

Keep yourself as healthy as possible

No one knows what’s around the corner when it comes to their health, but give yourself the best chance of having an active retirement by making some lifestyle changes now. It’s never too late to clean up your diet and take up some physical activity. 

 

Get regular health checks too in order to catch any issues early. 

Be prepared to change your plans

You might have a very clear vision of your retirement. You know exactly where you’ll be living, where you’ll be going, and who you’ll be with. Sometimes, life might throw a spanner in the works which forces you to change your plans. Financial issues, family, or illness can all change the course of your retirement and really affect you emotionally. 

 

That doesn’t mean that you don’t plan for your retirement but it would be prudent to have a backup plan for certain situations. 

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Over 50 and fabulous living and writing in Appalachia

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