For some people, retirement can feel a bit like the dog that grabbed the car. You’ve been preparing for this moment all your adult life, and you’re certainly very happy to have come to this, but…well, now what?
You’ve spent a lot of time thinking about how to afford to live in retirement. Now is the time to start planning what that life will be like. Whether you’re modifying an existing plan or starting from scratch, here are five tips for enjoying life after retirement.
You can work with a financial advisor who can advise you on the best investment choices for your unique situation.
Live close to friends and family
When it comes to everyday happiness, having access to friends and family can be a lifesaver. Make sure you have people you like and can see on a regular basis.
Sometimes technology, from phone calls and emails to video chats, can’t replace the feeling of in-person conversations with the people you care about. And if something goes wrong, it’s better for someone to show up in person rather than on a screen.
But just as important is the fact that it’s fun to have friends and family around. Life is so much better when you have someone to hang out with on a random Saturday night. This is even truer in retirement when every day is Saturday.
Many people see retirement as a chance to sell the house and move. But that can be a mistake. If you can convince your friends and family to move to heaven with you, then by all means go for it.
If you’re ready to be matched with local advisors who can help you achieve your financial goals, start now.
Focus on exploration
Retirement is the perfect time to discover new things. Exploration is one of the best ways to enjoy life. Having new experiences makes us happy. It forms stronger memories, creates a more vivid experience of time, releases dopamine in massive amounts, and it’s just plain fun.
When you’re at a crossroads in life, the best advice is this: go on an adventure. And make it your own. For some people, this adventure will involve traveling, going far from home to discover new places.
It’s not everyone’s adventure. Perhaps you’ve always wanted to get into farming (or, perhaps of more manageable ambition, a local garden). Maybe you want to read new books or write one. Or maybe you just want to learn about different foods or take up a new hobby.
Either way, live your adventure. Then take another one.
find new hobbies
Finding new hobbies in retirement can be difficult. If you are retired in your 60s, you may no longer be able to do the things that you used to do physically. Or maybe you don’t have the same interest in the hobbies you used to love.
So in retirement it can be easy to do a little bit of nothing and still do that little bit or not much. It’s not good.
Instead, find new hobbies. You can consider this a chance to finally be able to choose what you want to do.
Ever wanted to start a small business, create a movie, design apps or renovate the house? The key point is to find something to do that is meaningful, productive, and requires real effort on your part.
You are retired, so you need to define what that means. But life will be so much better when you have something to relax.
Eat healthy and exercise
Do not take the opportunity to let yourself go by not staying in shape. It’s easy to sit back and relax and refuel when you have nothing to do. And over time, when you get used to doing nothing during the day, it becomes more and more difficult to have the urge to maintain a certain work ethic. But keeping good habits of exercising and eating healthy can go a long way.
Working out for even 30 minutes a day reduces your risk of contracting almost every type of serious disease and improves almost every form of physical outcome.
These steps can help you get around more easily and do a much wider range of activities. Not to mention that they can help you live longer and be healthier throughout this lifetime.
Keep investing
As with work, many people see retirement as a sort of finish line. It’s not a good prospect, especially since with a bit of luck, you’ll spend a good third of your life in retirement.
Instead, treat this as a transition point. This includes how you manage your finances. Yes, you need to make sure your retirement account is secure. It is the money you will live with for the rest of your life. So you don’t want to play that in speculative ventures. That doesn’t mean you should stop trying to grow your wealth, though.
And keep your relationship with your financial advisor. Ideally, you will have plenty of money to work with. Just because you’re retired doesn’t mean he has to stop working for you.
Conclusion
Retirement is not the end of the road. In fact, this is just the start of something entirely new. Once there, be sure to focus on the things that will make you truly happy on a day-to-day basis: friends, family, health, exploration, and a goal.
Advice to help you determine your retirement strategy
If you need help determining which retirement plan(s) are right for you, consider working with a financial advisor. SmartAsset’s free tool connects you with up to three vetted financial advisors who serve your area, and you can interview your advisors for free to decide which one is right for you. If you’re ready to find an advisor who can help you achieve your financial goals, start now.
Having an accurate idea of ​​your cost of living can help you better plan how much you’ll need to save for retirement. You can save accordingly now to save yourself trouble later. Use our retirement calculator to get the full breakdown.
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