Retirement is a significant milestone in a person’s life. It marks the end of decades of hard work and the start of a relaxing, leisurely future.
Though it’s an exciting time, it can also feel a little unnerving as you plan for lifestyle changes, including a complete shift in your day-to-day routine. From choosing a healthcare plan to budgeting and managing your free time, you want to make sure you’re making the right decisions.
As you prepare for retirement, use these nine tips to ensure you’re as comfortable, prepared and excited as possible when the time comes.
Please note that Busch does not serve as a financial advisor and this resource should not be viewed as financial advice.
Income is one of the most important factors to consider when going into retirement, especially if you’re planning to live on a fixed income. Two key areas to decide on include when to collect your social security benefits and retirement savings.
Though you can begin collecting your social security benefits at age 62, it’s generally a rule of thumb to not rush to collect your benefits. If you start collecting them before you turn 62, your benefits will decrease each month from the time you start collecting them until you reach your full retirement age. If you wait to collect them until your full retirement age, you’ll be entitled to full benefits, and if you wait until age 70, your benefits will increase.
>>>Related Resource: Senior Financial Literacy: Make the Most of Your Money Post-Retirement
Choosing a health insurance plan can be a complicated process, especially when you consider your age, needs and current health insurance plans. Americans can enroll in Medicare at the age of 65. Generally, if you’re still working at age 65 and receiving health insurance from your job, you don’t have to sign up for Medicare right away. While signing up for Medicare isn’t required, you could lose other benefits by opting out, and you could be charged for signing up late.
No one wants to think about their own passing, but retirement planning serves as the perfect opportunity to preplan your own funeral. Use this time to consider the type of arrangement you’d like to have and to prepay for it, too. It will help give your loved ones peace of mind and save them the stress of planning final arrangements when your time comes.
As you plan your retirement, you’ll be handling a lot of paperwork. Use this time to better organize your important documents, safely store them and let your family members know where they can find them. This will be helpful for your loved ones in the future, and it will also help when you preplan your final arrangements.
And remember, as our lives become more digital, organizing your online documents is just as important, too. Here are tips to get you started.
What are your top 10 life goals? With retirement comes extra free time, the perfect opportunity to create a bucket list and a plan to accomplish these life goals.
Use this time to challenge yourself and feel a sense of accomplishment as you cross items off your list. From volunteering at a local organization to skydiving, there’s no limit to what you can accomplish in your free time.
You’ve talked about traveling out of the country ever since you can remember, but you’ve never had the time to plan your trip. Without the restriction of paid vacation days and work commitments, retirement is the perfect time to plan your dream trip. Keep in mind that as you plan your trip, it’ll be important to consider devising a travel budget that will keep your funds in check.
Many retirement-age folks go through a stage where they want to seek new meaning and purpose. As life slows down, what better time to try something new? A new healthy habit, a shift in your daily routine or an unexplored hobby.
Have you ever wanted to take up photography, join a local hiking group or learn how to ballroom dance? Sign up for classes at a community college or a local studio. It’s never too late to try something new, and it could lead to an unexpected hobby and new friends.
Now that you’re about to have more free time on your hands, consider ways to make your days more fulfilling. This can include volunteering at a food bank, walking dogs at your local animal shelter or tutoring children. You’ll be able to make a difference in your community and meet a group of like-minded volunteers.
>>>Related Resource: 6 Volunteer Opportunities for Seniors in Cleveland
Though many people want to avoid work altogether during retirement, a part-time job can help keep you busy, while also offering extra income and a social aspect that you might not experience at home. You can even choose a part-time job based on your interests. For example, someone interested in golf might work as a greenskeeper at a golf course, or someone who loves flowers might work as a cashier at a garden center.
Along with retirement comes other important considerations, such as your end-of-life celebration. The average funeral costs between $7,000-$10,000, and preplanning yours can both help you save money and ease the burden on your loved ones. Download our Seniors’ Guide to Funeral Arrangements for insight on the financial benefits of arranging your funeral ahead of time.
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