If you are retiring this year, or are simply beginning to think about retirement – you may find that there is a lot more than just your finances to consider. A successful retirement is made up of several components, many of which are often overlooked. Here are 5 tips to ensure you are prepared for all aspects of your retirement this year:
1. Maintain financial comfort. It may feel like you need to have x amount of money, but in reality, financial comfort simply means being able to manage your life in a fulfilling way while using the financial resources you have. Have a clear understanding of what your financial resources will be and the demands on your money that will come from your desired lifestyle. If your resources and lifestyle are not aligned, measures should be taken to ensure you can live comfortably when it is time to retire.
2. Be mentally prepared. For many, finding a new routine can be tough after decades of working a 9-to-5 job. It is not only our finances that are affected when we stop working. According to one survey, a high number of new retirees worry about missing out on the social interaction they get with colleagues at work. New retirees are also concerned about adjusting to new routines and finding new ways to give meaning and purpose to their days. It is important to mentally prepare for all the changes that will come with retirement and develop a plan to ease into the lifestyle changes as smoothly as possible.
3. Focus on more than leisure. Take a good look at all aspects of retirement. What do you hope to accomplish in your retirement years? Many retirees are excited at the prospect of leisure time but leisure tends to lose its lustre when it changes from a diversion to the norm. Remedy this by engaging in various activities, planning trips, and getting involved in the community. A lack of stimulation can affect mental and emotional health and ultimately affect physical well being.
4. Plan to use your skills. Your workplace has given you an outlet to contribute your skills, experiences, and knowledge to society in some way. If you are like most people, this desire to contribute and work will not go away as soon as you retire. Many retirees will look for volunteer opportunities that allow them to experience the parts of their career they enjoyed the most. For example, if your favourite part of your job was training new hires, a part-time or occasional teaching or mentoring position might be just what you need. Plus, research shows that the happiest people are those that help others.
5. Have a discovery phase. What kind of lifestyle do you want to live? Give yourself the time to try new things and do not commit before you know it is right for you. If you hope to live abroad, test the waters by vacationing in your desired location for a few months first to see if it suits you. If you want to live in a retirement community, ask to try a short-term rental before signing any contracts. Even if for years you pictured your retirement a certain way, you may find that you actually want something completely different, and that is okay.
If part of your retirement plan includes moving out of your home, or investing in a property, feel free to give me a call at 416. 921. 1112, and I would be more than happy to help.