None of us can be entirely sure when we’ll retire. While there’s a general retirement age, you don’t know how long your health will allow you to work, or when you will be in a financial position which will enable you to preserve the lifestyle that you are used to.
If we’re honest, retirement isn’t something that we give much thought to when we are young, and in the relatively early days of our working life. You might vaguely look forward to it without giving much thought to how you will manage to retire comfortably. When we’re young, we assume that retirement will happen and be great, with no effort on our part.
But, failing to plan for retirement is a huge mistake. Without making plans, you are unlikely to retire comfortably, and you certainly won’t be able to do it early. In fact, even if you are in your 20’s, thinking about and making retirement plans is an excellent idea. Here’s a look at some of the things that you may want to think about.
Plan to Spend
Chances are when you think about your retirement, it includes travel, fun, and spending. You certainly won’t want to be budgeting, living frugally, or afraid to spend, which means that you need to plan now.
We’re living longer than ever, and the average age is rising all the time. This means that once you’ve stopped working, you may live for longer than your grandparents did. Retirement could make up a third of your life if you are lucky. So, you are going to need a lot of money. Consider private pensions, investments, and high-interest accounts, and don’t put off saving for your retirement for a day longer.
Think About Where You’ll Live
Right now, you’ll probably want to live in your own house for the rest of your life. But it may not be possible, and in truth, you may not always want to. Many older people find that moving into senior living communities like Brandywine Living helps to improve their quality of life, extends their social circles, and even helps them to live longer. Consider it now, and you will take any pressure off your family, both in terms of making the decision, and financially.
Don’t Underestimate the Importance of Hobbies
Many people retire with no plan; they think that they’ll take their time and enjoy the freedom, but it rarely works out like this. Without the structure of the working day, people lose motivation and become lonely. They can even start to suffer from mental health issues.
Hobbies and interests play a big part in your happiness post-retirement. So, make sure you’ve got some, and keep them up even when you are busy.
Create a 10 Year Plan
Retirement might seem a long time away, and it can be hard to plan for things so far away. So, try breaking it down. Create plans for the next ten years, all while bearing in mind the retirement that you want.
Planning for retirement means that you get to do it comfortably, happily and healthily, and it’s never too early to start thinking about it.
