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Retirement advice for active retirees

2019-04-17 Investing No comment

Most of the staff imagined having a permanent vacation at retirement, a good night's sleep and a great vision for travel. For most retirees, this is not a reality. In the United States, 10,000 baby boomers are 65 years old every day. Most retirement advice focuses on the financial aspects of retirement. It is also helpful to consider the “softer” issues associated with achieving happy retirement. The following recommendations for retirement focus on advice about a happy life after retirement, not just for it. In our opinion, people who enjoy retirement age are focused on achieving their goals in life because they are their financial goals. The advice here comes from actually experienced retirees and our observations of retired customers. The emotional aspects of leaving work can be very unstable, and many new retirees find it difficult to feel productive in the newly discovered free time. A comprehensive retirement plan involves money, health, life goals, family and social issues. How can you feel relevant after retirement? For many people, their personal identity is largely related to the “what you do” at work. Changes after retirement. For many people, retirement can last for 25 to 30 years. According to the Association of Actuaries, 90% of at least one in a couple over 65 is likely to live over 90. What is your plan for this 25-year plan? What will you do with this extra time? One of our clients mentioned that your 60-year-old is "Go-Go" years after retirement, your 70-year-old is "slow-going" years, and your 80-year-old is "no–how much activity and how much travel you can do Going for many years. Plan to retire accordingly. Here are the retirement advice we got from existing retirees.

Retire things you love, not retirement. The people they are excited about after retirement seem to be the happiest people after retirement and can transition to retirement in the simplest way. Those who do not have game plans, passions, hobbies, etc., often have a difficult transition period both mentally and emotionally. What is your passion for work outside?

Keep working and expand your interests as much as possible. By continuing to participate in important regular events, you will maintain a sense of purpose. You have reason to get up in the morning. Part-time work, family support and/or volunteering can continue to provide purpose and meaning for your life. Retirement should not be driven by age, but to do something else for the rest of your life. The happiest people we see are very busy doing a lot of different things when they retire, including regular social interactions. They said, "Before we retire, I don't know how long we work!" Your work week provides a lot of structure for your day. As a retire, it's also a good idea to create a structure in your days. A retiree suggests having a purpose in life, not just playing. Go out and get involved!

Take care of your health. Stay active and stay healthy. Manage your health as much as possible in a day-to-day and disciplined manner while managing your financial situation.

Develop a health care cost plan. As people age, medical costs increase significantly. According to Fidelity Investments, a typical 65-year-old retired couple now needs about $230,000 to pay for post-retirement medical expenses, excluding long-term care. cost. These numbers are likely to increase because of the current lack of Medicare funds, which may result in reduced benefits or an increase in “economic conditions” testing in the future. What are your plans for future health care costs and possible long-term care costs?

Build a strong network of friends and family. Develop new social relationships. "Invest" with your friends and family. Having a strong social relationship is a key factor in the happy retirement of most people. Don't let financial or tax factors dominate your decision making or prevent your social/home network from staying strong. When you retire, you won't miss this job, just as you will miss people and relationships.

Discuss retirement issues with your spouse. Is your spouse really ready to let you be at home full time? Is your spouse’s retirement vision the same as yours? For many couples, there are some things that each of you wants to do separately, and some things you want to do together. Retirement of one or both spouses may significantly affect your relationship with each other.

Make a budget and stick to it. It is wise to practice this budget before retirement. Many people are mentally difficult to adapt and no longer need to pay their monthly living expenses on a regular basis. They think that every dollar they spend is close to spending a dollar, and they live a frugal life, often far below their ability. It is ok to spend the money you work hard to create. Now is the time to enjoy the fruits of labor. We help our clients make strong financial plans and retirement budgets. We can create a “retirement salary” that will be transferred to their checking account every month.

Repay mortgages and other personal debts before retirement. It is easier to enjoy a stress-free retirement without a mortgage. If you plan to retire and you have a mortgage, you may not be able to retire. This may be a red flag.

Decide how much wealth you will share with your child and when to share it. How much is too much. These are different difficulties and individual decisions for each family. Many retirees like to share some of their wealth with their children and grandchildren while they are still alive. If your child puts his financial security at risk, don't save your child over and over again.

Maybe never the best retirement age? For economic reasons, some people may need to work forever. Others may be so passionate about their work that they don't seem to be "effective" for them, and they may decide to continue working as long as possible. These work hobbyists may be type A characters, they can't imagine doing anything else or enjoying any other work. Many people are working hard now because they like what they do. There is absolutely nothing wrong with this.

We believe that a complete and comprehensive retirement plan is not just financial security. It requires a plan and collaborative effort to stay active, healthy, busy and socially engaged, making them happier and better after retirement.

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