Did you know? The best retirement advice and tips you will get are from those peeps that ALREADY RETIRED and their suggestions CAN SAVE YOU TIME IN YOUR PLANNING! This is exactly what I did to help you. I interviewed a bunch of my clients I work with on regular basis and here are their TOP tips, just for you.
1. Know the retirement lifestyle you will need in retirement BEFORE you retire
What will your monthly expenses really be? The major ones/necessities to consider: your home, food, utilities, insurance (health, car, home), debt (if still outstanding). Where you will live will matter greatly and your expenses will greatly vary.
Don’t forget about having fun! You waited for the free time to pursue your passions such as hobbies, travel or volunteer work.
Are you going to be comfortable with minimum expenses? Get a good idea on monthly expenses. Where will you live? Car and home insurance differs in different states.
2. Make plans and goals!
The worst thing to do is just to flounder and do nothing.
It can be VERY hard to go from being wired with having a schedule for 30 or so years to having nothing planned. It may work for a few days, but after a bit, it will become boring.
Try to smooth the transition.
You may want to start your retirement working part time if you like your work or still need to have the income
Work on creating a daily schedule. Include activities like volunteer work and the gym or exercise. You can add reminders to your google calendar to check activities at local senior centers or set up regular times to meet with friends and family.
Think about those things that you said to yourself “When I retire I am going to…
i. Travel
ii. Take a new hobby (pottery, gardening, refinish furniture)
iii. Start your own business! Martha Stewart – 50s, Colonel Sanders KFC – 60s. With today’s technology you can get a business up and running in matter of days with minimal financial investment. So “Why not”!
iv. Think about what you’re passionate about: mentoring, tutoring, volunteering. If there are no groups in your area, then start one! Go watch a movie “Intern” with Robert DeNiro. He’s a retired 70 year old executive, a widower, who interns at a modern fashion website and forms some cool friendships with kids (compared to him) that work at the website. I LOVE that movie.
3. Is your home still the right fit for you for where you are NOW in your life journey?
i. Style: stairs, yard, square footage
ii. Health considerations
iii. Downsize to a smaller place, 1 story living, community living
iv. If stay in your home: do modifications to make it safer, more spacious
4. Decision about when to retire: Early, normal age, wait until later: a hot topic for sure.
There are 2 major things to consider: health and finances.
Health: If your health is poor you may consider retiring sooner, as you never know. You know better about your health. Sit down and think where you most likely be in the next 5-10 years.
Finances: Where will your retirement income be coming from: savings, SS, private pension, other resources? If your finances are in good shape, retire sooner. You can always have a part time job to support and/or to enjoy. If it’s tight, it may make sense to work longer, to get your SS monthly amount to grow. With EVERY path, to give you sanity - work on a budget we talked about.
5. Do not compare yourself to others
a. You never know what it really looks like behind closed doors
b. Take social media posts with a grain of salt and not as fact
c. Some may be taking many vacations or new cars (Cadillac for retirement, or convertible, motorcycle)
d. Everyone has different focus, dreams and plans, and foundation
e. Not a good idea at any period of your life
Which tip resonated with you the most? What was the best advice you received recently that’s helping you with your plans? Let me know so I can share it with others here. Happy planning!
Your resources: Google budget spreadsheet: https://docs.google.com/spreadsheets/...
Excel budget spreadsheet: https://docs.google.com/spreadsheets/...
Movie “The Intern” with Robert Deniro: https://www.imdb.com/title/tt2361509/
Senior Resource Library: https://bit.ly/SeniorResourcesLibrary
Contact Olga (questions, referral requests): https://bit.ly/contactolgas
Office: 215-757--6100
Direct: 267-242-2712
Information provided is not a legal or financial advice, it’s for informational purposes only. Please consult an attorney, a CPA or a financial planner for specific advice.