Retirement

7 Things People Like Most About Retirement

If you are in your 50s or 60s, you are probably looking forward to retirement with eagerness and anticipation. Because retirement is a well-deserved reward that you have earned with decades of hard work.

But perhaps you are unsure about what retirement will be like. It is common to feel uncertain about whether you will be happy or not after you stop working. There are many reasons people love being retired.

Here are 7 things people like most about retirement.

1. The Feeling of Freedom.

Most retirees appreciate the feeling of freedom. There is no pressure, no stress, and no problems. You do not need to worry about your career path, getting kids into college and paying for their education, or keeping up with your neighbors.

Also, retirees love not having work-related stress in their life. You do not have to set up an alarm clock if you don’t want to. You can move to the city or another country. You can do something or do nothing. Or you can do what you want where you want.

You may find that you enjoy having a slow morning routine because you don’t have to worry about getting up early for work and rushing out of the house. You may discover that you enjoy the late-night TV shows that you couldn’t watch when you worked. Or you like to go for a walk late at night when it is calm and peaceful. It is your choice to spend the days the way you like it.

2. Having No Rush in Life.

After spending decades working and building their careers, most people appreciate that there is no rush in their life. Finally, you have time to enjoy the pleasure of a simple life.

It could be sitting outside in your backyard, enjoying a morning walk, or just having time to spend with your family. Many retirees find that the simple things in life are the most rewarding.

If you do not have to rush anywhere it is easier to be spontaneous.

If you feel the urge to get out of the house and do something different than your everyday routine, then do it. It is a beautiful day, and you feel like postponing your chores and spending time outdoors. You can sit on a deck with your morning coffee and a good book or take a walk in the park.

And if you want to take a day trip then go for it. If your friend invites you to get together, you can more easily say yes.

3. Control of Your Own Time.

Being in charge of your own time is a dream coming true for many retirees.

During a busy career, you get used to living by other people’s agenda. You have your company agenda, your boss, your clients, etc. There is little time left for your own agenda in life. That is why having your own schedule, not someone else’s, becomes an important part of retirement life.

Mornings without an alarm clock. Days without a boss or deadline. A simple life. Being able to do anything at a slower pace often brings joy in retirement. If it doesn’t get done today, there is always tomorrow. You have more time for yourself and get to do the things you might enjoy doing without being rushed.

You can run errands mid-day or in the evening when the stores are less crowded. You can schedule doctor’s and dentist appointments in the middle of the day when they are more likely to have available times.

4. Being Free of Money Worries.

The fear of running out of money in retirement is still a hot topic on many retirement websites. Even though many retirees worry about outliving their retirement savings, there are still many others who feel financially secure.

While you are working, you enjoy a regular income from your job. Many people become accustomed to a high standard of living without much focus on spending. However, when you retire, the amount of money you have available will change. So, you have to adjust your spending habits accordingly.

It would be a smart idea to create a new retirement budget and monitor your finances together with your spouse. When both spouses understand their financial situation and agree upon boundaries, there is no conflict over money.

Helpful articles:

5. Time to Travel the World.

Everyone has a different idea of their dream retirement. Some people anticipate years of travel and adventure, while others are envisioning staying home and relaxing or gardening and playing golf.

However, the most common retirement dream is to travel the world.

Retirement is the time in life when people decide they are finally ready and able to travel. With more free time and often more financial freedom it is easy to start exploring the world and live a more adventurous lifestyle. People like to make a retirement bucket list with the destinations they want to explore and things they want to do in retirement.

Helpful articles:

6. Time to Explore New Activities.

During working years, you have limited time for activities you truly enjoy. But after you retire, you will have much more time to spend on interests that bring you a sense of fulfillment.

Sitting on a couch and watching Netflix will not fit the profile of a dream retirement.

The happiest retirees know how to stay active and engage in hobbies and activities on a regular basis. It does not really matter what your hobbies and activities are. It might be hiking, swimming, or biking. It might be painting, playing a guitar, or photography.

The one thing that matters is that you feel passionate about your interests, and you make them a part of your daily routine.

After you retire, you will have more time to read and learn. You will have time to take classes, visit museums and art galleries, or read and learn new things. Best of all, you can explore the topics that truly interest you. And you can take courses or classes and not have to worry about being graded.

And whether you prefer hiking, biking, going to the gym, or playing golf, you can do it on weekdays when the crowds are lighter. You have more flexibility to adjust your schedule when you are not working.

7. Quality Time With Loved Ones.

While you work, you and your spouse have limited amounts of time to spend together, especially if you have children.

After you retire, you are going to be around each other most of the time. This may require some adjustments. You will probably need to work together to design a daily routine that satisfies both of you.

Also, you may need to find common ground on how much you will spend together and apart. You will probably discover there are some things you enjoy doing together and others you do not. You should agree upon how much time you will allow each other to enjoy your personal interests.

But it is so easy to take your time together for granted. At least once a month treat yourself to a special night out or share an activity that you both enjoy.

Spending time with their grandchildren is on the agenda for many retirees. They wanted to make up for the lost time with their grandkids because they were too busy working.

Also, many did not have enough time to enjoy the young years of their own children due to their jobs and busy schedules. Thus, they are looking forward to retirement as the time to spend more time with the family.

Having the time to be available for family members when they need help is what people love about retirement.

Takeaway

You may be surprised at how many of your friends will comment that you look happier and more relaxed after you retire.

While it is true that retirement brings some challenges, your life will change in many ways. But overall, retirement represents a wonderful chapter of personal freedom, relaxation, and fulfillment. Go ahead and look forward to the benefits and opportunities that will be yours when you have control over your life and your time.

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7 Steps to Get Emotionally Ready for Retirement

by Maggie Leave a Comment

man works on a laptop-emotionally ready for retirement

People often feel overwhelmed by the idea of retirement. That can lead to putting off thinking and planning for their next phase of life.

Even those who feel excited about retiring can often experience anxiety if they do not have a plan to help them make a transition. Others struggle because their jobs are a part of their identity. And it gives them a sense of purpose and a feeling of belonging.

While we cannot predict the emotional impact of leaving the job and becoming a retiree, we can take steps and prepare ourselves mentally and financially for our next phase of life.

Step 1. Start preparing in advance.

Every life change or transition comes with emotional discomfort.

A lot of retirees only prepare for retirement financially. They are not aware of the emotional impact retirement can have on their lives. Preparing early is the best way to be ready mentally and emotionally.

Getting ready for retirement may be challenging at first, especially if you like your old routine and do not know what to do instead. But accepting that it is the next chapter of your life earlier can help you get ready better.

How soon you should start preparing for retirement? The time frame can be different for everyone.

You should begin making plans once you decide that you are ready for retirement. Keep in mind that preparing for a major life change for most people cannot be done within one week, or even one month. It is best to start preparing yourself mentally within 1-5 years before retirement.

Begin envisioning what you want your retirement to look like in about 5 years. Some people may want to keep working part-time. Some would prefer to volunteer or start their own enterprise. Many others would prefer to travel and explore the world.

Step 2. Personalize Your Plan.

Retirement is a huge transition. A big part of successfully transitioning to retirement is preparing yourself mentally for the emotions you will fill.

Knowing what to expect and planning things ahead of time will be a cushion as you transition from one way of life to another. Going from 40 hours working life to having all the time in the world does not happen overnight. It will be a transition. Make sure that you know what you want to do in retirement.

Hone your vision and create a detailed list of things that you really want from it. Some people will be happy to have no schedule and just sit back and go with the flow. Others need to have goals, commitments, and obligations to fill their days. Focus on what works best for you. Create opportunities that align with your needs.

Creating a retirement bucket list can be helpful to have goals and ideas so you can make the most out of your golden years.

5 Reasons Why You Should Have a Retirement Bucket List

Step 3. Check your finances.

Finances are one of the biggest factors when you mentally prepare for retirement. Going from earning a steady paycheck to living off your retirement savings takes a big mental adjustment.

Be realistic. Make sure you have a retirement plan that fits your financial situation. And that includes having a retirement budget plan for your dreams, activities, and projects.

One of the best things you can do to prepare for retirement is to reduce your expenses. Reducing your expenses before retirement helps you free money to pay off any kind of debt and mortgage or add to your savings right now.

Some simple ways to reduce your expenses include cooking more food at home and eating out less, cutting your cable bill by using streaming services, switching insurance providers, and more.

If you want to make sure that your finances are fit for retirement, get a realistic sense of what you will be spending in retirement.

The best advice is to create an estimated retirement budget based on your current and future expenses. You might have a general idea of what you are spending now. But you will be better prepared financially for retirement if you have a clear picture of your expenses now and how that might change in the future.

Your emotional and financial plans should be in sync. And if you want to have enough money in retirement, make sure your lifestyle matches your budget.

Step 4. Replace work routines with new routines.

One of the most common challenges in retirement is adjusting to the lack of structure that comes with not having a regular job. It may sound like a paradise but in reality, it can lead to boredom, loneliness, and even depression.

To be mentally prepared for your retirement think about how you want to replace your work routines. Our work gives us a purpose, identity, and steady routine. Many retirees go restless or feel lost when they go from a full schedule to an empty calendar.

Suddenly, you have a lot of free time on your hands. The loss of structure and routine in life can bring a sense of isolation and sadness. You need to find a replacement for your work routines. The transition from a structured work schedule to a more unrestricted one can be difficult to navigate. It will leave you feeling uncertain about what to do next.

Having a routine in retirement definitely has benefits. But how do you build that routine? The simplest way is to visualize what your ideal week would look like and then plan accordingly. Think about the activities that bring you joy, such as social activities, interests, and hobbies. And then schedule them into your week. Do not be afraid to stop and try something else if a routine or habit is not working for you.

A few ideas to add to your retirement routine:

Create an exercise routine.
Create a grocery shopping and meal planning routine.
Create a routine for social connections and socializing.
Set aside time for learning something new.
Join a group or club.
Try something new each week.

Step 5. Discover your new purpose in life.

Living a purposeful life can help you feel satisfied and content with your own life. This gives you a reason to look forward to each new day.

What most of us do not often realize is that the sense of purpose relates to our jobs and the many demands through our working years. This might have included raising a family, buying a house, paying off the mortgage, and more.

Retirement changes everything. Some new retirees feel a loss of purpose after leaving work. Their jobs provided structure, stability, and a reason to get moving each day. Those extra 40+ hours a week are not always easy to fill. Find a purpose in your retirement life becomes of paramount significance.

So, how to find a new purpose in life? Think about how to refocus your life by writing down your interests and things you want to do in retirement.

Many people find their purpose in doing meaningful work like being a volunteer while others might find that their purpose is to help family and friends. Some people find their purpose is going away on a spiritual journey or helping others on a similar path.

Think about who you want to be in retirement and ask yourself:

What special talents or interests do I have?
Do I have a dream that I want to pursue?
What do I want to achieve?
What skills I can use to benefit other people?
Do I like to work at something I am used to, or would I prefer to face new challenges?
What would I regret not doing if I die?

As you gather your thoughts answering those questions, you can begin to outline what your new purpose in life might be. Look at retirement as a time for exploring, developing new skills, and trying out new interests and activities.

Step 6. Discuss your plans with your spouse.

Many couples assume they share the same vision about their life in retirement without talking about it. But if you and your spouse or partner have different ideas, this can lead to conflicts and disappointment because you are not on the same page anymore.

Just like everything else in life, communication is critical here. It is important to discuss your plans and dreams with each other. The worst thing you can do is not share your plans until you are ready to retire.

Maybe your spouse does not want to retire at the same time as you. Or perhaps you want to move closer to your children and grandchildren, but your spouse has another plan in mind. Keep each other in a loop about your plans. Start this conversation as early as possible so you are all on the same page.

Another topic to discuss with your spouse or partner is how to manage matters at home. You need to talk about how to handle household activities.

If you are retiring together, you need to discuss how to handle alone time and together time. If you are the only one retiring, the transition can be tough because the roles are changing once you retire. Your spouse needs to get used to the fact that you spend more time at home. Also, you might be expected to do more household activities than you anticipated.

Step 7. Take time to process and adjust your emotions.

As I mentioned multiple times in this article, retirement is a major life change and a long process. Give yourself time to adjust to the new situation. Prepare yourself emotionally for the adjustment.

Accept that you will be sad for a little bit after retiring. Then make some plans to make yourself busy again and get comfortable in your new life.

Many people try to rush into other activities to escape from their real feelings of sadness. This can bounce back to you. Have realistic expectations. Make a list of what you can reasonably expect to do in the first weeks and months of retirement. Try not to stack your list with too many things to do. Remind yourself that you are allowed to adjust. Take it easy on yourself.

Retirement is a huge milestone in your life. Celebrate the beginning of it to make it memorable.

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9 Reasons Why Retirement Planning Is Important

by Maggie Leave a Comment

man and woman in the gym-retirement planning is important

Retirement is a major lifestyle change and not everyone is prepared for that change.

Planning for retirement is not always easy. Creating a realistic retirement plan requires that you know what you want. Most people are focused on the financial part of their retirement without giving enough thought about what to do with their time once they retire.

You need to figure out what you want to do in retirement and how to prepare for it. Because preparing well in advance will make your transition into retirement less stressful. After all, you will be retiring from work not life.

The important thing to remember is that the retirement plan is not something static you can put on the shelf and forget. It is a reflection of our ever-changing lives, goals, and dreams. If you have not given enough thought about your retirement years, maybe it’s time to start now. After all, if you want to have a happy retirement, you will need to plan for everything.

If you want to learn about why retirement planning is important, I have created a list of the 9 most important reasons.

1. To Prepare for a lifestyle change.

Retirement changes your life, and you need to prepare for it.

Some people may want to continue their lifestyle just as it is today. But others may plan to drastically change everything and go with something new and adventurous. Or you are somewhere in between.

What you dream about today might be totally different from what you decide to do when you retire. But whatever you decide to do in retirement, make sure that it makes you happy.

2. To Maintain your standard of living.

Knowing your financial situation is key when planning for retirement. You want your current lifestyle to continue even after retirement.

Today, your current expenses are covered by your monthly paycheck. After you stop working you want to make sure that your day-to-day expenses are covered by a regular income stream. It is not going to be your employer paycheck anymore but a combination of Social Security benefits, pension (if you are lucky), withdrawals from your retirement accounts such as 401(k), IRA, Roth IRA, and retirement savings.

It is important to know what you can financially expect when retired and how to invest and save money while still working. You need to have a clear picture of how much your nest egg is enough to retire comfortably.

You will find some helpful tips reading these articles:

3. To Be prepared for a longer Life.

When you are planning for retirement, you want to know how many years you need to cover financially.

Estimating your longevity will help to determine how much you can spend and how much time you have to enjoy your golden years. Our baby boomer generation will live longer than any previous generation. And that long and healthy life will cost money.

According to Social Security Administration, a 65-year-old man can expect to live until 84 and a 65-year-old woman can expect to live until 86.5. And those are just averages. Many baby boomers will live past age 90.

The fear of running out of money in retirement is one of the most discussed on personal finance sites. Many things could go wrong in your retirement years like long-term illness, death of the spouse, economic and stock market recessions.

If you do not have enough money to cover the expenses, it will affect the quality of your life and put a lot of pressure on you and your family.

4. To Prepare for unexpected life events.

Anything unexpected can happen during your life.

You can plan all you want but your life can take a turn when something unexpected is happening. It is better to be prepared for it financially. You would not want to depend on your family in case of any medical or financial emergencies. You should always have an emergency fund that will keep you prepared for unexpected life events.

The rule of thumb is to save 3 to 6 months of living expenses in an emergency fund. But it is recommended to save up to 12 months. Keep in mind that retirees are not technically at risk of losing their income from a job since they have stopped working. But they could still find themselves in a position where they need funds quickly.

The best places to put your emergency savings:

Money market deposit accounts
Money market mutual fund
Online savings account
Bank savings account
Certificate of deposit (CDs)

Saving your cash in a traditional bank savings account is one of the safest ways to go if you are not comfortable exposing your money to a higher risk of stock markets.

5. To Avoid unnecessary stress.

It is not a secret that many retirees stress about their financial situation and if they have enough saved to retire comfortably.

This makes sense because running out of your savings fast would leave you dependent on Social Security alone. And these benefits do not provide enough to live on. When you are under that much pressure, your entire quality of life and health suffer. You might find it difficult to eat, sleep and enjoy your life.

But by planning in advance, you will be able to set realistic retirement goals and then estimate the amount of money you will need. This way you should be able to pursue your new hobbies and activities without any financial dependence.

In the end, creating a retirement plan where you look at the lifestyle you want in retirement and then at how financially to support it will help you avoid stress.

6. To Find happiness in retirement.

It is a well-known fact that many retirees struggle to find happiness after they leave the workplace.

The main reason is that they do not have a retirement plan besides the financial part of it. A lot will change once you are no longer working.

Many people have to create a new social circle because their social activities were work-related. Also, as a new retiree you have to create a daily schedule because you do not need to go to work anymore. Additionally, many people are not aware that they often need to find a new identity for themselves while transitioning to a new phase of life.

Just remember that every life change comes with emotional discomfort. But preparing in advance will help you with the transition from a working life to a life filled with leisure.

You should think thoroughly about how you want to spend your time. So, you can make the most out of it. When you do not have a plan for how your retirement should look, you will probably find yourself depressed and disappointed or waste your days with unrewarding activities. But if you are truly in sync with your new lifestyle, you will find happiness in retirement.

7. To Fulfill your retirement goals.

The lifestyle of today’s retirees is different from the lifestyle of their parents. Today’s retirees are very active. They travel, volunteer, play sports, or start new businesses. They like to spend their time with family and learn new technology or skills.

When we have a lot of free time ahead of us, we start thinking about what we would like to do with it. Sorry to say but often life takes over and we may focus more on day-to-day chores and less on our goals.

However, it is a proven fact that people who set their goals achieve more in life than people who do not. Even in retirement, setting goals will help us define what we want to learn, explore, and accomplish.

I would encourage you to set up short and long-term retirement goals. Because goals provide direction to the future. Goals can offer a new sense of purpose and practically force you to commit time to something each week that is just for you.

The important thing to remember is that having a goal means you know where you are going and what it takes to get there.

8. To Complete your bucket list.

Retirement is a time when you can do all the things you want.

In many cases, people do not know what they want to do once they are retired. This is the reason why you need to start planning for your retirement. Because if you know what you want to do, you can start preparing for it.

Creating your bucket list is the simplest way to figure out what you want to do in retirement.

A retirement bucket list is a list of all the things you want to do when you retire. Start by creating a list of all your dreams you want to achieve. Sometimes it can be challenging to create a bucket list. But do not limit yourself, and do not hesitate to put your wildest dream on paper. You can always decide later if there are things on that list that have to wait for a while before completing it.

If you are looking for inspirational ideas for your bucket list, read my article:

5 Reasons You Should Have a Retirement Bucket List

9. To Leave a legacy.

Many people feel it is important to leave a legacy.

You have worked hard to build a life of comfort for you and your family. In the end, you want to make sure that this level of comfort lasts for years to come for your family when you are gone.

Leaving a legacy is not mandatory but gives us a greater sense of purpose while living. You may hope to be remembered for your actions and provisions by those who survive after your death. This type of planning asks you to envision how you want your money to be used and where it can make an impact.

Here are a few related posts you might want to read:

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Practical Tips to Make a Smooth Transition to Retirement

by Maggie 2 Comments

a couple walking with travel bags to the boat - transition to retirement

Like many other life transitions, retirement comes with emotional and mental adjustments. Your transition to retirement will not happen overnight.

Most retirees will go through stages of emotions when adjusting to a new life. Give yourself some time to understand that this will be a process. Learn how to slow down. Pause and relax. The process of transitioning should be a gradual learning curve.

Here are a few practical tips to help you make a smooth transition to retirement.

Prepare for ups and downs.

The first year of retirement will be filled with bumps and adjustments no matter how well you are prepared.

Do not expect the transition from your 30+ years of work to retirement to happen without stress and anxiety. There are going to be surprises and disappointments down the road before you settle into something more comfortable.

There will be times when you feel lonely, isolated, or a bit lost, which is normal. But do not spend your time dwelling on thoughts about the end of your career, loss of identity, and loss of social connections.

Accept that you have done all you can working for many years and focus on your next phase of life. Make peace with it and move on to your next challenge.

Retirement Finances

1. Know your retirement expenses.

A good life costs money. You do not need to be rich to have a happy life, but you still need enough money to finance your retirement lifestyle.

As I have already explained in many of my articles, you need to figure out how much you actually need to retire and live a comfortable life. Obviously, that is a different amount of funds for everyone!

If you are close to retirement, have a clear snapshot of your retirement funds and where your money is going today. It can help you take control of your spending and saving habits.

If your numbers show that you will be able to cover living expenses and have enough left over to live a comfortable life, then you are on the right path. But if you have a significant shortage of funds you will need to cut your spending, save more, or even work for a few extra years.

2. Simplify your finances.

Many people use retirement as a time to make their life simpler. Smaller homes, fewer cars, and less stuff.

How to simplify your finances?

Consolidate bank accounts. Close multiple savings and checking accounts and consolidate them in one bank account. With fewer accounts to track, you will have less hassle remembering logins, websites, and spreadsheets.
Consolidate retirement accounts. Roll over multiple 401(k) accounts to a single IRA.
Get rid of paperwork and pay your bills automatically. Easy to track your payments. And you will reduce the stress of money management and make it less complicated.
Reduce the number of credit cards. Cut back to just one credit card.

3. New life on a fixed income.

In retirement, you will transition to living on a fixed income. Your salary will stop coming and your income stream will change.

But you have saved and invested your money preparing yourself for a new life on a fixed income. Your new income will come from the combination of Social Security, a pension, retirement accounts – 401(k), IRA, Roth IRAs, and investment accounts. This is what you have worked so hard for all these years.

Retirement Lifestyle

1. Develop a routine.

We all need structure in life and our job helped create that structure for many years. When we stop working the structure is gone.

What happens when you retire? It is Monday morning, but you do not need to go anywhere. There is nothing planned. There is no alarm clock and no morning rush.

The first few days or weeks will be exciting. You can sleep late, read in bed, or catch up on your favorite Netflix shows. But I am sure that by the end of the week or month, you will start feeling bored, isolated, and maybe a bit depressed. The fun is gone, and you will be glad to go back to something more meaningful in your life.

That is why you need to develop a routine and create a “new normal”. Some people love to have a daily routine, while others cannot bear to have everything predictable. But without proper planning and developing daily activities to get you up every morning, your retirement life will be dull.

2. Find hobbies and interests to fill your days.

I believe that everyone had some interests in life before they were forced to put it on the shelf during their working years.

older man run marathon - transition to retirement

All those things we regret not having time to do during our working years can act as an inspiration when we transition to retirement. It can be sports and travel. It can be learning something new – a new language or instrument. Also, it can be starting an art project or home remodeling.

Many pre-retirees are afraid to be bored in retirement, and I can relate to that feeling. Most of us spend our lives dedicated to responsibilities. We often forget how to live outside of our comfort zone.

If you are getting ready to retire, think about how to structure your days. Plan to allow yourself to try something new and even uncomfortable like going back to school or learning how to paint.

Here is a list of ideas:

Learn how to sail.
Start (or join) a book club.
Learn how to paint.
Take a pottery class (a photography class).
Take a cooking or baking class.
Write a poem.
Write an e-book and publish it.
Learn new digital skills – open an Instagram or Twitter account.

3. Keep in touch with your friends from work.

Losing your network of co-workers and office friends can be hard. Eventually, life in the office will go on without you.

Even though you are retired, it does not mean you have to lose contact with the group of your office friends completely. A simple email, text message, or phone call can lead to regular catch-up meetings with your friends from work.

Also, you can make arrangements for lunch or dinner dates once a month to stay in touch with your ex-colleagues. Most workplace friends will be happy to catch up with an old friend they have not seen for a while.

Once you retire, it is easy to become involved in other activities outside of the workplace. But keeping workplace friendships alive during retirement can help you mentally adjust to life without work.

4. Expand your horizons.

Travel is often high on the bucket list for retirees.

Many people (including myself) look at retirement as the best time of their lives, a time for adventure and travel. I believe that one of the biggest benefits of retirement is the freedom to explore the world and expand your horizons.

Do you have a retirement bucket list?

I have found it useful to create my retirement bucket list. That is a list of things I want to do and see in our local area and other countries.

I like to keep my bucket list updated with the name of new places I learned and the dates we want to travel there. Most of the time, Roman and I feel excited when discussing our travel plans and the places we want to visit.

A few ideas from my retirement bucket list:

Live in France for a year and learn French language
Go on a road trip through Sicily
Take cooking classes in Spain and learn how to cook paella.
Write an e-book.
Visit Brazil during the carnival and learn how to dance salsa.
Take a European river cruise
Grow a vegetable garden.
Design and build a lake house.
Go on a Safari in Africa
Visit Tahiti

5. Spend time with people you love.

Retirement can be a challenging time for relationships. When you stop working you will leave most of your friends at work behind.

Unfortunately, many will disappear from your everyday life the day you leave. It will take a lot of effort from both sides to keep friendship, once the common purpose of work is gone.

Growing older could be lonely unless you have support, love, and even friendship from your family. Do you have a good relationship with your spouse? Are you close to your children and their families? Do you spend enough time with your grandchildren?

Offer to go to the game or concert with your kids and grandkids. Consider a family vacation together. Spend all the holidays and other celebration times together.

Do you stay connected with other parts of your family like your brothers or sisters? Do you keep in touch with them regularly if they live far away? What effort do you make to stay in touch with them?

Unfortunately, many of us spend more time on Facebook, Instagram and Twitter to stay informed and connected with former classmates or colleagues because they post often rather than spend time with people who are important to us.

I read that one of the greatest regrets of people who are getting closer to the end of their lives is that they didn’t spend enough time with their loved ones.

Life is short! Make sure that you spend enough time with the most important people in your life.

Final Thoughts

Most of us look forward to retirement as a time to relax and enjoy our golden years. Finally, we can do whatever we want and when we want.

But the transition from work to retirement comes with its own challenges. Many people will learn how to adjust to retirement life in different ways. Everyone’s path will be unique. But you will know how to deal with challenges if you are prepared.

Following the practical tips above will help you transition to retirement better so you can feel happy during your new phase of life.

Helpful articles you might want to read:

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Is Relocating in Retirement a Good Idea?

by Maggie Leave a Comment

houses next to mountains-relocating in retirement

According to studies, 36 % of those 50 and older want to stay in their current home when they retire. Yet almost 37% of retirees have moved since retiring. And 27% expect to move at some point.

What is right for you depends on your lifestyle, financial resources, and personal preferences on climate, activities, and proximity to friends and family.

If you have just retired or are a few years from retirement, you may be thinking ‘Where should I live in retirement?”

Sometimes there are good reasons to relocate in retirement.

You want to be closer to your family.

For many people, there is a good reason to move in retirement because they want to be closer to family or friends.

Right now you may have no real plans to go anywhere. But if your adult children are planning to move away, you do not have to feel stuck when your family no longer lives near you.

Some retirees prefer to move to another state or area to be closer to their children and grandchildren. As we age, having family members nearby can be crucial as we must rely on their help more than ever before.

Also, if you suddenly lose a spouse after moving across the country, you will find support by being closer to your family. On the other hand, if you move you will be leaving your friends behind.

You want to move where the cost of living is cheaper.

This may not matter to you if you have saved a good nest egg for retirement. But most people have a limited amount of retirement savings. Moving to a more affordable place to live could make all the difference in allowing your savings to last longer.

If you currently live in an expensive area, you should consider moving to a place with a lower cost of living. The sooner you relocate the easier it will be to make sure you do not spend your savings fast.

Keep in mind that housing is your biggest budget item. Even in retirement housing costs as a percentage of spending will remain around 35% on average.

Reducing your housing costs now will give you more cash to put toward your other retirement goals. Once you are retired, the fact that you have lower housing costs means you will need less income in retirement for this essential expense. Plus, you will have freed up more income for other retirement expenses. That could mean more travel or spoiling your grandkids.

You want to move where taxes are lower.

Even in retirement, you must pay taxes. The cost of living is important. But how much you pay in state income tax also plays an important role when you live on a fixed income.

Some states are tax-friendlier than others. The following states do not have a state income tax:

Florida
Nevada
New Hampshire
Tennessee
Texas
Washington

Moving to a state with low taxes and estate taxes may be worth considering if you have built a sizable amount of retirement assets that will be taxed as you withdraw them.

For example, if you move from Massachusetts to Florida, you rid yourself of state income tax. But if you move from New Hampshire to South Carolina, you have to start paying state taxes.

You want to downsize to a smaller home.

If your current home is too large for you, you should consider downsizing.

Find a house that is easier to maintain. Downsizing is not just a physical change. Sometimes it is a way to create a new life in a new space.

Moving also allows you to choose a home better suited to your needs during your retirement years.

By moving from a single-family home to a condominium you are trading stairs and mowing the lawn for less space and more amenities, including indoor and outdoor swimming pools, a gym, a club room, etc.

Also, it might be a good time to sell your home if you know that it will sell for a great amount of money in the current housing market. You may get a high bid for your home and then be able to move anywhere you want to.

If you have always wanted to travel in retirement, then selling your house may be a great decision. You can rent a condo or apartment so you will feel free to travel often and not worry about maintenance, repairs, and yard work. Even if you just downsize to a smaller home, you will have more money available for your travels, and hobbies.

A move can also reduce your costs if you are looking at relocating to a senior living community.

Some of these communities are all-inclusive with dining, shopping, and fitness/spa located in one spot. In exchange for an HOA fee, things like maintenance and lawn care may be covered for you which means less stress on your wallet and time.

You prefer to move to a place with a better climate.

If you want to avoid the Northern winters, you might want to relocate to a different geographical area with a better climate.

After living in a cold climate for years, many retirees prefer to move to a warmer climate so they can stay active and enjoy spending more time outdoors. I hear all the time people saying they want to retire at the beach. But have they ever spent time in a beach community in the off-season? It can be a very different place.

However, if you have never lived in a warmer climate before, you will need to get yourself time to adjust. Do not expect to get used to the new temperatures immediately. Be patient with yourself and learn how to adapt to the new climate.

Additionally, if you have health problems, talk to your doctor about planning to move to a different climate. Your doctor should help you make the transition easier. Some medications may even interfere with your body’s ability to tolerate temperature changes.

There are plenty of advantages to living in a warmer climate but there are also damaging weather conditions such as hurricanes, tornadoes, etc. Be sure to ask your real estate agent questions about special insurance policies you need to cover any weather-related damage if you own a home in that area.

Why to stay put and retire in place?

Ideally, retirement is supposed to be a time when people move to a warmer climate to sip drinks on the beach or to play endless rounds of golf. But in reality, a huge percentage of Americans are happy to stay put and retire in place.

There are many good reasons to retire in your hometown.

It is cheaper to retire in place if your mortgage is paid off.

Moving is an expensive task both in time and money.

You will spend a large amount of money and time looking for a new home, preparing your existing home to list, paying realtor fees and real estate taxes. Then hiring movers, moving, paying closing costs, and renovating your new home to fit your style and taste. If you stay put these expenses can be avoided.

Remaining in your community.

You are lucky if you can afford to stay where you are in your retirement years. You get to keep what is familiar and comfortable in a home filled with memories.

Additionally, staying closer to your friends and neighbors will help you fight the loneliness and isolation that often comes with retirement.

As we age, our ability to socialize and meet new people shrinks. Perhaps, that is because we are no longer working, or maybe we do not have enough energy to make a bunch of new friends. That is why remaining in your community gives you access to people who have known you for years, maybe even a lifetime.

Additionally, if you stay close to home, it might be easier to find work if you start depleting your nest egg fast. Perhaps you can reach out to the old group of friends or colleagues to find opportunities for a part-time or freelance job.

Great healthcare system

If you live in an area that has a great healthcare system, that is something to consider before moving somewhere else. Moreover, you will be seeing the same doctors that know you well.

In retirement, the typical household spends around 12 percent of its household income on medical expenses annually. That amount increases to nearly 16 percent by age 75.

If you are trying to keep your out-of-pocket costs as low as possible, do not rush to leave affordable health care behind.

Update your home for aging in place.

If you decide to stay put, make sure it works for you.

Take a critical look at your current home and decide what changes you have to make to your home that will pay off in the future.

Here are some items that might be on your future project plan:

Add, expand, or renovate a bathroom.
Extend your bedroom and add an ensuite.
Redesign your kitchen to fit your new lifestyle.
Create an office space. It will help if you plan to do any side work or freelance.
Create a guest room. If your children and grandchildren come often for a visit, having a separate room will help them feel more comfortable.
Create an outdoor space to be your sanctuary.

As we age, so will our homes. Today we move effortlessly around our homes. But as we grow older our mobility will decline.

house with a wheelchair person - retire in place

As a result, those stairs might not be so easy to fly up and down to get to the second-floor bedroom. Or how about the bathroom? Climbing in and out of your tub could become a slippery risk.

Even the simple task of climbing the entrance stairs to get into your home might be an issue at some point. If you plan to stay put and “age in place”, start figuring out how much it would cost to make your home senior-friendly.

You need to find ways to make your home easy to access no matter what your age, size, or abilities.

Options might include:

First-floor master bedroom
First-floor bathroom
Bathroom grab bars and railings
Curb-less showers
Shower seat
Non-slip safety flooring
Task lighting in the kitchen and other work areas
Wide doorways to fit walkers and wheelchairs
Entryway ramp
Well-lit hallways

Home Renovations for Aging-in Place

Deciding where and how to live always involves some research and detailed planning. So, put your planning skills to work and think about where you will be comfortable living in retirement.

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