Planning and Preparing for Retirement

Planning and Preparing for Retirement

Are you nearing retirement?
Perhaps you are getting cold feet?
What are you going to do when you retire?

Here are some tips to help make the transition a little easier.

Planning and Preparing for Retirement

Planning and preparing for retirement should be done at least a couple of years or more prior to you retiring. The idea is to give yourself some time to prepare and plan for your retirement, “practicing” now to see what it will be like (like doing a dress rehearsal for a play). Practicing retirement will help you gradually transition into a totally new lifestyle along with letting you see if you are actually ready to retire.

Practice Surviving on your Future Retirement Income

If you want to prepare yourself for retirement, one way to do that is to live on the amount of money that you will get when you are retired. Any additional money that is left over should be put into a savings account. If you practice living on your future retirement income now, then you are not only saving money for your retirement but also getting an idea if you can actually afford to retire. If you cannot live on the income, then maybe it isn’t time for you to retire, or you need a couple more year of savings.

Taking Vacations More

You can practice being retired and living the retired lifestyle by taking more vacations. You can take vacations in your home country or abroad, and doing this will allow you to see what it is like having so much free time on your hands and what you can do with all this extra time. Taking more vacations will also assist your co-workers in getting used to you not being around as often as you have been in the past.

Purchase a Vacation Home or Rent a Vacation Home

Have you been thinking about retiring abroad? If you have, then now is the time to start the purchasing procedures. You can buy a vacation home or rent a vacation home at the destination that you have always dreamed of retiring at. If you do this now, then you can build friendships before you make your move along with seeing if you will truly enjoy retiring in this destination. Another great option for those individuals who are a few years from retiring is fractional ownership that you can upgrade to full ownership when you retire.

Start New Hobbies or Rekindle Pastimes

When you are working you never seem to have the extra time to enjoy any hobbies, but retirement gives you freedom to start new hobbies or rekindle the hobbies that you once enjoyed. You can start to prepare for these hobbies now and if you need to purchase any items for your hobbies, then now is the time while you can afford to do so.

Focus on your partner

Now is the time to prepare for retirement with your spouse or partner by rekindling the romance. If you and your spouse will be retiring together, in just a short time and you two will be spending every hour together, so right now you can start going on date nights, taking a weekend to getaway, and attending different social activities together. You and your spouse will be building a better foundation that will prepare you for each other when you both retire.

Purchase All Expensive Items Now

It may be difficult to purchase expensive items when you retire, so now would be the time to do that. You can take out credit for a vacation home or property, a camper, and other expensive items while you are still working with a full income. When you purchase expensive items now you will see how the repayments of these items can fit into your budget upon retirement.

Do you have any more tips? Leave a comment.

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