What do your retirement years look like?
If you’re like most people, you probably already have an ideal plan in mind. Maybe you want to travel more, either internationally or even closer to home. Or you’d like to spend more time with the family, spoiling those grandchildren and building all kinds of fantastic memories.
Whatever the case, your future happiness is going to be dependent on many things, starting with your retirement plan now, long before you even get there. Taking the right steps at the right time is crucial. You’ll want to consider many things, including:
1. Give Time for Your Transition Into Retired Living
This is a huge life change for you. Remember, even good changes require an adjustment period. Before you knock yourself out, running in all directions, you might want to schedule in some downtime to get used to the new status quo.
2. Have A Game Plan
Once you’re settled in, where do you go from there? Without a clear idea of what retirement is going to look like for you, it’s really hard to plan at all at once straight after your last day at work. Worse, for those looking at the money aspect, you might not even have enough saved for everything you want to do. Here’s where you need to get a handle on what you want your daily life to look like in retirement.
3. Evaluate Your Finances
How do your retirement savings look? Running out of funds to do the things you want is one of the biggest factors to get in the way of a happy retirement. If you haven’t set aside enough, you might find yourself in an uncomfortable position later. Here’s where you might want to evaluate your current budget to see if you can allow for increased savings.
4. Decide Where Your Ideal Home Should Be
Location truly is everything. Now is the time to figure out just where you’d like to be. Where would you be happiest? In an RV, seeing America? Living near the kids and grandkids? Someplace warm? The answer is different for everyone. What factors are important to you in making this decision?
5. Consider Your Insurance Plan
What kind of health plan do you have now? Is this going to change with retirement? Since health care plays such a large part of our lives as we age, figuring out now what kind of coverage you want, and how much this is going to cost will help you to set you up for the most successful health outcomes later. Part of being happy is not having to worry about medical bills.
6. Find a Purpose
The days of your retirement can very quickly become long and tedious once you acclimate to the new schedule. To avoid anxiety and depression about the coming days, you need to find a purpose for your life. What would you still like to contribute to the world? How can you carry this out? Don’t be afraid to dream big.
7. Create Goals
Once you have a purpose, set out some goals to push you in the right direction. Maybe you’d like to mentor. A goal would be to maybe volunteer at an organization that needs mentors.
8. Try Something New
Now is the perfect time to experiment with your life. If there’s something you’ve always wanted to try, your retirement allows you the time to do this. Take a class, go on a trip, try that new food you’ve always wanted to try. Trying new things also has the added benefit of giving you something to look forward to during the day.
9. Journal Your Journey
This is a new life experience for you. Journaling gives you a record you can revisit later, and also something you can pass along to your children and grandchildren as a record of your life.
By keeping these steps in mind, you’ll take a lot of pressure off later, when you’re ready for your retirement party. You’ll be glad you did!
The team at Pension Solutions Canada are here to help make sure you’re set up for success. We specialize in helping individuals prepare for retirement and understand their pension options. Let us assess and review your income streams in retirement and help you with retirement planning. Call us at 1-888-554-6661.