Site Search

Get Luxury News by Email

Live the Good Life

Categories more

Sections

Other

A Beginner's Guide to Retirement Planning

Be the first to review this item!

Published
09/30/2024

You've worked hard your whole life. You've been looking forward to retirement for a while, but sometimes, the anticipation is more thrilling than the event itself. You might be thinking about everything you'll do, but it's easy to forget about the preparation needed.

Retirement is a big change and doesn't always come quickly. The sooner you start planning, the better because having all that free time can feel overwhelming. Give yourself plenty of time and avoid stress before you retire. With proper planning, you'll kick off a thrilling new chapter in your life full of twists and turns worth reading about later.

To prepare for what's next, here's a beginner's guide to retirement planning.

 

Make Sure You Have Enough Funds

Money comes and goes, but you must fund it for the rest of your life, especially when your major earning years are over. Setting yourself up financially should be the goal early in life, but it's time to get started if you haven't already started.

You may have a work pension and some RSPs to draw from, but it also helps to have some savings. Figure out your current costs and see if what you bring covers them. If not, consider your options, like selling off things of value that you don't need anymore. You can also downsize your home or start a side hustle that you can continue into retirement.

If your finances look good, that transition will be easier. However, consider whether you will be an extensive traveller in retirement or increase your spending in other ways. Also, you may want to leave something for your kids, so put that aside.

 

Join a New Community

Sometimes, you need a total change from your working life because that was the old you, and you want to recreate yourself with unique experiences.

How about a retirement home? This is a new beginning full of adventure. Have you ever been to a deluxe resort? This is what modern retirement homes feel like. They are exciting, dynamic, and filled with like-minded people wanting fun and frolic.

Check out some retirement homes in your community and see what you think. You may be surprised at what they offer. These include private residences, many activities, incredible food, and a new group of active friends to do things with.

 

Be on the Same Page as Your Spouse

As retirement approaches, it is time to consult with your closest friend, lover, and confidant: your spouse. This is the teammate you've shared your life with, and planning the next phase should involve them. You want to be on the same page and experience all that life can give you, so sit down and create a shared roadmap that pleases you both.

This doesn't mean you must live in each other's back pockets. However, it is a loving consideration of retirement for both of you.

 

Find Activities to Keep You Healthy

Those who want to live long lives keep their minds and bodies busy. Retirement shouldn't mean mental and physical stagnation but the opposite. You will have freedom of time, so this is when you get active and engaged in whatever you desire to do.

Make a list of all the places you would like to visit. List the things you want to learn. Finally, put down all the activities you want to do. Your dance card should be well-filled with this. Make sure your top priorities include something physical regularly, like a sport or strenuous activity. In addition, include something mental, like learning a language, playing an instrument or writing a book. Even reading and walking are good forms of health to keep you young but try to venture out a bit further than that while you can.

 

Stay Connected

In our working lives, we are constantly connected to people, and our family and friends also take up lots of time. When you retire, you must keep up these human connections as much as possible. This will make life truly worth living.

Take a loved one with you on your adventures and make new friends. You will have stories to tell everyone in your life. Use technology to interact with your kids and grandkids because this is where they communicate the most. It will keep you in the loop and make you the hippest senior.

Comments