Planning for a peaceful or adventurous post-work lifestyle shouldn’t be giving you sleepless nights. For many, understandably, this is easier said than done. A great deal goes into planning for retirement and some preparations, such as retirement funds, are in the works for many years. Then, of course, there’s deciding whether or not you’re in a comfortable position to retire and exploring all your options.
To approach the weighty decisions involved in retirement and retirement planning with confidence, start off by taking the following things into consideration:
1. Your financial security
First things first, you need to ensure your financial security is in check to guarantee a smoother retirement. Some people rush to cash in on their assets for their retirement but ultimately, it’s preferable to choose a method that doesn’t invite more risk in your life by completely selling off what’s yours. Supplementing your income with a home equity release can be a good alternative option instead, as you can choose to sell a small share of your property in return for cash without the pressure of selling the remainder of your assets.
2. Your Work of Choice
One of the lesser documented reasons for people choosing to retire later in life is that they enjoy or get personal fulfillment out of their jobs. Some will work into their retirement, whether it be part-time or casual gigs for the fun of it. Before having the talk with an employer or contacting your staff, consider your options. Maybe you’ll want to cut all ties and devote your retirement to your garden or pursue a new working gig. Whatever your preference, thinking about this earlier will help to ward off feeling overwhelmed or regretful about your choice later on in life.
3. Your Health
Health is wealth, and this applies to all stages of life. Consider your health when thinking about the timing of your retirement as well as your work conditions. Perhaps you want to:
- * Phase out of work and into retirement by slowly reducing shifts to focus more on yourself;
- * Retire sooner due to work impacting your health or vice versa, or;
- * Put off retirement a bit longer because you know you have a lot of work activity to take care of and it makes you feel happy.
Whatever you do, never use retiring as an excuse to let yourself go – the better you take care of yourself, the better your quality of life will be. Overall, be honest about your health when planning your retirement lifestyle and living situation so you can enjoy all the pleasures you desire.
4. What Feels Like Home
Like the leading characters in the film The Best Exotic Marigold Hotel, many will attempt a grand move in their retirement to an exotic location only to be hit with the realization of how much harder watching the grandkids growing up will be. Consider your living situation if you plan to relocate or move around. You might want to test the waters at some point before you retire to see if the location suits your daily needs.
Everyone is different and when it comes to what your retirement will look like, it’s deeply unique to the individual. By taking all of the above lifestyle factors into consideration and ensuring that you’re stable and secure financially, you can enjoy a retirement lifestyle that is 100% tailored to suit you!