Preparing for Retirement in 10 Easy Steps

Retirement is a huge milestone that comes with massive changes that many people just aren’t ready for, either financially or emotionally. To help ensure that you are ready, you’ll want to start preparing for your retirement as soon as possible. Preparation is key if you want to enjoy your golden years without having to worry about financial burdens or problematic health concerns before your time.

To help you prepare for your retirement, follow these 10 steps. It’s never too early or late to start, so make preparations today.

Start a Personal Pension Plan

You can start at 45 and have a healthy pension fund for yourself by the time you retire. Add this personal pension on top of the government and employer pension you have been working towards for your entire adult life, and you should be relatively comfortable financially. All this, of course, without cashing in your physical assets such as your home.

Of course, if you start earlier, the savings and pension will grow exponentially just due to the time it is accruing interest for. Starting early and saving even just $50 a month in your twenties can help you save a substantial amount of money by the time you retire.

Improve Your Passive Incomes

Passive incomes are great ways to further increase your pension and savings even further without any additional effort on your part. You could own part of a business and earn dividends, for example, or own stock. You could create digital assets, or even keep your home and rent it out. All of these are great passive incomes to help keep you going and enjoy your retirement without worrying about outliving your savings.

Improve Your Health and Wellbeing

It is never too early to improve your health. By starting early, you can help improve how you feel from tomorrow onwards. Similarly, there is never a better time to start than today, even if you are closing in on your retirement age.

Healthy eating is the most crucial. Cutting out unhealthy temptations and reducing them to treats, rather than daily indulgences, can help you improve your health from the inside and out. It will help you feel better, look younger, and be more agile as you age.

With exercise, however, you will want to be careful. Certain exercises, such as running, can be very hard on the joints especially as you get older. Switch over and find alternatives that are careful with your body as you feel strain. Water aerobics, for example, are great for those with joint issues and can help you stay fit and healthy.

Increase Your Social Circles

Social isolation can happen to us at any age, but those who are retired and have advanced health concerns are hit the hardest. It isn’t just about making friends, you also have to deal with limited mobility and health complications.

That is why you need to work to improve your social circles now. Join a volunteer organization, or a group, or even a sports team. By building up your social circles you have options available to you the second you retire, instead of needing to build them up later on.

If you have waited till after your retirement, however, don’t worry. There are thousands of people in the same situation who are looking to meet new people and try new activities. Just get out there and sign up.

Downsize Your Home

There is no reason to deal with the full financial burden of a family home when your children no longer live at home. You don’t have to get rid of your house and sell it, but you should look into downsizing. Downsizing makes it easier for you to live and handle the ever-increasing difficulty of chores as you get older. Rent it out as a whole, or rent it out by room. Either way, you can often use the rental of a family home to cover the costs of maintenance, as well as the cost of a small apartment.

Make Fun Plans for Your Retirement

Have activities to look forward to when you retire! Plan a big, around-the-world trip you have always wanted to go on but never had the time. It’ll allow you to welcome your retirement with a bang and shift your mindset from working to living.

Choose Your Assisted Living Home

If you have health complications now, then it only stands to reason that they will get worse as you get older. Rather than look for an apartment, you should instead look into assistant living programs that will help you live independently, try new activities, and meet new people; but also provides the additional personal and healthcare support you will need as you age. There are some truly great options out there that make your retirement bliss, instead of a struggle, but you will need to find the best one for you and book a spot in advance.

Take Advantage of Social Opportunities for Retirees

No matter where you live or your living situation, you will be shocked to find how many social opportunities there are for retirees. Even without dedicated social events such as morning walks or trips, you can meet new people by taking classes, volunteering, and generally just getting out there and seeing what happens. Be committed to doing this before you retire, so you actually go through the motions. Getting started is the most difficult part; once you’ve done that you’ll find many people willing to socialize and spend their day with you.

Set Up Your Will

You will want to set up your will ideally once you have children, but if you haven’t or want to update it now that you have retired, now is the perfect time. This way, your will can better reflect your assets and who you want to bequeath your estate to.

Settle Your Estate

In the process of setting up your will, you will come across concerns that you will want to settle so that your loved ones aren’t footed with the bill. Settle your estate so that they can get as much as possible after you die. It’s the last act of good will you can do for them, and doing it early means you don’t need to worry later on.