The Best Retirement Advice You’ll Find
Finances and Attitude
Finances will of course have an impact on your ability or willingness to retire at a certain age. How much do you need to retire? Hopefully, between a retirement account, pension, investments, savings and social security you have determined that you will be able to live comfortably through your retirement.
While it is outside of our scope to offer financial advice, if you want or need to consult a Financial Advisor just a word of caution. Be careful who you choose to consult with. There are hundreds of thousands of financial advisors in the U.S., but there are various criteria used to be so labeled. See the following article at AARP for some tips on how to choose a financial advisor.
Finances aside, the fear of being bored during retirement should not hold you back. There is life beyond work and raising children. But you should have a plan for your retirement .
See this video from ANN (Annuity News Now) below for some sound advice.
Also, be positive! Your attitude will play a large part in determining whether or not you will be happy. Look at retirement as the time to enjoy the things in life you never had time for, until now.
- To see things you have never seen
- Try new experiences you have never done
- Start a new business
- Visit family and friends
- Get a part time job
- Take a gap year, a year off in a new city or different country
- Take up a new sport or hobby
What to do While Retired
Your retirement plan should include some structure and a list of things you would like to do or accomplish. This can include things like specific travel ideas, taking classes in an area of interest, starting a hobby, taking a part time job or writing a book or a blog. These activities will keep your mind sharp.
Other activities can include spending time learning a new language or musical instrument. Dakim BrainFitness is a highly regarded web based program aimed at sharpening your mind and memory. Crossword puzzles, various card games, and games like Scrabble, Bananagrams, Rummikub (my personal favorite), and Sudoku are fun and can help stimulate your brain.
A good opportunity for fulfillment and to meet new people is to volunteer your time to a good cause. Click here to explore some volunteering ideas.
While some things unfortunately are out of your control, you should help yourself stay healthy by eating well while keeping your weight down and with exercise. Read about the best exercises for seniors recommended by the National Institute of Health (NIH). These include exercises to improve your strength and balance.
Downsizing and Best Places to Retire
Children grown and out of the house? You may want to think about moving to a smaller place for convenience or to save on costs. It is easier and less complicated to make significant moves like this in your earlier Baby Boomer years as opposed to waiting till you cannot climb the stairs or handle the upkeep of the huge home. Age, physical abilities and other considerations are all pros and cons of downsizing your home.
There are a variety of choices for moving from your large home to a more suitable environment.
- Housing developments and communities for people over 55. Visit, among others, 55places.com or seniorhomes.com for a nationwide search of communities that may fit your needs.
- Selling your high maintenance house and move to a full service (lower maintenance) apartment in a high-rise building.
- Moving into a private gated community for security and safety concerns.
- A refreshing option may be to move to a new city or to a different country better suited to your retirement needs.
Carefully determine whether these options can cut your cost of living while improving your lifestyle. In fact, consider renting first for a short time to test whether you would be happy in this new environment. Moving out of the U.S. may be too much of a leap for most, but it can be an exciting opportunity for some to actually improve quality of life. Check out these articles in Forbes and International Living for places around the world to consider and for tips on how to make it happen.
Discounts for Seniors 60+
A benefit of retirement age is the ability to take advantage of senior citizen discounts. See this “Maudes Two-Minute Meddling” video encouraging you to ask for and to get discounts.
Ask for discounts at the movies, restaurants, buses, trains, subways, supermarkets, hotels, grocery stores, other retail stores and more. These discounts can be significant.
As an example, participating Gristides supermarket locations offer 10% off every Tuesday for seniors. Many cities offer Seniors discounts for public transportation. For example, New York City residents can apply for a Metro card online to ride the subways and buses at half of the full fare rate. Check where you live to see if these types of discounts are available. AARP members can get discounts on everything from hotel rooms to clothing. Dunkin’ Donuts offers a free donut with the purchase of a large coffee at participating locations by showing your AARP card.