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Ideas for People Who Want to Retire and Love It!
What Does a Happy Retirement Mean to You?
Did You Know That 10,000 Baby Boomers Are Turning 65 Every Day in the U.S.?
When I retired in mid-2013, I was nervous, despite the fact that I had spent years getting ready for that day. My husband and I moved to an over-55 retirement community about eight years ago. In addition, I was old enough to collect Social Security, I had a small pension from working a few years for a school district, and I was earning a little extra money by writing online.
I also had a good grasp about what to expect in retirement. Living in a retirement community before I actually retired gave me the unique understanding of just how busy people can be after they quit their jobs! In addition, I have been writing a blog about retirement for several years.
None-the-less, it was still a little scary the last time I drove away from the school where I had worked for several years. I was leaving behind the people I had come to know so well, as well as my familiar routine. It felt strange to know that I would not be back, except perhaps for an occasional visit or luncheon.
The good news is that I survived and I am now thriving in retirement!
Now, I would like to pass on to others some of the things I have learned about retirement over the past few years. There are so many things to consider ... where you want to live, how you will support yourself, how to earn extra income, getting along with your adult children, accepting physical limitations and medical issues.
It's Never to Early to Start Doing Research for Your Retirement Planning
Whether you are 30 or 60, you need to be thinking about your retirement. Do you have an IRA, a 401K, or a Roth IRA? Where do you want to live? How much Social Security can you expect to receive? What steps can you take to maximize the amount you will receive?
Everyone should carefully review the annual statement they get from the Social Security Administration, once they begin to reach retirement age. It will give them an idea about how much money they can expect to receive in Social Security benefits.
You will also want to log onto the Social Security Administration website. It contains helpful information about the best age to retire, benefits for widows, benefits for a former spouse, etc.
What are Some Issues You Need to Know Before You Retire?
Retirement involves much more than simply quitting your job and going your merry way. You need to do some planning in order to make sure that you are not out looking for a job again when you reach your 70's ... which I have seen happen.
Below are some questions you need answered before you quit your job:
* How much income will you have from Social Security, a pension (if you have one), your IRA and/or your 40l(k)?
* How much will your expenses be? Some things, like medical insurance and fuel costs from commuting, could cost you less. Other things, like any travel you want to do, could cost you more.
* Is there a gap between your income and your expenses?
* If there is an income gap, how will you fix it? Will you get a part-time job? Continue to work in your field as a consultant? Cut your expenses?
* Where will you live? Some retirees have found it helpful to cut their expenses to downsizing to a less expensive home or a new community. In some cases, they have even moved in with their adult children ... although that can raise issues that need to be addressed.
* What Medicare plan will you use ... a Medicare supplement or a Medicare Advantage plan? There are distinct differences and you need to decide which one fits in best with your budget and meets your medical needs.
* How will you pay for long-term care, should you need it in the future. About two out of three retirees will need long-term care at some point in their lives; about one in five retirees will need long-term care for more than five years.
Learn About Social Security BEFORE You Turn 62
Everyone needs to understand how their Social Security benefits will work and you should learn everything you can about this program.
Did you know that there are actually hundreds of different ways you can collect your Social Security ... depending on whether or not you are married, whether you decide to take it early, at full retirement age, or later, and other decisions that you can make?
Since the officials at the Social Security office are NOT allowed to give you advice about which choices will work best for you, is really important that everyone does their research BEFORE they begin to collect their benefits.
Don't Give Up on Social Security!
Occasionally I hear from people that they don't believe that Social Security will be around when they retire. I've been hearing the same thing since I was in my 20's ... and now I'm collecting it.
While Social Security is almost never enough to completely support anyone, it can certainly be a major component of your retirement planning. You will have to supplement the amount you receive, but it's still nice to have a base amount coming in every month!
Even Young Adults Need to Start Planning
This is the book that every young adult should have in their personal library. Not only does it cover retirement planning but also important financial decisions like buying your first car and home, getting insurance and more.
Whether you believe Social Security will be around or not, you will want to start young to begin making the types of smart decisions that will allow you to retire someday. Every adult needs to know how to save money, how to invest their savings, how to purchase a home and build up equity in it and how to make other financial planning decisions.
There Are Many Excellent Books for People Near Retirement ... But Very Few for Young Adults
This is an excellent book for young college graduates. It is a wonderful guidebook for young people who want to make the most of their money ... and it covers topics like buying your first home, buying a car, insurance and more.