After our working years, transitioning into retirement may or may not be difficult.
You, like many Americans, may be looking forward to ending your long career and retiring. Like many Americans, what you may not know is that how you retire may be just as important as how much you’ve saved for retirement.
While, obviously, having the funds to retire is an important aspect of retirement, you may want consider easing into retirement rather than simply ended their decades-long careers and entering into retirement. It is important to keep in mind that retirement isn’t just a financial decision; it is also a decision that impacts your mental, social and emotional well-being.
The good news is that there are a few steps you can take to ease into your retirement, anxiety free!
Cut Back on Work Hours
If your job allows it and you are physically and mentally able to do so, you should consider trying “part-time” retirement.
This means that you’ll get the best of both worlds: you can still work and enjoy a bit of an income, but you also get to enjoy a few leisure hours, as well. Additionally, your workplace may offer part-time employee benefits that you might be able to partake in, which may alleviate financial stress.
Cut Back on Expenses Early
This is a big one for living out a happy retirement. You may find yourself unable to splurge on the things you used to, such as daily coffees.
You may need to plan to downsize your home or to adjust other living expenses accordingly. These expense cutbacks can be upsetting; you are a grown adult and are financially independent, so it only stands to reason that you should be able to spend your money how you’d like. The truth of the matter is that most Americans won’t be retiring in the lap of luxury. Without a steady income stream, it will be necessary to budget. It is better to begin the transition to a more frugal means of living prior to your retirement. This way, you’ll save a bit more money and your retirement budget won’t come as such a shock.
Find A Hobby
You could take up gardening, volunteering, painting or any number of things. What do you want to do? Make sure that your hobbies align with your finances, pick one – or several – and try them out!
Having activities to fill your day is more important than you may think. A typical work 9-5 work day takes up 8 hours of your day. Once you’ve retired and no longer can fill this time, you may find out that retirement is a bit of a disillusionment. Retirement is the end of your career, not your life, so make the most of it!
An important part of this is to STAY ACTIVE! The average age of retirement in the U.S. according to U.S. News and World Report is 66 years of age. As we age, it is only natural that we may face health problems. No matter which hobby you pick, make sure you are taking the time to stay active and maintain your health.
Pick Up A Part-Time Job
En lieu of a hobby, a part time job can be an excellent way to fill your days – while providing you with some additional income. This is particularly beneficial if you were late to the retirement savings game or if you are worried that you won’t have enough to cover your necessary living expenses or if an emergency occurs.
Additionally, a part-time job may eliminate the need to completely cut back on your expenses, as it can provide you with excess pocket money.
Manage Your Time
Part-time jobs, partial retirement and hobbies are all ways to manage your days; however, you may find that these aren’t enough. Humans are creatures of habit and it’s only natural to feel a little lost and listless in your post-retirement life.
Building yourself a tentative schedule can help you transition into retirement. Perhaps one of the biggest components to post-retirement success is developing a morning routine, even something as small as going for a walk or making breakfast each morning can provide you with the structure to eliminate your post-retirement funk.
This is particularly important if you retire early. You may fund your days a bit lonelier without the office water-cooler banter that you’re used to. Having a supportive social group is important because it can help you fill your time and expand your hobbies and interests.
This is particularly important older retirees and for widows and widowers, who may find that their days become much lonelier since ending their careers. Humans are social creatures, so join a meetup group or find others in the same situation!
you’ve saved and worked hard to earn your retirement. Finding yourself a bit disillusioned on the other side of your retired years is only normal! You’ve looked forward to retiring for years and it’s only natural to wonder “now what?” once you’ve finally retired. By taking steps to plan your retirement now, you can ensure that you’ll bypass the boredom and loneliness people experience in their retired years.