Preparing for retirement can be like the best laid plans – it may turn out different than expected. Like any strategy, the better prepared you are in advance the more flexibility you will have to adopt to changing circumstances. Nobody knows what the future holds.
In order to make the transition as smooth as possible it is suggested that you ‘practice retirement’ in advance. Perhaps this advice applies to most lifestyle choices we make. Pre-retirement you may be taking two or three weeks’ holidays every year.
Perhaps you should practice retirement first. In fact, having a transition towards retirement could actually be part of your retirement plan. This will hopefully increase the chances of you having a happy retirement.
Here are some suggested plans to make that will help you ensure a smooth transition to your golden years:
- Go ahead and move. Do you plan on moving location in retirement? Consider planning the move now. This will give you more years to enjoy the place you love, set some roots, and make new friends. Is your company open to working remotely? Ask for a work from home solution.
- If you plan on staying in your home, make expensive repairs now. You may find that psychologically you don’t want to spend your lump sum on home repairs and upgrades. Try doing that project now while you have a steady income stream from wages.
- Live on your retirement income. You don’t really know until you try living on what your retirement income will be. Set up an automatic transfer to your savings account that reduces your monthly spending money to mimic your retirement income.
- Rekindle your most important relationships. Think about whom you like to spend time with and enjoy the most. Make plans with this set of family and friends and organisations and clubs so you can have stronger bonds so you can transition into a new phase.
- Try something new every week. Routines can be good, however they can also turn into ruts. Consider trying something new every week as you transition into retirement. Something simple like a new culinary experience even.
You never know what wonderful experiences lie ahead of you. A little retirement planning can help you be better prepared to enjoy your golden years in retirement.
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