How to Better Your Retirement in 2018
You may have reached retirement, but that does not mean you should stop building towards it. Just like all stages of life, it is important to make sure you give it your all so you get the most out of your investment in yourself.
Keep Track of Your Spending
Financial experts recommend only withdrawing 4% of your funds per year while in retirement which should sustain you without ever running out. This number is supposed to cover your basic living expenses as well as one “big-ticket” item such as a vacation or home renovations. You can help ensure your money lasts buy avoiding taking from your principal and only using other sources of income such as social security, investments, and any other source of income you may have. You can also use tools such as a retirement income calculator to help make sure you have enough to meet your spending goals and live a stress-free retirement. Sometimes, you may need to make a little extra money while in retirement, but that is something to figure out once you have calculated all of your expenses.
Plan What to Do with Your Time
Retirement means you now have more free time than you probably know what to do with. It is important you have some ideas of what you want to do with all of your free-time; whether you decide to take an art class, a cooking class, maybe get a part-time job, either way, you should think about some hobbies to pursue so you make the most of retirement and avoid boredom. Whatever you decide to do, make sure you are doing what you love, and you are sure to have a better retirement.
Want to take a big vacation? Take it. Feel like getting a massage or a new haircut? Get it. While it is important to live within your means and not blow through your savings, you still should be rewarding yourself for a life’s hard work. You shouldn’t delay any big trips or purchases if your health and finances allow. Don’t rush into a purchase, but don’t be so conservative you waste your retirement. This key to a better retirement is one of the most important because it could make or break it; if you don’t do the things you have always wanted to do then, you never will.
Make Good Friends
Loneliness often leads to physical health issues according to recent research. The feeling of being alone can be stressful which may lead to diseases such as dementia or heart disease. You need to surround yourself with people who you could call in the middle of the night with a crisis who would be by your side (literally). A strong support system is a major key to having a happier and healthier retirement.
Have more ways you can better your retirement? Need help navigating your finances/ debt in retirement? Leave a comment below or give us a call today!