Have Your Finances in Order
Continue to build your savings as you approach retirement. Your retirement income, including stocks, bonds, savings, and social security should pay all living expenses you will incur in retirement. You can expect to live on 70% of your current working income.
Maintain Your Health
Walking, swimming, dancing among other activities will help keep you physically fit. Be sure you understand the Medicare system and get a good Medigap Policy.
Decide Where You Want to Live
Do you want to remain in your home, or do you want to move where prices are lower, or the weather is warmer?
Stay Active
Pursue interests you never had time to pursue before. Learn painting, take up gardening, and catch up on reading. Your activities do not need to be expensive or demanding, and a part time job can add to your retirement income if you choose that route.
How to Plan:
- Keep a positive outlook about retirement.
- Set goals for what you want to accomplish, and follow through.
- Discuss and coordinate plans with your spouse, and be sure you share a similar attitude toward retirement.
- Encourage the input and support of family and friends.
- Before you retire be psychologically ready for it. Be sure you are really ready to slow down and live at a leisurely pace.
Having said that, I must say I didn't have to prepare, I was ready, and I wouldn't go back into the workaday world for all the tea in China. I love my leisure; I just don't have enough of it. I would say to anybody, retire as early as you can and enjoy life.
I know for many retirees it is not so simple. Some people can't shuck off a life long habit of work so easily. You must have interests outside the work place to pursue. You can't sit in front of the TV all day. Boredom is a killer. So have in mind hobbies, and activities you will enjoy, and have a happy retirement.
