How To Plan For A Seamless and Stress-Free Retirement

Do you find that you spend hours of your time dreaming of retirement?

You aren’t alone! However, whether it’s five years away or twenty-five, the sooner you get started preparing for this transition, the better. After all, this means that you’re able to enjoy every moment of your golden years, no matter how you choose to spend them.

With that in mind, here are some steps that you can follow to plan for a seamless and stress-free retirement.

Be realistic.

Right now, the average retirement in the US is between 62-67. However, this can vary depending on a wide variety of factors, such as your income and the amount of money you have set aside. As such, it is important that you are as realistic as possible when it comes to putting together a retirement timeline. After all, the last thing you want to do when enjoying your retirement is to run out of money.

This is also something that you should discuss with your employer so that they can plan accordingly for your departure. If you run your own business, you should work to put a succession plan in place.

Start thinking about your finances.

As referenced above, you’ll need to have a specific amount of money set aside before you can begin to consider retirement. This can, again, vary depending on where you live, your monthly expenses, and the kind of lifestyle you follow. However, according to a recent study, “the U.S. average for retirement expenses is $835,453 for 25 years and $1,003,548 for 30 years.”

This likely means that you need to start focusing on building wealth over time so that you can set up a retirement nest egg. There are many different ways in which you can achieve this goal, starting by simply being smarter with your money, sticking to a budget, and regularly adding money into a savings account. You may also want to try your hand at investing, but you should remain mindful of the fact that this comes with additional risks.

Do your research.

Whether, as mentioned above, you’re looking into investment opportunities to increase your funds or are beginning to withdraw money from your retirement account, it is important that you do plenty of research ahead of time to ensure that you are making the best possible decision. For example, in the case of withdrawing money, you should make sure that you understand how sequence of return risk impacts your retirement.

Take good care of your health.

Growing old is a blessing, but it also comes with many challenges, many of which are related to your health and well-being. As such, taking care of your health now can dictate the way in which you spend your retirement, increasing your chances of being able to live independently for as long as possible.

Of course, there are many steps that you can take to better your health, no matter how old you may be. For example, you can start by committing to following a healthy, balanced diet and exercising more often. While this can feel difficult, especially if you’re busy focusing on your career, it is important to remember that your health is something that is always worth the investment of both your time and money.

In addition to catering to your physical health, you should also make sure that you’re taking care of yourself mentally, too. After all, poor mental health can be attributed to a range of co-morbidities, especially as we get older. For example, studies have found that those who deal with mental health conditions such as dementia are at an increased risk of developing dementia.

You should also be sure to attend regular health check-ups, even if you do not feel particularly unwell. This is because physicians and doctors will be able to pick up on the early warning signs of health conditions that could have a detrimental impact on your quality of life if not addressed swiftly.

Start working on that bucket list.

Planning or prepping for your retirement can be stressful. However, it’s important that you focus on the positives so that you can look forward to this time in your life. One way in which you can achieve this goal is by starting to work on your bucket list – i.e., a list of everything you’d like to do or see during this time.

For example, if you’ve always had a lust for adventure but felt tied to your home or your career, now is the perfect time to start planning out your next vacation. Remember, there’s a whole world out there to explore, and you’re never too old to try something new!

One of the biggest challenges that people face during retirement is loneliness. After all, when you are no longer heading to work every day, your opportunities to communicate and connect with others are lowered, even if you do not always like your colleagues. In addition to this, retirees are more likely to stay at home as opposed to venturing out, which has a similar effect.

As such, you should strive to maintain strong social connections as you move into retirement. In theory, this should be much easier as you now have an open calendar to fill with catch-ups with friends near and far. You may also be able to make new friends by participating in new hobbies or activities! This is particularly important when you consider the fact that loneliness and isolation can also lead to a range of mental health struggles, meaning taking a proactive stance is critical.

Final thoughts.

In short, there are many steps that you can take that will allow you to plan for a successful retirement, from putting together a bucket list that allows you to live your wildest dreams to getting your finances in order. While you may encounter some challenges along the way, the more prepared you are, the smoother the transition from working life to retirement will be, allowing you to make the most of your golden years.