Be in charge of your lifestyle when you retire
When you retire, a lot of things happen. It’s all different for each individual, depending on your life experience. Some are well prepared for this milestone in life. Don’t let it be an uncomfortable surprise when you retire.
Perhaps you’re not prepared for that sudden change it means to leaving a life-long job. For others, it can be a financial issue to deal with when the monthly paycheck, now being a retirement paycheck, turns out to be much lower than expected. Many are dealing with both these issues.
Retirement shouldn’t be a nightmare but the best part of your life. How to make that happen and at the same time have to face all the problems when you retire.
When You Retire It Should be on Your Terms
You should feel it like a reward after many years of hard work when you retire. It should be a time of relaxation, but at the same time, you should make sure that your future is secure. If you still have some years to go before retirement, it could be wise to think about how you would like to spend your retirement.
In a recent article 5 tips are revealed on what you have to think about when approaching retirement.
Again, we are all different and with different dreams about life as retired. Whatever your goal is, the 5 steps to follow are advice that I have applied myself and know for sure that they work.
When at the top of your professional career, it uses to be the period when the income inflow also reaches a peak. The temptation will be high to start spending because you’re feeling “rich.” That’s OK. Of course, you should get some sort of benefit after years of hard work.
But, never forget that life sooner or later will move into another phase; the time when you retire. Most countries have some sort of regulated funds for retirement that the employers have to follow. It’s good to have these obligatory funds as a foundation for your monthly income as retired, but be aware that this money is far from enough for a decent lifestyle.
Suppose you set aside a monthly amount of money for your retirement early in your career. In that case, you will get a much better financial status point when the time for retirement. I didn’t start to save in personal retirement funds before I was 45. It was late but better than not doing any savings at all.
No matter your age, start your savings now to have something the day your labor life is over.
Take Control of Your Spendings
When working hard and money comes into your bank account every month, it’s easy to lose control of your spending. That extra dinner at your favorite restaurant, the extra outfit to look cool at the gym, or any other expenditures not indispensable to survive, doesn’t hurt your economy substantially.
When you retire, things use to change. With less money than what you’re used to, “out-of-control” spending can ruin your life.
Make a monthly budget with the money you know for sure will be at your disposal. Divide your calculated sendings for the month into different categories. Start with payments of mortgage and credit cards. Continue with food, clothes, memberships, entertainment, and so on until you have covered it all.
Perhaps you need to redo the exercise and even suspend specific spending for the month to get debit and credit to be the same number at the bottom line. If you have no savings, start immediately with such a process. The money you will need the day the refrigerator or any other device unexpectedly stops functioning.
Reduce Your Debts
If lack of control of your spending is a nightmare, not trying to reduce your debts when necessary is as close as you can come to financial suicide. In my case, I decided to be 100% debt free the day when my official retirement started. Such a decision was one of the best I have ever made. The feeling of not owing anybody a single cent is priceless. As retired, the uncertainty is much higher than during your active working life.
Start actively going through every expense in your economy if you still aren’t debt-free. In the first place, you need to get rid of common debts like personal loans, student loans, mortgages, car loans, etc.
The process can be challenging, but it’s worth every effort to be debt-free. It will give that peace of mind all retirees have on the top of their dream list.
Take Care of Your Health
When you retire, there are so many things to think about that your personal health can get a low position on your priority list. Even if you feel good, don’t take your health for granted for the rest of your life.
It’s like cars. Even the best car will periodically need service and maintenance to not break down. Why should your body be different?
Don’t ignore your yearly medical checkups. Be aware of what kind of food is healthy and what food you should avoid.
Be physically active and do some sort of exercise. You don’t need to train for marathon races, as I do, but just go out for a long walk at least every second day.
Working With Your Own Business
Retirement uses to be a break after a long career. Some feel like being fired, while others see it as the final relief. Many enjoy working. It’s a way of keeping yourself mentally and socially fit.
In many cases, the need to find an extra income stream keeps them searching for a job. Most people can take advantage of their profession but work for themselves instead of a boss who trades their skills and knowledge for money.
To work for yourself allows you to live that lifestyle that you deserve as a retired. If you connect to the same system and platform I’m a member of, you will work on your terms. I can travel with my wife and be anywhere without losing contact with my business. With my laptop and an Internet connection, I’m in business.
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Jan O. Nilsson – 5 Steps to a Golden Age Lifestyle When You Retire <==Go to the top of page