Ways to Keep Busy in Retirement

Keeping Busy in Retirement

Retirement is a time of a great transition. It is a phase that requires a lot of psychological help from family and friends. Like all other transitional phases of life, the time of retirement can be full of anxiety or sometimes depression. It is not easy to let go your habits of years. However, there is a need to adjust to the current situation. For this purpose, there are various ways that can be adopted. Here are some ideas that will keep the old age people busy at the time of retirement.

1.    Volunteer:

The most common and the best way to utilize your time in an effective way is to volunteer. After all those years, the experiences and the learnings will be at their peak. It is best to convey all this knowledge and expertise to the people of the world. For this purpose, getting involved into volunteer activities will help old age people to continue their life in a healthy way.

2.    Join a sport:

Another great way to spend quality time is to get involved in a sport. There must be something you always wanted to do. This is a high time to make it a part of your life. Select the ones that do not require maximum physical activity. Apart from spending time properly, sports will help the individual to remain healthy.

3.    Pursuit a hobby:

Everyone has hobbies. It depends on the preferences. There are several things you want to do in your life but you cannot do that due to insufficient time. Retirement is a great time to carry out all those hobbies. Love to take pictures? Buy a camera and start capturing things that fascinate you. Other hobbies may include book reading, writing, knitting, scrapbooking, gardening, painting, woodworking, music and much more.

4.    Travel:

The world is full of beautiful places that must be visited at least for once in life. When a person retires, there is plenty of time to visit places and experience the beauties of nature. Getting yourself busy on retirement is easy when you have a list of places you want to visit. Do consider your childhood preferences as well when it comes to selecting the places.

5.    Make new friends:

Bonding is something that is essential for each and every person. At old age, this need becomes much more essential than before. Apart from making friends from your own circle, do consider people from another age group. This will allow you with the opportunity to learn about the new generation as well. At the same time, they will get useful information and guidance.

 

These are some activities that can be considered when it comes to spending time effectively on retirement. Apart from the above-mentioned, there are several other ways that can be selected to do the task. The selection of activities will depend on personal health and preferences.

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reach retirement goals

The 5-Step Action Plan You Need To Reach Your Retirement Goals

We have all been there – having a dream or a vision about what retirement looks like. A dream that inspires us and motivates us while giving us hope. However, without a solid action plan, all those dreams and visions can easily become nightmares.

They say that retirement is the time where you need to enjoy your financial stability. However, in tough times like these, it is hard to become financially independent and be pleased with everything during your retirement.

According to an article by USA Today, visualizing your retirement goals will definitely help you achieve them. Knowing what you want to accomplish is the first step on the path to accomplishing your retirement goals. As you may not know, we use visualization all the time – and visualizing a goal is a key to accomplishing it.

However, the visualization part is only the first step in the retirement goals action plan. Below, we are listing the next steps.

Set Your Financial Needs And Goals

You have to have a clear picture when it comes to financials. Many people approach this in terms of income replacement and ask themselves how much money is needed monthly for a happy retirement.

The truth is, you can create a breakdown of your current budgetary spending and decide which of your expenses will continue during your retirement. Some of the things you should consider, though, are your mortgage, your car, insurance premiums, properties and other things that demand constant expenses to be maintained.

Get Your Investments Right

There are many online retirement calculators you can use to create an appropriate asset class allocation. A great calculator can show you a detailed timeline to your retirement, tolerance for any risk and personal biases. That way, you will be able to research all of the investing options in your retirement plan and determine how to allocate your investments.

And if that process sounds overwhelming, try seeking some professional investment advice through a service that focuses on personalized investments.

Calculate Your Savings

Calculating how much money you need to set aside each month in order to reach your retirement goals is a road filled with hurdles. However, you should always consider your action plan – and the details like how aggressively you plan to invest or what will be your main source of income.

This can substantially help you see if there will be any potential savings during your retirement (having your expenses and cost of living in mind). Again, this is another area where calculators may fall short – and where professional investment advice goes a long way.

Learn To Adjust

Adjustments are needed in every retirement. After all, if the retirement of your dreams is financially impossible – you should give up something, adjust your rate or saving to fit your retirement goals or make necessary budgetary cuts. The best way to review and adjust is to put a plan in place to review the savings rate each year and set aside one afternoon each year to devote it to your retirement preparations.

This way, you will contribute more money to your retirement account all while reaping the rewards and sticking to your retirement action plan.

Focus On The Big Picture

Just like your visualizations, you should organize your finances to always stick to your retirement goals action plan and make your budget work for you. To do that, you can use online services that track your spending habits or purchase a long-term care insurance policy that does not cover extended stays in care facilities or ongoing in-home assistance.

Finally, you should definitely establish a legacy with life insurance rather than your retirement savings. That way, you will be able to fulfill your goals without feeling guilty about your heirs.

The Bottom Line

In the end, you should definitely accept the fact that retirement planning is not easy. It takes time, research and discipline to make it right. However, instead of dwelling on the outlay you should focus on the rewards and approach it as a process that brings you joy in the long run and leaves some space for you to plan your vacations and holidays.

After all, your retirement is the longest and most fun vacation in your life. So, how are you going to prepare for it?

Increase Retirement Savings

Great Ways to Increase Your Retirement Savings

There are many easy to implement ways to increase your retirement savings.

Most people no matter what line of work they are in dream of one day retiring, and having the freedom of being to chose how they spend their day.  The challenge that many people often face is that they are not on track with their retirement savings, or they believe that it is too late to begin to save.  The truth is that it is never too late to begin to put money towards your future retirement goals.

The good news is that there are also many opportunities to supplement your current income, and put additional money away each month.  According to mymoneycounselor.com 67% of Americans admit that they are not on schedule in terms of reaching their retirement goals.  If you fall into this statistics here are a few ideas on ways to drive additional monthly income.

Start a business to supplement your retirement savings

Starting a business might sound like a daunting task, and it is in some industries.  However, starting a small home based business may be easier than you think.  Technology has made the process and costs associated with starting a small business much less daunting than it once was.  People are always searching for quality products, and services. A few great home based business ideas are:

  • Business Services (Marketing, Accounting, Business Consulting, Computer Repair)
  • Cleaning Services
  • Writing (Ghost Writing, Book Writing, Resume and Cover Letter Writing)

If you are interested in learning more about some potential businesses ideas and the process for starting a small business their are some great resources available online that address the subject in more detail.  Starting a small business is hard work, but it may be the perfect opportunity for you to roll up your sleeves, and stash some additional funds for retirement, and your future goals.

Work a weekend job to save money for retirement

Times are tough, and sometimes the best way to save additional money is to work more hours, or get a second part time job to make ends meet, and have the ability to save.  There is nothing to be ashamed of if you have the need to work a few hours during the weekend or on the weekend in another role.  Working two jobs can take some time to get use to, and requires strong time management skills.  Remember that the the end goal is to put more money into your retirement account, and those extra hours each week will get you one step closer to being able to achieve that goal.

Reduce your monthly expenses to save more for retirement goals

It is amazing how much the average person spends each week on expenses that should be outside the scope of their budget.  It is even more amazing that a lot of people do not even have a budget, or an idea of how much they should spend vs save each week.  Costs can easily add up very quickly if you are not taking the time each week to access and make adjustments to your spending habits.  A few ways that your monthly costs can be reduced are:

  • Eating out less (You will save a ton!)
  • Joining a rideshare service to save money on gas
  • Invest in a prepaid phone plan Vs. being locked into a more expensive contract
  • Quit smoking or drinking alcohol
  • Spend more time at home

There are a plethora of ways that people can increase the amount of money that can put towards retirement each month.  Your strategy may be to increase your monthly income or to reduce the expenses that you carry.  You will be thankful that you put in the time to analyze your current situation, and made the necessary adjustments to reach your financial goals.  What tactics do you use to save money for retirement? Comment below.  

Best Places to Retire

The Best Places In The World to Retire

The 10 places Americans are retiring to, and which one is right for you

Each year the experts at International Living (who are the authority on global retirement and relocation opportunities) release their Annual Global Retirement Index. In 2017, their top countries to retire to are:

  1. Mexico
  2. Panama
  3. Ecuador
  4. Costa Rica
  5. Columbia
  6. Malaysia
  7. Spain
  8. Nicaragua
  9. Portugal
  10. Malta

A growing number of Americans are retiring abroad

Retiring to other countries has been a popular choice for Americans since World War One. Although back then people were as likely to go to Paris or Italy as they were to Mexico.

The number of Americans who retire abroad has grown 17% between 2010 and 2015. There are, at a rough estimate, around 400,000 American retirees living overseas. And as the baby boomer generation is close to retirement, it looks like the number of retirees moving overseas is set to increase.

International Livings’ top ten countries

If you look closely at the list, you might notice that six of International Living’s top ten places are (relatively) close by:

  • Mexico in North America
  • Panama, Costa Rica and Nicaragua in Central America
  • Ecuador and Columbia in South America

Three of the countries are in Europe: Spain, Portugal and a new entry on the top ten list this year Malta. Asia only has one country, Malaysia. The new edition of Malta saw Thailand fall off 2017’s list. In 2016, Thailand was number seven.

How International Living’s rankings work

A lot of data gets analyzed by International Living to come up with their top ten list. Their correspondents, contributors, and contacts around the world collect information on the place as well their own experiences travelling to the locations for 10 categories.

Some of these categories include:

  • Cost of living
  • Fitting in
  • Climate
  • Healthcare
  • Visas and Residence

Of all the categories, cost of living was considered to be the most important factor, according to a survey of retirees. Which makes sense. Pensioners don’t get a lot of money (and will receive even less if Trump has his way) so it’s understandable they want affordable living, affordable healthcare as well as being able to enjoy themselves.

One of the reasons Mexico came out number one was because of cost of living. International Living found you can live there for under $1,200 a month. And once you become a legal resident of Mexico—and are over 60—you are entitled to discounts on medical care, groceries, restaurants and airlines.

Think before you leap

This all sounds lovely, doesn’t it? Affordable living, healthcare, food, and travel in a foreign land. The most important thing to consider however, is you. What sort of retiree lifestyle do you want to live? Is spending the rest of your days in Mexico, or Malta or Spain what you want? Would your body cope?

It’s also important to note that America’s current political climate is ever-changing: where American citizens are welcome today, may not be the same tomorrow.