Retirement-Forewarned is Forearmed

My husband can’t wait for the day he can retire.

He has been working towards this outdated image of the perfect retirement since the day he started work in a steel factory many years ago.

As we have grown closer to retirement fending off a few skew balls along the way, the more the realisation is that retirement could in fact, be a big let down, unless we prepare well for it.

Sadly the Utopic era of retirement is more stressful than it looks because Boomer retirees live, daily, with the fear of “running out of money to live comfortably” and not without reason:

Accordiing to an article written by **Billy and Akaisha Kaderli, retirees are broke!
* “According to the Census Bureau, about 15% of people over age 65 live below the poverty line ($15,730 for a couple), while nearly half are considered near-poor, i.e., their income is less than twice the poverty level.”

This has got to be a very good reason to be hands on with your finances both before and after retirement. Retirees cannot sit back expecting their money to miraculously stretch to their spending habits. We  will need to work out what we spend, pre-retirement, and instead of the old way of subtracting 20% from the total to reach a retirement amount you now need to add on that percentage because it’s a known fact that retirement is not a cheaper era but rather more expensive. This is in part due to the fact that we are all living longer and, are more used to travelling and having hobbies. So to avoid financial stress keep on top of the daily spending and the investment/savings income to ensure you are always aware of amounts and can make adjustments when necessary.

Remember to budget in your rising health needs as you get older, as well. When you are ailing the last thing you want to be stressing about is where the money will come from to fix you up or to pay for carers.

Sadly a whole lot of us will even find a loss of structure to our day more stressful than the calm, restful retirement we expected. Long days are longer if you don’t have a plan on how to fill them and this could be a cause of stress.
* “To avoid stressing unnecessarily make a list of all the things you want to do, places you want to visit, things you want to learn, and so on. Check out hobby clubs you could join and research websites such as MeetUp or higher-learning sites such as UDACITY and Udemy.
Do this while you’re still working, so that on day one of retirement you’re not facing a blank calendar and will have things to look forward to.”

Planning in advance will also ensure that you are mixing with people and building relationships so you don’t spend long lonely hours on your own.
We’ve talked before about the pros and cons of multi-generational living. This might be the answer for you but look at it carefully before committing.

Forewarned is forearmed make a few plans before diving into retirement and it should all go swimmingly 🙂

Stay happy and healthy in your third life.

Go well till the next time




Leave a Reply

Fill in your details below or click an icon to log in: Logo

You are commenting using your account. Log Out /  Change )

Google+ photo

You are commenting using your Google+ account. Log Out /  Change )

Twitter picture

You are commenting using your Twitter account. Log Out /  Change )

Facebook photo

You are commenting using your Facebook account. Log Out /  Change )

Connecting to %s