A happy retirement starts with knowing exactly what you want in the future and planning for it accordingly. After you’ve spent decades both working hard and saving money, we understand that you are ready to start your retirement plan process. You’ll want to examine your income sources and decide whether you wish to continue working or not. You’ll also want to learn more about your assets and think about what you’ll want to do with all your time off. At The Ryding Company, we are here to help your retirement plans become a reality. Give us a call today at (866) 764-9222 to learn more about the retirement process, and keep reading to learn more about how you can quickly get there.
Following Steps to Get You Ready for Retirement:
1. Know What You Want Out Of Your Retirement
If you’re reading this, by now, you probably have a few ideas for your retirement. But have you put enough thought into it? Be practical and proactive by starting a list of how you want to spend your days permanently off work. Take time to list off at least five things you want to do during retirement, and don’t worry about your budget (yet). For example, you can start by listing off something like, “I want to volunteer at my local pet shelter at least once a week.”
To further expand the example, pretend you’re passionate about animals. Another goal (now that you have the time) would perhaps be to rescue animals that are on death row, rehabilitate them, and find new homes for them. Remember, this is just an example, and you can outline your goals; however, you want to – make sure it gets done.
2. Consider Your Health
The key to a happy retirement in good health, especially if you decide to remain as active as possible during your retirement. Your health should be your #1 priority. For your benefit, visit your doctor and dentist, even if it’s merely for an annual checkup. If anything comes up, make sure you follow your doctor’s recommendations.
Retirement is also a great time to focus on and work on your health. Stay physically healthy by eating foods that are good for you and exercising regularly. Stay mentally sharp by challenging yourself with puzzles or downloading games on your smartphone that stimulate your mind. You can list “being in better health” on your retirement plan that we talked about previously!
3. Figure Out Your Retirement Income
It is an essential step – it’s how you’ll continue to thrive. You’re going to want to estimate your income, from employer pensions to Social Security, or any side job you might pick up if you decide to keep working. After this, calculate your savings and investment accounts. The most popular rule of thumb in accordance to spending your funds wisely is by using 4% of your portfolio every year.
For example, let’s say you have $1 million in retirement assets – you’ll spend roughly $40,000 of that every year. Of course, this is flexible to how much you have as well as the typical lifestyle you lead, but 4% is a good starting point. Contact The Ryding Company today to learn other beneficial ways on how to make your retirement funds last.
4. Decide Where You Want To Live
Many people decide that they want to move after they retire, or they already actually have a moving plan set in stone. So, where do you want to be? Somewhere warmer? That’s what most retirees decide to do. Not only will moving impact your lifestyle, but it will affect your expenses as well. For example, let’s say you are living in an expensive area and you are working to sell your home. Getting your house sold and moving into a condo within a low-tax state may save you a lot of money and free-up income – leaving you with extra cash in the long-run.
On the contrary, you might want to move to a more expensive area, which will require you to economize. Either way, making this decision in advance will help you better prepare for your future.
5. Find New Ways To Save Money And Start Eliminating Debt
Learning how to save money is something you should do no matter how old you are or what your financial situation looks like. It’s a smart and savvy way to ensure that you have extra money when you need it most, and learn how to properly budget better. You should start by listing off all of your bills and figuring out a way to trim off the split ends. Let’s start by looking at simple bills such as cable – do you need/use 800 channels? Also, do you need to eat take-out 2-3 times a week? You’d be surprised how the smallest changes can save you so much money.
Another essential factor you should consider is starting to pay off your debt. A great way to adventure into this process is by paying off your smaller debts first, eventually working up to larger ones. This will give you a sense of accomplishment, and it will empower you to eliminate your debt.
6. Prepare For Unexpected Accidents And Figure Out Medical Insurance
We get it – life happens. But, do you know what to do when an accident or emergency does happen? Expect the unexpected, even during smooth sailing. Set aside an emergency savings fund that will be there for you if anything happens – from car troubles to health emergencies. Learn how to discuss these issues with family and friends in case the worst happens.
Planning for future medical costs should also be a high priority on your to-do list. Medicare covers the majority of routine healthcare if you retire at 65 years of age or older, but considering supplemental coverage is essential because it will help you pay for non-routine healthcare expenses. Click here to learn more about how to prepare yourself for retirement healthcare costs, or contact The Ryding Company at (866) 764-9222, and one of our friendly experts will help you better understand the process.
7. Stay On Track With Help From The Ryding Company
Stick to your new ways and adaptations! It might be complicated and a challenging change at first, but ultimately, it will be rewarding. The Ryding Company has so many ways to help you cope with the new challenges of retirement, and we hold a wealth of information, tips, ideas, and many of these will help you get through the toughest of times. You can efficiently utilize our contact info to tell us how we can help you and your family enjoy the retirement you deserve, and we are always here to help you stay on track. Keeping in mind your plans and the ideas listed above, you will surely have the retirement you strive for.