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Retirement can be an exciting time. As a retiree, you no longer have the structure of work or raising a family, and you can finally do the things you’ve always wanted to do.
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But with so many options, it’s important to be prepared financially and emotionally. Here are eight things every retiree should know to make the most of retirement.
1. Take Inventory of Your Finances
Before you retire, it’s crucial to understand your entire financial situation. You’ll need to know all the sources of income you’ll have as a retiree, such as from Social Security, pensions, and tax-advantaged retirement accounts.
Do you have other resources available to you, such as a permanent life insurance policy like whole life insurance? In addition to the death benefit, whole life includes offers other features, such as a cash value component that grows over time that you may borrow against for any reason. Knowing what you have can help you plan and adapt.
2. Have a Routine as a Retiree
One of the best things about retirement is that you can finally do what you want when you want. But that doesn’t mean you should ditch all structure from your life. Having a daily routine can help give you purpose and prevent boredom. Retirement is the perfect time to try new things, so don’t be afraid to experiment until you find a schedule that works for you.
3. Stay Social
Humans are social creatures, and isolation can take a toll on your mental and physical health when you’re a retiree. If you’re not careful, it’s easy to become isolated in retirement. If you know you’re more of an introvert, you might want to schedule regular meetups with friends and consider joining clubs or groups with like-minded people.
4. Think of Healthy Ways to Socialize as a Retiree
Just because you’re retired doesn’t mean you have to give up your health goals. In fact, retirement is the perfect time to focus on your health and well-being. If you enjoy socializing, look for ways to do it that also let you exercise your body. For example, as a retiree you can take walks with friends or join a yoga class.
5. Have Multiple Hobbies
You’ve probably heard that it’s important to have a hobby as a retiree. Hobbies are a great way to stay active and engaged, and having more than one often provides some much-needed variety. Think about it—with two hobbies, you’ll have twice as much to look forward to and meet twice as many people.
6. Be Intentional About Where You Want To Live
Where you live can have a significant effect on your retirement experience. If you’re unhappy with your current location, consider moving to someplace that better suits your needs and lifestyle. When moving, you may want to consider climate, how close you’ll be to family and friends, and whether you’ll be around other retired people to socialize with.
7. Travel for Much-Needed Variety
One of the best things about retirement is that you finally have the time to travel. Seeing new places and experiencing different cultures can be incredibly enriching. If you can swing it financially, retirement is the perfect time to start planning your dream trip—or several.
8. Be a Tourist in Your Own Town as a Retiree
If travel isn’t in the cards, you can still have new experiences without leaving your hometown. Be a tourist in your own town and visit all the places you’ve always wanted to see but never had the time for. You may be surprised at how much there is to do right in your backyard.
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Be a Happy and Healthy Retiree
Retirement is a time of new beginnings and endless possibilities. Go ahead and make the most of your retirement and enjoy this next phase of your life to the fullest!
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