Nearly all of the more than 70 million baby boomers in the US will be older than 65 in 2030. Today, about 10,000 Americans turn 65 every day. The rate will likely increase up to 12,000 per day in the coming years. As we know, more retirees translate to various knock-off effects on healthcare and social security.
So, the big question is, are you ready for retirement? How will you make your golden years count? Is it true that happiness and retirement go hand in hand? Here are seven insider tips for health, wealth, and happiness during retirement.
1. Figure Out What You Want During Retirement
How do you want to lead the retirement lifestyle? Where do you want to travel? Which habits do you think will give you a feeling of self-fulfillment? Answering these questions will help you know what you yearn for in retirement.
For many seniors, where to live during retirement is the hardest decision they have to make. Should you retire abroad or in the US? A recent survey revealed that 81% of retirees are happier spending their last days in foreign countries. This is probably because foreign retirement countries such as Panama and Nicaragua offer lower costs of living.
2. Do You Have a Retirement Income Plan?
Having an income plan before retiring can relieve stress when the day comes. Specifically, you should have clear expectations on how much your retirement accounts, including 401(K), will bring in every month. You should also figure out how much your pensions and Social Security will be bringing to the table.
Recurrent expenses such as food, healthcare, and taxes are usually higher than what most retirees anticipate. Furthermore, the Social Security Administration will likely have no funds left in reserves by 2034. This will force the government to rely on continuing income tax, which is insufficient. It can only cater for up to 76% of the scheduled benefits in the Old-Age and Survivors Insurance Trust Fund (OASI).
Does that mean an end to financial independence during retirement? There are other options. For example, you can take a reverse mortgage loan to extract equity from your primary residential home. Reverse mortgage rates are relatively affordable if you opt for a flexible repayment program.
3. Stay Engaged and Connected to the World
Many people are not lucky enough to retire alongside their childhood friends. However, if you are, you will probably want to stay connected with them throughout your golden years. Keep a schedule for calls and visitations. You can also join various online networks for seniors to share jokes, stories, and life experiences. All these interactions translate to laughter and happiness, the only things you really need to keep you going.
4. Learning Doesn’t Stop in Old Age
Learning new things can help you improve memory function and reduce stress. It’s common to forgo your passion and hobbies when working due to fixed schedules. However, you have all the time in the world to go back to these activities during retirement. Also, you can discover more fun activities during retirement if you enrol in adult education programs. Remember, there is always joy in learning something new.
5. Spend More Time with Family
The benefits of spending time with family during retirement are myriad. If you have children and grandchildren, it gets even more fun and interesting. A close and unified family relationship will give you all the compassion and love you need in your golden years. Make a point to spend time individually with every family member close to you.
Moreover, besides friends and government support, your family is the best economic unit you can turn to for financial assistance.
6. Eat Well and Stay Physically Active
Staying fit and eating a balanced diet will improve your immunity against diseases and chronic illnesses. Don’t stay idle. Improvement in strength, endurance, and flexibility is a critical factor if you’re going to age gracefully. For seniors, low-impact exercises such as water aerobics and regular walks will help you achieve this without straining your muscles.
Eating healthy goes hand in hand with exercising. It will help if you focus on foods rich in vitamins and minerals for healthy bones. Most importantly, drink plenty of water. It will keep you hydrated and improve digestive function.
7. Give Back to the Society
Fortunately, some retirees amass a lot of wealth in their hay days. At retirement, giving back to society can be a perfect getaway to a new perspective. It gives you a more in-depth view into a sense of community, which is good for mental wellbeing. Nothing beats the fulfilment that comes from contributing to society.
Moreover, you can discover new interests and passions when giving back. It doesn’t always have to be about money. Various non-profit organizations are always looking for new volunteers. Go for a charity organization whose interests and goals align with your beliefs. That way, you’ll be proud of your efforts and contribution.
Be Happy for Everything Retirement Brings Your Way
Although retirement can feel lonely sometimes, on the flip side, it brings more opportunities and new experiences. The secret to a happy retirement is not about how much time you have but how you utilize the time you have. Employ these tips to make every moment in your golden days count.