The primary goal of retirement planning is to accumulate enough assets to support a worker’s quality of life when they’re no longer earning a company paycheck. Retirement planning involves a lot of numbers and financial modeling. But in the career-long shuffle to align financial resources to meet specific goals, it’s important to never lose sight of the happiness factor.
Here are some easy tips that may advance a person’s retirement prospects from financial and life-satisfaction perspectives.
Create fresh goals and objectives
It’s easy to get boxed into a savings strategy, which isn’t a negative thing. But if people become complacent once their savings plan is set in motion, the likelihood of adopting new goals is slim. Depending on your current position and pay scale, some savings goals that were set years ago could have become outdated. To refresh your savings objectives, keep an open mind about new strategies, especially if you have capacity to expand your savings footprint.
If you’re already at retirement age, a good motto to live by is that it’s never too late to start something new. Travel and new venture goals should all be on the table.
Stay within a financial lane
As people approach retirement age, developing a retirement budget will grow in importance. Planning for retirement life spending requires staying within a range of expenditures. With proper balance, financial sustainability and flexibility will remain a constant. Happiness levels can decrease when people fail to set up a secure financial plan.
These habits can start right now. When you spend less than you earn, then there’s a greater likelihood of achieving all your goals and increasing overall happiness in the now and later in life.
People close to retirement should also address unresolved accounts and debts so they can cruise stress-free into their next life’s chapter.
Reconnect and reengage
Today, it can be a challenge to shake off the social rust and reengage with people who have previously played more visible roles. With retirement within reach, there’s no better time than the present to mend and renew relationships. Social media makes it easier than ever to say hello to friends and acquaintances who might have common interests or are in the same boat when it comes to retirement life timing.
Renewing your circle of friends and people you know means you’ll have greater support and feel more optimism as you transition from employee to retiree.
Always stay active
Post work life shouldn’t be stressful. It’s an opportunity to remain active and search for new outlets for life fulfillment. Work and service can remain a part of the retirement equation as a way to stay purposeful in leading a well-rounded life. There are plenty of opportunities to do meaningful work that fills you with pride and makes a difference in people’s lives.
This could mean caring for your grandchildren, volunteering at a non-profit organization or resurrecting a healthy and sociable hobby.
Also, if you’re approaching the golden age as a new retiree, you have the capacity to immediately boost your savings and buying power through a Home Equity Conversion Mortgage*.
A Home Equity Conversion Mortgage usually requires a 50 percent commitment. In exchange, borrowers will no longer make monthly payments as residents of the home. In addition, they will enjoy new financial freedom and flexibility to carry on with retirement as planned.
Please contact us today to learn more about this opportunity to boost your income, eliminate the mortgage payment and make good on your much-deserved retirement plan.
*(1) at the conclusion of a reverse mortgage, the borrower must repay the loan and may have to sell the home or repay the loan from other proceeds; (2) charges will be assessed with the loan, including an origination fee, closing costs, mortgage insurance premiums and servicing fees; (3) the loan balance grows over time and interest is charged on the outstanding balance; (4) the borrower remains responsible for property taxes, hazard insurance and home maintenance, and failure to pay these amounts may result in the loss of the home; and (5) interest on a reverse mortgage is not tax-deductible until the borrower makes partial or full re-payment. This material is not from HUD or FHA and has not been approved by HUD or any government agency.