Here’s how to become a flexible retiree so you can roll with the unanticipated punches and have a retirement plan for unexpected expenses.

Once retired, these tips will help you live for the moment and enjoy being the master of your own schedule.

    • Have a party. You’ve celebrated every other milestone in your life – new home, new baby, birthdays and weddings – why not celebrate the milestone called “retirement”?
    • Exercise and stay active. Look forward to joining exercise classes and activities in the middle of the day when most people are at work. If you prefer walking, hiking or biking, you can get a friend to join you. A workout partner will help you stick to a schedule and make exercise a lot more enjoyable.
    • Keep learning. You can learn something new, it will keep your mind sharp and add some structure to your day.
    • Spend time with family and friends. Your days will be free to visit your children and grandchildren and volunteer for babysitting duties.
    • Follow your passion. Is there something you’ve always wanted to do but never got around to doing it? You’ll have the time to do what makes you happy. Not everything has to be costly to be enjoyable.
    • Be social. You could join a group with similar interests, get a part-time job or find volunteer opportunities for causes you care about.
    • Adopt a dog. Besides the emotional benefits of unconditional love, your dog will need regular walks that will keep you in good shape. Research shows that dog-owners need fewer doctor visits, have lower cholesterol and blood pressure and a lower risk of heart attack compared to those who don’t.
    • Calculate your specific healthcare needs. Consider what kinds of ailments you might face in your later years so you can prepare financially for the medical needs you might have in future.
    • Take excellent care of yourself. While healthy living can’t prevent every medical disaster, preparing yourself for a retirement free of preventable, chronic (not to mention expensive) health problems is a wonderful gift to yourself and your family.
    • Consider long-term care insurance. Long-term care refers to non-medical daily living care that many elderly people need, such as moving to a frail care facility or having a nurse help with eating, bathing, dressing and mobility at home.
    • Replacing your durable goods. Everything from your car to your laptop has a finite lifespan. Budget for the future replacement of these items.
    • Upgrade your home for the older you. If you plan to stay in your current home, factor in the potential costs of decreased mobility. The cost may give you reason to move into a new home that’s already equipped to meet your mobility needs. Downsizing can also offer reductions in property taxes and maintenance costs.

Emotional and financial preparation for retirement go hand-in-hand. A financial advisor with a comprehensive approach can help ensure that you address all dimensions of retirement beforehand.

 

Sources

http://www.cnbc.com
https://aboutlife.com/blog