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Golden Years: 11 Ways You and Your Family Can Prepare for Retirement

Retirement is one of the biggest life milestones to prepare for. A lot goes into a successful retirement, and ideally, you should start preparing early on, particularly for the financial side of things. The earlier you start saving, the less you will have to sacrifice over the years. There are also considerations for your health, both mental and physical. Find ways to prepare your home and family for the changes that will come after retirement.  

Review your finances and ensure you make the right choices for your pension investments. Decide what you want to do with your retirement years and plan around this. Here are some of our top tips to help you prepare for retirement.  

Figure You How Much You’ll Need To Be Comfortable 

When prepping for retirement, a good first step is to decide how much money you will need to be comfortable. Consider your current lifestyle and what you will need to maintain it. You might need to make sacrifices and adjustments to ensure you will be happy during retirement. It can help to discuss your needs with a financial advisor who can review your financial health and work with you to come up with ways to boost your retirement fund.  

Factor In Medical Expenses 

With age often comes additional medical expenses. You may experience lowered mobility, disability, or age-related health conditions. Having a cushion of savings can be invaluable if you face growing medical bills. You should find ways to reduce the cost of your medical bills. You could start by getting regular screening to catch any issues early on. You should always negotiate your final bill and request an itemized bill to ensure you are being charged correctly.  

Regularly Review Your Pension Savings 

You should keep a close eye on the state of your pension savings and investments. It is a good rule of thumb to review at least once per year. As mentioned previously, getting a professional financial advisor to review your savings and investments can be invaluable.  

Live A Healthy Lifestyle 

Healthy living is critical to ensuring a happy and healthy retirement. You should eat a healthy, balanced diet filled with vitamins and nutrients, keeping junk food, candy, and chocolate to a minimum. It is also good to cut down on unhealthy habits like smoking and overindulging in alcohol. 

You should also get seven to nine hours of quality sleep each night. Sleep is a vital function that allows our bodies to rest and recharge. Practicing good sleep habits can be invaluable for your health before and after retirement.  

Adapt Your Home 

As you reach the end of middle age, it can be beneficial to adapt your home for any changes you might face in mobility. You could consider installing grab rails throughout your home to prevent falls. Bright lighting can also be beneficial, and choosing carpet over hardwood, tile, or linoleum can reduce slip hazards. You could also install a downstairs bathroom if you struggle with stairs as you get older.  

Go For Targeted Health Screenings 

There is a range of health conditions associated with advancing age. It is a good idea to go for targeted screening to help ensure you catch any issues early, giving you the best chance of managing any conditions that may arise. Strokes, dementia, and other brain-related problems before more likely as we age, so regular brain scans can be invaluable. You can find out more from Ezra’s guide to brain scans and how they could benefit you as you get older.  

Find Part-Time Work You’re Passionate About 

Retirement doesn’t necessarily mean you have to give up work altogether, though you can if that’s what you want. Retirement can be a great time to pursue the work you are passionate about. You could consider finding a part-time role doing something you love to help supplement your retirement income.  

Plan Vacations 

Retirement is a fantastic opportunity to take all the vacations you may have been too busy to take in earlier life. To help you get excited about all retirement has to offer, you could start planning the various vacations you’ll go on once you’re no longer tied down with work. You could consider renting or buying an RV so that you can travel the country at your leisure. Traveling abroad can be a great way to broaden your horizons and enrich your life.  

retirement at the lake
Photo by Max Harlynking on Unsplash

Stay Active 

It is best to incorporate physical activity into your daily life from a young age. Physical fitness can mitigate many of the age-related mobility issues that can occur. Find exercises that you enjoy and that fit well into your daily life. Yoga can be an excellent option for improving flexibility, joint health, strength, and balance. It can also be a soothing and relaxing practice which is fantastic for mental health. You should also include some aerobic exercises to boost your heart health and stamina.  

Build Your Support Network 

Loneliness and isolation can be common issues for people of retirement age. Without the regular social contact of the workplace, it can be easy to become cut off from the world. Building and maintaining your social support network throughout your life can be invaluable.  

You should keep in contact with coworkers once you retire and make an effort to maintain and nurture friendships and other relationships. If you have children and grandchildren, it can be beneficial to organize regular get-togethers. You could also take on babysitting duties for quality bonding time.  

Create A Self Care Routine 

Self-care can be a great way to protect your mental health over the years. There are many ways to practice self-care. Taking time for yourself is a crucial element, and doing things that you enjoy can be invaluable. Some great self-care practices include mindfulness, yoga, and pampering sessions at the spa. You could also incorporate self-care into your beauty routine by using quality skincare products. Things like reading and relaxing soaks in the bathtub are also excellent methods for self-care.

May these tips help you as your prepare for retirement.

Featured Photo by Diana Parkhouse on Unsplash