I originally wrote this article a couple years ago but never published it. I learned a lot in the last couple years so here is the updated version.
I’ve been studying this whole retirement idea for a few years now. I’ve learned a lot both generally and personally. I wanted to share some tidbits. Most of these little nuggets deserve their own article or even a series of articles!
Don’t Rush to Collect Social Security
The best time to start collecting Social Security will vary with your personal situation, but for many the longer you wait the better. This is because the amount you receive increases considerably with each year that you wait (up until age 70.) Personally it seems right to wait till at least what SS calls “Full Retirement Age” if possible. This is an important decision so get all the advise you can.
Retirement is Going to, as Much as Going Away
For most of my life I considered retirement to be that wonderous time when I could finally quit my job and relax. Now I look at it as more of a “transition” to a new phase with all kinds of new opportunities.
Have a Plan Before You Retire
It’s obvious that you need a financial plan before you retire. What’s not so obvious is you need a plan for what you are going to do with yourself. And it should be more detailed than “travel more.” It is unlikely you are going to be traveling 365 days a year, no matter your financial situation. What are you going to do with the rest of your time?
My own personal experience is that you should have a Plan B. I am writing this in the fall of 2020 and “retired” into the middle of a pandemic on 5/1/20. My Plan B has involved writing, websites and other interests. And I learned over the past few years that I don’t really want to retire in the traditional sense anyway!
Make a Plan if You are Already Retired
Did you concentrate on mostly the financial aspects of retirement before you retired? It’s not too late – time to start planning all those other things – like what are you going to do with yourself! I also think it is good to periodically review those plans as things may change after you gain some retirement experience. Browsing through this blog may give you some ideas!
Who Says You Should Stop Working?
Working will be part of many retiree’s plans. And this isn’t just for financial reasons, although it certainly helps there too! Working keeps your mind sharp and has many social benefits. It keeps you connected to the real world. Of course, your retirement work doesn’t have to be the same thing you did before, it doesn’t have to be full time, and it might not even pay well – think rewarding volunteer work if you don’t need the income.
How Many Sources of Income do You Have?
This is one where retirement has really changed. My Dad had Social Security and a pension, along with company health benefits for most of his retirement. Now we need to consider Social Security, working, retirement savings, stock dividends, and assorted other income sources to make the retirement puzzle work. And who knows what will happen with health care!
Move Your Butt!
This is a biggie. We need to keep moving, both physically and mentally. And this needs to continue regardless of our age. Without decent health all the other retirement ideas become much more difficult.
Eat Smart but Don’t Go Crazy
I’m not a health professional but I think a little common sense goes a long way here. Most of us know what we should be eating, just like we know we should be exercising. However, if you want that weekly ice cream cone go for it! Just don’t make it six a day!
Plan How to Keep People in Your Life
I’m learning more and more about this one. Some of us are blessed with big happy families and many friends. Others have small families that may or may not get along and rely on work associations for much of their social contact. You need to make a conscience effort to figure out how to keep people in your life. This might involve clubs, volunteering, or part time work.
Don’t Wait to Do Stuff, Like Travel
With so much emphasis put on the financial aspects of retirement there might be a tendency to be almost too frugal in the early years of retirement. While this might be necessary for some, try to make some of the things you really wanted to do, like travel, a priority. You never know, we all know people that finally retired only to have health problems that prevented travel pop up way too soon, and they miss out on some of their life ambitions.
This represents just a few things I’ve learned in my years of retirement research. I’ll keep updating as I learn more, and feel free to comment with your ideas!
