Many working adults have their own vision of retirement, such as spending more time on the golf course, sailing across the oceans or touring the country in an RV. While the actual plans for retirement may vary, the concept holds fairly steady for most adults.
If you are like many others, you dream about getting away from the rat race and enjoying a leisurely life on your own terms. You will have complete control over your days, and you can live wherever you choose. You have no obligations holding you back, and you can enjoy immense freedom and independence. While some retirees do enjoy the blissful life that they are dreaming about, others find that their reality after retirement is not quite as idyllic as planned. These are some notable truths that you should focus on as you plan your retirement.
Happiness in Retirement Is Not Tied to Your Net Worth
You understandably need to have a healthy nest egg in retirement if you plan to live independently and spend your days traveling, golfing or participating in other expensive activities. However, many people retire on a dime and are quite happy living with relatives, gardening in the backyard and walking down the street to volunteer at the library. You do not need a huge portfolio of assets to find happiness in retirement. In fact, you may find that planning for a simpler retirement takes a considerable amount of financial stress off of your shoulders in the months and years leading up to retirement and even after you retire.
You May Live Much Longer Than Expected
When many working adults estimate their longevity, they think about how long their parents and grandparents lived. While genetics and familial lifestyles may play a role in longevity, other factors are also critical in your years as a healthy, active adult. It is wise to estimate on the higher end when preparing your finances for retirement, and think about starting to enjoy life more fully as soon as possible. After all, you do not know if your lifespan will be much shorter than your relatives’ lifespans either.
Healthcare Expenses May Cost More Than You Think
If you are creating a proper retirement plan, you may have a healthy sum of money set aside for medical expenses. This is an area where many people underestimate the actual costs that they may incur. After all, while modern medicine is helping people to live longer, it also is increasingly more expensive to have access to.If you don’t have access to healthcare or need extra money to pay off medical bills, you can always apply for a car title loan online, and use your car for collateral.
You May Get Bored Very Quickly
Many retirees who have dreamed about enjoying a slower way of life after retirement may quickly find that this type of plan may not be ideal for the next several decades. You must find a way to spend your days in a healthy, active and hopefully social way. This may involve being with a church group, golfing with friends or even spending ample time with family. When you are busy and active, avoiding scams and frauds, staying healthy and living on a fixed income may all be easier for you to do.
You May Miss Working
Retirees generally have spent the last several decades of their life working in the same field. This means that their personal sense of identity and self is directly linked to their responsibilities, clout and reputation in the workplace or in their field. You may find that your sense of identity changes quickly after you leave your job and career behind. This can be emotionally devastating. Some people also simply miss having something to look forward to or something to do each day when they wake up. They need a reason to get out of bed every day. Because of this, it is common for retirees to head back to the workforce in a part-time or contractor position.
Your Vision of an Ideal Retirement Will Change Over Time
When many working adults plan for retirement, they think about it as one long period of time. However, retirement actually usually includes multiple stages. For example, you may be very active in early retirement. Eventually, you may slow down and spend more time at home or close to family. Towards the end of your life, you may find that you need an increasing amount of assistance and medical attention. Rather than focus only on the first stage of retirement, you need to focus on each stage of retirement.
You Probably Will Want to Move
If you have not already found an ideal place to live in retirement, there is a good chance that you may want to move within a few years. Many people have a retirement plan that includes staying in the same house indefinitely, but this is not usually the case. Eventually, you may decide to relocate closer to family. Remember that your family members may relocate for their work opportunities or for other reasons, and you may need to relocate as well in order to remain close to your loved ones. Otherwise, you may want to relocate to be close to medical centers, to move into an assisted living facility and more over the years.
You can see that the primary image that you have about retirement may not actually be realistic after all. Many people have a specific perception about what retirement should be like, but they fail to take into account many specific factors that ultimately could have a direct impact on their real retirement experience. Now that you are more aware of some of the truths about retirement, you may be able to create a more comprehensive plan for your retired years.