Navigating the road to retirement can be complicated and even stressful. Do you have enough saved? Is your home paid off? How will you afford rising medical costs? There are so many variables in planning for retirement that it can be difficult to plan when you don’t know what to expect.
However, retirement should be a time to relax and focus on doing the things you want to do, not worrying about bills and expenses. Read our top 9 retirement essentials and be on your way to living a happy and healthy lifestyle.
Retirement Lifestyle
- Where will you live? Do you plan to stay in your current home as long as possible, or right-size to something more manageable? Will you move to be closer to your children or grandchildren or move to an area you’ve always wanted to live? Knowing where you will live will help you plan for your lifestyle during retirement.
- Spend Time with Loved Ones- It’s important to spend time with the ones we love. Take time to visit with family and meet up with friends enriches your life and theirs.
- Take Up New Hobbies– Retirement is a great time to take up a new hobby. Now you’ll have the time to spend perfecting your fly fishing cast or creating pottery. Not only will you be learning something new, but having hobbies can be a great way to keep busy and help keep your mind active.
Health and Well-Being
- Be Social– According to the University of Rochester Medical Center, staying social through your senior years is beneficial for physical and mental well-being and can even help protect against illness by boosting the immune system1. So make plans to take the grandkids to the zoo, or join in at your senior center because not only is it fun, but it’s good for your health.
- Exercise- Yoga and Tai Chi are excellent exercises that help improve balance and muscle strength. Many seniors prefer walking or swimming or other low-impact exercise programs that are joint-friendly.
- Maintain a Healthy Diet- It’s easy to forgo some of the healthier meal options when convenience is a priority or if you’re only cooking for one. However, eating well can help prevent a variety of diseases and chronic conditions and can increase energy.
Financial
- Plan and Budget- It’s so important to create a budget for retirement. Will your home be paid off? What bills will you have to pay every month? Many senior centers or community colleges offer classes on budgeting and living within your means if you struggle with budgeting on your own.
- Work Part Time- If your finances aren’t what they should be to provide a decent retirement income, continuing to work part time may help offset some of your regular expenses.
- Be Realistic- Retirement can be costly and many seniors are not prepared for the expense. Before retiring, know what lifestyle changes you may have to make in order to make your savings last. Meet with a financial advisor to discuss your retirement goals and expectations.
Seniors who are struggling financially may have another option to help them live more comfortably throughout retirement. A reverse mortgage loan is available to qualified seniors ages 62 and older who have sufficient equity in their homes. Reverse mortgage loans allow homeowners to access a portion of the equity in their home. Seniors can use the funds however they choose and the homeowner retains the title to the home.
If you’re worried about not having the funds to live the retirement lifestyle you dreamed of, a Federal Housing Administration insured reverse mortgage loan could be the answer you’ve been looking for. For more information about reverse mortgage loans or to see if you may qualify, call 1 (800) 976-6211.