Retirement means different things for everyone: Time to slow down, to do the things you’ve never been able to do, to travel. But if you haven’t adequately planned your finances for your retirement you may not be able to have the retirement you hoped for.
To help ensure you are getting what you want out of your retirement we recommend keeping these financial secrets in mind:
- Wealth doesn’t mean anything if you’re not healthy. When planning for retirement it is easy to put things off. You get in the mind set of work hard today, play hard later and find yourself putting things like doctor’s appointments off until retirement because you think you will have more time to go to the doctors then. Take care of yourself now, because saving money for retirement won’t mean anything if you are too sick or tired to do anything.
- Consider downsizing your home. Bigger isn’t always better when it comes to aging in place. Maintaining a large home is a lot of work and as your mobility decreases you may not be able to stay in your home if it is more than you can manage. You may want to consider a HECM for Purchase loan, which allows you to use the equity in your previous home to by your next primary home in one transaction and you won’t have any monthly mortgage payments. 1
- Experiences enrich your life, not material items. Life isn’t about what you buy; it’s about what you do. Experiences enrich our life and allow us to look back and reminisce about what we’ve done. Don’t get caught up in material things and instead focus your spending on experiences that will create memories for years to come.
- Don’t worry about what others are doing. If you are trying to keep up with the Jones’, don’t. Everyone’s situations are different and everyone goes into retirement with their own set of circumstances. Let your goals and your lifestyle determine what would be comfortable for you in retirement.
- Embracing your passion is priceless. Retirement presents the biggest opportunity to do all of the things you’ve wanted to do, but haven’t had the chance too. Your life is changing in a big way, so why not embrace even larger changes by altering your lifestyle and living your passion.
At the end of the day, it doesn’t matter how much money you’ve saved as long as it’s enough to give yourself the freedom to do the things you’ve always wanted to. Make sure you are taking care of yourself and plan for the future you want, so when it is finally here you are actually able to enjoy it. To learn more, call 1.800.976.6211