Did you know that Americans are retiring quicker than ever? With the Baby Boomer generation aging out of the workforce, thousands begin their golden years every single day in the United States.
Are you planning for retirement and you do not know where to begin? Here is some great retirement planning advice, so you can leave the workforce with steps for what you want to do next.
Fill Your Time
When you leave the workforce, you will most likely have 40 hours a week or more that are free. You also will no longer have to commute to your job or spend time at work-related events.
You can start a hobby that you wanted to pursue while working but did not have time to do. Spending more time with loved ones is also a great option.
Calculate Your Living Expenses
The best retirement plans have a budget attached to them. Even if you have plenty saved and a guaranteed source of income, you should still estimate how much you will spend every month.
An accurate way to calculate your retirement budget is by taking about 70 to 80 percent of your current monthly income. You also need to add in expenses for retirement and subtract money that no longer applies to you, such as commuting to your job.
Find a Social Circle
It may surprise you how many of your friends come from your workplace. Therefore, once you retire, it can be difficult to maintain friendships or find new friends outside of your work circle.
Senior centers and assisted living centers can be great places to meet new people that share your interests. A simple internet search for “assisted living centers near me” can help you find local communities.
Travel if You Can
Have you always wanted to travel, but you did not have the time? In your golden years, you can take all of the trips you dreamed of if you have the budget for it.
Many cruise ship lines and booking services offer special senior discounts. That way, you can save even more money off of the base cost of the trip.
Take Care of Your Mental Health
When you retire, you may find it hard at first after so many years working. It is so important to take care of your mental health during this transition in your life.
Some great retirement planning advice includes engaging in activities like yoga and meditation. Even seeing friends on a regular basis can do wonders for your mental well-being.
Have Fun Planning for Retirement
When you are planning for retirement, you should not have to worry about whether or not you will have a good time when you exit the workforce. With these retirement planning tips, you can start your new phase of life with confidence.
Want more tips on how to live your best life with your health, money, and travel? Take a look around our site for all of the advice and information you will need.