Transitioning into Retirement

Retirement is one of the major life transitions many people experience. And while 65 is the official retirement age, the average retirement age has increased since the 1990s. One of the primary reasons people are waiting longer for retirement is because they’re overwhelmed by everything that goes into the transition of this new life stage. But with some basic planning, you can make transitioning into retirement effortless. 

Are you ready to retire?

In the United States, you can retire and earn your Social Security benefits by 65. However, just because you’ve turned 65 doesn’t mean you have to retire. Age shouldn’t be the only consideration in making your decision.

• Are you physically able to keep working? You must be honest about your ability to work, especially in a physically demanding job. It may be time to transition if you’re experiencing fatigue or pain while working. Continuing to push your body can lead to future health concerns such as chronic pain. 
• Are you emotionally/mentally able to keep working? If you turn 65 and still love going to work every day and are exceeding at your job, there’s no reason to feel pressured into retirement. Many individuals continue working well past 65 because they love what they do. However, if you’re overwhelmed, dread working, and don’t feel like meeting expectations at work, that’s a sign it’s time to consider retirement. 
• Do you have a solid savings or retirement financial plan? Before you retire, you’ll want to ensure you have the finances to continue caring for yourself without a full-time job. Look at your savings, 401K, and any other investments and assess if there’s enough to enjoy your current lifestyle or if you’ll need to make changes. 
• Will you have any passive income after retirement? Passive income is money you have coming in unrelated to your career. For many people, passive income is an investment or real estate property earning money without day-to-day maintenance. You may want to explore different types of passive income to stay financially stable in retirement. 

Find ways to occupy your time

One of the exciting prospects of retirement is endless free time. And while many love the slower pace of life, going from working eight to ten hours a day to suddenly having no work obligations can be a harder transition than you think. Finding ways to occupy your time is a great way to help you fill any voids you feel from not working. 

• Invest in a hobby. Retirement is the best time to reinvest your time into hobbies. You can either pick up an old hobby that fell aside because you didn’t have time for it when you were working or start a new hobby you’ve always wanted to try. 
• Learn something new. You’re never too old to learn something new. Consider signing up for an online course or taking a class at a nearby community college. 
• Volunteer. Giving your time or services to nonprofits or community organizations is a rewarding way to spend your time. 

Plan for your future needs

As you plan for retirement, there are many things to consider, and planning for your future can help you reduce unwanted stress. Aside from finances, two of the biggest concerns for people entering retirement are deciding on their living situation and understanding their future care needs. 

Where do you want to live in the next five, ten, or twenty years?

When you first retire, it’ll likely make the most sense to continue living in your current home. However, as you get older, you may consider downsizing, moving near family, or renting a space. Think about where you see yourself in the next few years, and start planning what needs to be done to make your move. That could mean looking into a new property, getting your house ready for sale, or talking with a financial manager or real estate agent to understand your options. 

What will your care needs look like?

As you age, you may require various medical and non-medical care needs. If you’re living with a chronic condition, you may find that having someone around to help with daily living tasks can significantly improve your quality of life. 

Home care is a wonderful option, especially if you’d like to age in place. Visiting Angels is a locally owned and operated home care agency working with seniors throughout Rockwall to ensure they age safely and comfortably at home. Our team of professional caregivers helps with various non-medical services like light housekeeping, meal preparations, medication reminders, personal grooming, transportation, and more. We also provide specialized services such as dementia, transitional, and end-of-life care. 

If you’d like to learn more about our home care services, call 214-703-8123 to schedule a complimentary consultation. During this meeting, a member of our care team will learn about your needs and answer any questions you may have about how home care can fit into your retirement plan.