What Is My Husband Doing In Retirement
In Joels case, he got a wonderful mix. Joel stopped enrolling in a program to become a master naturalist, volunteered to teach a course on artisanal cheeses , took online courses, and started playing tennis again.
Its a work in progress, Joel says. On the one hand, Im glad I have a decent portfolio of activities. But I know the specifics will change over time.
Before I share the exact formula Joel used to craft his next act, I want to first say that there is no definitive recipe for retirement happiness.
A satisfying retirement is crafted with small steps and a sprinkling of calmness that takes you in a new direction. Maybe you have a conversation with a friend that results in an introduction to a new course that inspires you to join an exciting volunteer opportunity or a part-time gig.
It is almost always an unexpected journey.
Fortunately, even if you dont know exactly where youre going, there are things you can do to build momentum. Along with some suggested resources, Joel takes five key steps to get unstuck:
The Challenges Of Beginning Again
Returning to work is not easy for many retirees, who may not have had a job for many years. Just like someone new to work, they may need time to settle in, and even require retraining. Other challenges may arise at the job interview:
- Salary: The wage for your new job may be less than pre-retirement levels.
- Choices: You may not find a job similar to what you were doing before. Also, you may have to accept a lower-status position.
- Health: Take into account your physical wellbeing. You may no longer be able to work as hard, or for as many hours because of your age.
In case you need to return to work to meet your living expenses, it’s essential to take good care of your money this time. Manage your income and control costs. Don’t overspend. Instead, save first, spend later. Sticking to these principles will help you build your cash reserves and look after yourself when you retire again. What’s more, you could consider investing carefully to top up the value of your savings.
Returning to work can be difficult, but there are organisations that offer support. For example, the Labour Department’s Interactive Employment Service offers online advice for elderly job seekers, you can search for job vacancies available for retirees in the website of some NGOs such as Happy Retired. Do ask for help, if necessary.
Create Your Retirement Budget And Retirement Income Plan
As you near your retirement date, consider your budget in the short and long term. In the short term, youll have a last paycheck that may include back pay, vacation/sick days, commissions, or a bonus.
You may also have lag between your last paycheck and when your retirement income kicks in. If you think youll have that gap, consider increasing your savings in the weeks and months before you leave your job, says Heather Winston, assistant director of advice and planning at Principal®. If you still run short, you could also tap into youremergency fund rather than using credit cards to finance day-to-day expenses.
Not sure how to create a post-work plan for income and expenses? Use our retirement budget worksheet .
After youve retired, your retirement income plan may include two sources:
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Make A Daily Schedule
If you start to feel bored in retirement, add a little structure back into your life! From establishing a bedtime and wake-up time to picking a weekday to visit your grandchildren, creating daily habits will make your days feel meaningful and focused. Adjusting to retirement can take some getting used to, but it will go a lot smoother if you develop a routine early on!
Strikingly 50% Of Americans Aged 65 Or Over Have An Annual Income Lower Than $24224
This is far less than the amount retirees need to meet their daily requirements, as well as health and living expenses. Whats worse, the median income of households declines with age. Thus, the average retirement income in the US for households run by someone aged 65 to 69 is $53,951, while the median income of households managed by someone 75 or older is $34,925.
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Retirement Age Varies By Gender And State
Data shows that the average retirement age in 2020 for men is 64, whereas women retire at 62. Statistics by state also show different data. For instance, workers in Michigan, Alabama, and Arkansas retire at 62, while the retirement age in states like Nebraska, Utah, and New Hampshire is 65, on average.
Tip #1: Track Your Progress
Regularly check in on your progress toward your goals. You can monitor how far you are from reaching your goals. And you can also understand whats been working and what hasnt.
- Whats been driving the bulk of my results?
- What have I been doing to make progress?
- Whats been holding me back?
Double down on the efforts, skills, and activities that work for you. And lay off the stuff thats distracting you and simply adding noise.
Tracking your progress also allows you to constantly reflect on your goals and your roadmap to success. You can be nimble with your tactics as you continue to grow your confidence and develop yourself.
Bonus Tip: read your vision daily and make it a part of your morning routine. This will help you find and keep your clarity and also stay focused on reaching your ideal state in life after retirement.
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Become An Expert At Absolutely Anything
Whether its learning conversational Chinese, how to bake a flawless souffle, performing mind-boggling magic tricks or amazing feats of juggling, identifying bird song or learning all the Latin names of your garden plants, youve got time to practice till youre perfect. According to Anders Ericsson, a Professor at the University of Colorado, practising anything for 10,000 hours can make anyone an expert at it.
Options If Youre Under Age :
- Retiree medical coverage through your employer.
- The insurance policy of a spouse/partner .
- Coverage through COBRA to continue health insurance for up to 18 months after losing your coverage through work. COBRA can be pricey because you pay the full premium . If you have dental and/or vision insurance through your old job, thats included as part of COBRA, too.However, if you turn 65 during those 18 months, you must apply for Medicare.
- A Health Insurance Marketplace plan. Availability varies from state-to-state and depends on your household income. Visithealthcare.govto learn more.
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Get To Grips With Financial Matters
If youre not totally sure about how compound interest works, would like to understand the workings of the stock market better or be able to pinpoint exactly what your tangible assets are, nows an opportune time to brush up on your financial expertise. It can also help you feel more confident about ensuring all your financial affairs are in order when you speak to your financial adviser. And, once youre happy that everything is sorted, you can carry on enjoying your retirement.
Adjusting To Retirement Tip : Embrace Change
Although its an inevitable part of life, coping with change is rarely easy. As we grow older, life can seem to change at an ever-quickening rate. Kids leave home, you lose friends and loved ones, physical and health challenges mount, and retirement looms. Its normal to respond to these changes with an array of mixed, often conflicting emotions.
But just as you transitioned from childhood into adulthood, you can make the transition from work to retirement.
Adjust your attitude. Think of retirement as a journey rather than a destination. Allow yourself time to figure everything outyou can always change direction if necessary. You can also adjust your attitude by focusing on what youre gaining, rather than the things youre losing.
Build resilience. The more resilient you are, the better youre able to cope with challenges like retirement. You can improve the qualities of resiliency at any age to help you keep a healthy perspective when life is at its toughest.
Accept the things that you cant change. Railing against events that you have no control over can be as exhausting as it is futile. Whatever the circumstances of your retirement, by accepting them you can refocus your energy to the things that you do have control over, such as the way you choose to react to obstacles. Look back at examples where youve coped with changes in the past to remind yourself that youll be able to manage this change as well.
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Focus On Relationships With Friends And Family
One of the more personal benefits of having ample time on your hands is that you get to spend more time with family and friends. Use this very rare opportunity not many people get to focus on the important people in their lives with minimal distractions, after all to build stronger relationships that will not only enrich your life, but also theirs. And if you’re still working toward an early retirement, spending more time with loved ones is not only a terrific way to enhance your wellbeing, but also an essential strategy for saving money.
Invest In Instruments That Offer Monthly Returns
Invest in high-yielding investment options to put your savings to good use and maintain your post-retirement quality of life. Investing in fixed deposits is a great option because of the following advantages.
Some fixed deposit providers also provide you with benefits of higher interest rates for senior citizens, easy online application, and flexible tenor.
Ensure to utilize the following features from Bajaj Finance FD to be a smart planner for future investments
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Tip #1: Focus On Your Health
It goes without saying that taking care of your health should be a priority in retirement. Yet many retirees wont take better care of themselves.
According to a 7 Misconceptions About Retired Life article, most retirees dont take care of themselves like they say they will.
Exercise, join a gym, replace inactive time for active time, eat nutritiously and keep up with your health adherence. Be sure to include in your weekly goal planning designated health-related activities and topics.
Orly Lazarov, PhD, found from her Alzheimers Association New Investigator Research Grant that physical and mental stimulation appear to decrease hallmark Alzheimers pathologies and support new nerve cell growth and better cell-to-cell communication.
Physical and mental stimulation can mean many things to different people. And, of course, customization is key to making what works best for you. In retirement, you should also come to terms with your limitations. Remember to listen to your body as well as your mind and pay close attention so you dont overexert yourself.
Bonus Tip: Heres a list of 22 activities to improve your health in retirement.
% Of Retirees Said They Would Rely On Savings If Their Finances Are Hit By The Pandemic
United States retirement statistics and surveys from 2020 tell us that retirees are also considering other sources of income amid the pandemic. These include credit cards , loans from family and friends , and unemployment benefits . Before the pandemic, 69% of retirees said that they would rely on Social Security as their primary source of income, and only 11% stated that they would dip into their savings and investments.
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Us Retirement Statistics Reveal That The Standard Of Living Hasnt Changed For 64% Of Retirees
The majority of retirees in the US have managed to maintain their standard of living since they retired. However, one in four Americans says that their standard of living has decreased in retirement. So it is of great importance to start preparing for your retirement on time and avoid the retirement crisis.
Action #: Reframe Your Mindset Of Time
In Dan Sullivans coaching program Strategic Coach®, he uses an exercise called The Lifetime Extender®. It is a tool used to formulate a new paradigm around time with the goal of making our future more important than our past.
The idea is that you have the choice to imagine your own future, and when you change the time frame you are operating in, you change the way you think. For example, Dan is planning on living to 156!
This exercise gives you the freedom to reframe your future and reprogram your thinking about how to live the second half of your life. There is a lot of psychology around how this works that I wont get into here, but when you expand the amount of time you think you have left here on this earth, your mind begins to follow that way of thinking.
Now I realize that this may be a little too woo-woo for some, but when you consider that none of us actually knows how much time we have left to live, what do you have to lose?
You have a choice: You can live as if you have been set out to pasture to retire or you can live as if you are just entering your second half of your life. Your future reality is created in your mind, and whatever you focus on expands. So, expand your time and pick a number, then begin working on your future self. You can learn more about this idea from Dan here.
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Tip #1: Consider Part
Whether your goals include kickstarting an entrepreneurial side hustle, volunteering, consulting, or teaching, part-time work can have its benefits. It can contribute to your sense of purpose and feeling needed, which is where a lot of your fulfillment will come from.
Working after retirement because you want to vs. because you have to will present a totally different experience. Plus, with all your wisdom and expertise, if you land a gig that will appreciate your background, the value you contribute can be so impactful.
Some resources to finding a part-time gig that suits you:
- Encore.org tied to the nonprofit world, their mission is to build a movement to tap the skills and experience of retirees to improve communities and the world.
- Empowered Careers a nine-month to one-year certification program offered by UCLA Extension that helps boomers reinvent themselves in the workforce tuition under $6k.
- SCORE a non-profit that pairs mentors with small businesses to benefit both parties
- Senior Corps: The U.S. governments main service engine for older adults includes Retired Senior Volunteer Program , Foster Grandparents, Senior Companions and others.
Better yet, you can go directly to the source in making that job come to life.
Looking for a volunteer opportunity?
Become Your Own Financial Guru
While youre in the active saving and investing stage before retirement, you might look to an expert to help guide you in the right direction. But the time will come when you glide into maintenance mode. From there, you can probably manage it on your own as long as you keep learning and stay in touch with whats happening in the financial world.
Its entirely possible to become a self-made financial expert. Read everything that you can, including good blogs. And start watching TV shows about finance. Soon youll know what disintermediation, econometrics and other terms mean without calling a financial planning expert, because youll be the expert.
Using the NewRetirement Planner will help you!
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What To Do In Retirement Do What Makes You Happy
A lot of items on this list talk about doing something amazing. But that is not the real point. You dont have to be the best, the first, the oldest or the most.
Retirement is the time when it should not matter if you are keeping up with the Jones. Now is the time to do what makes YOU happy. You can enjoy the little things or you can swing for the fences. You can make a difference to your own loved ones or volunteer and change lives in your community. You might make a fortune doing what you love or you can make ends meet while pursuing your passion.
The scale of your endeavors should not matter.
Think hard and make sure that what you do after retirement matters to YOU.
Need some help? Many of us arent sure what one thing makes us happy. Here are a few books that might be useful.