Planning for retirement is very important. Many people are living longer today, and therefore, it is possible for a person to live another twenty or thirty years after they stop working. To ensure that this period of your life is a good one, there are lots of tips you might want to consider for how to retire comfortably and happy.
The first thing you need to do is choose the date you are planning to retire. Most workers leave the workforce when they are ready to, normally at sixty-five, but many are forced to leave early for various situations, such as a company layoff or health issues. For this reason, it is always good to plan ahead. If you have a retirement date in mind, work toward that goal, but create a contingency plan if your date is moved up unexpectedly.
If retirement seems like a big leap for you, then you can always ease into it gradually. Some financial planners recommend people take mini-retirements to get used to not working. This could involve taking an extended vacation or a sabbatical from work for a couple of months to travel, pursue new activities, or just relax from the routine of everyday life.
If you decide to open an IRA, you can choose between a traditional IRA or a Roth IRA account. Your taxes, contributions and withdrawals will be different depending on which one you select. IRAs can be set it up so that the money is automatically deducted from your account every pay day and deposited in the IRA.
Whatever you are interested in doing in retirement, the key to living well is to start saving early and keep saving. Save no less than twenty percent of your income. With each paycheck, the money can be taken out if you set up an automatic transfer for it to go in an investment account where you will not be tempted to touch it.
Another way to be happy in retirement is if you maintain the friends you had while you were working, or make new friend outside of work. This can prevent you from feeling lonely in your later years. Join social groups or arrange to meet your working friends for lunch periodically. Do not be afraid to try new activities now that you have more free time.
Studies show that people who remain mentally and physically active when they stop working tend to live longer and happier lives. If your career did not give you enough time to pursue your personal hobbies, this is a perfect time to spend more time on what interests you.
Remember that your retirement is what you choose to make it. This period will signal a new chapter in your life, so plan ahead to make the most of it.
The first thing you need to do is choose the date you are planning to retire. Most workers leave the workforce when they are ready to, normally at sixty-five, but many are forced to leave early for various situations, such as a company layoff or health issues. For this reason, it is always good to plan ahead. If you have a retirement date in mind, work toward that goal, but create a contingency plan if your date is moved up unexpectedly.
If retirement seems like a big leap for you, then you can always ease into it gradually. Some financial planners recommend people take mini-retirements to get used to not working. This could involve taking an extended vacation or a sabbatical from work for a couple of months to travel, pursue new activities, or just relax from the routine of everyday life.
If you decide to open an IRA, you can choose between a traditional IRA or a Roth IRA account. Your taxes, contributions and withdrawals will be different depending on which one you select. IRAs can be set it up so that the money is automatically deducted from your account every pay day and deposited in the IRA.
Whatever you are interested in doing in retirement, the key to living well is to start saving early and keep saving. Save no less than twenty percent of your income. With each paycheck, the money can be taken out if you set up an automatic transfer for it to go in an investment account where you will not be tempted to touch it.
Another way to be happy in retirement is if you maintain the friends you had while you were working, or make new friend outside of work. This can prevent you from feeling lonely in your later years. Join social groups or arrange to meet your working friends for lunch periodically. Do not be afraid to try new activities now that you have more free time.
Studies show that people who remain mentally and physically active when they stop working tend to live longer and happier lives. If your career did not give you enough time to pursue your personal hobbies, this is a perfect time to spend more time on what interests you.
Remember that your retirement is what you choose to make it. This period will signal a new chapter in your life, so plan ahead to make the most of it.
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