Planning For Your Best Retirement

Whether you are getting to retire now or in several years, that next stage of life will be even more enjoyable with a little advance planning. Some people envision more time teeing off on the golf course, others dream of traveling, volunteering for a cause they are passionate about or spending more time with family and friends. Whatever your personal vision of retirement looks like, here are some tips to help you turn that vision into a reality.

Work with a Financial Advisor

It is highly recommended that you work with a financial advisor to plan a retirement roadmap that is appropriate for your finances. Even those with modest incomes can benefit from the advice of a professional. For example, Social Security is only meant to cover a small portion of a person's income - roughly 40%. Relying on Social Security alone will likely mean having to make significant adjustments in lifestyle during retirement. Instead, work with your financial advisor to find alternative ways to build retirement wealth. Many people also choose to consult part-time or continue working in some other limited capacity throughout their retirement. A financial advisor can also help ensure that your savings is safeguarded against inflation. 

Consult an Estate Planning Attorney

Having your affairs in order and ensuring that your wishes are documented with regard to the distribution of your assets will bring you tremendous peace of mind to you and your family. You may also consider creating a living trust for your assets to save your family the time and expense of probate. Depending on your particular situation, it may also make sense to set-up a financial power of attorney and an eldercare power of attorney for the future.

Consider How You Want to Spend Your Time

It is important to give at least as much, if not more, thought about how you would like your retirement to look as you have given to other phases of your life. Some find it useful to talk about it with friends, others journal or create collages or storyboards about what their ideal retirement will look like. Whatever process you follow, taking the time to really mull over the below suggestions will help you crystalize your personal vision for a full and rewarding retirement. 

  • Make travel plans. Some believe that travel is an excellent way to stay young in spirit. Stop putting off trips for “someday”. Make a list of all the places you want to see and experience, and then start planning!
  • Dedicate time for self-care. Regardless of how busy you are (or plan to be), ensure you carve out ample time for exercise, good nutrition, a good sleep schedule, regular medical check-ups and perhaps some meditation.
  • Put your passions into action. Dedicating some of your time to a cause that is important to you is an excellent way to utilize your skills or expertise, do some good and also maintain a sense of purpose.
  • Keep learning. The brain is like any other muscle in the body. To keep it fit, you need to use it. Consider auditing a college course, joining a study group or doing some independent research on a topic of interest.
  • Make fitness a regular part of your day. Whether you walk, golf, play tennis, bike or take a yoga class, incorporating regular exercise into your daily routine will help ensure you maintain the stamina to fully enjoy your retirement plans. Exercise offers significant cognitive benefits as well.
  • Connect with others. Humans are naturally social creatures, and social connections are important for both physical and emotional well-being. Consider ways to spend more time with family, reconnect with old friends and make new acquaintances.
  • Daydream a little. One of the benefits of retirement is having extra free time. Think of each day as a gift, and consider how you will fill it. If you find you are getting stuck in a routine, allow yourself some quiet time to start envisioning new possibilities.
  • Find your best home. Selecting and moving into a retirement community sooner rather than later can have many benefits. Letting go of the upkeep and maintenance associated with a house and yard can be incredibly liberating. It can translate into more free time to focus on things that you find most interesting, inspirational and motivating.

Retirement is a truly exciting time, when you can embrace a fresh sense of purpose and fill each day exactly as you would like. Echo Lake offers a wide variety of upscale amenities and lifestyle programs, designed to help retirees embrace all that life has to offer. Residents pursue interests, explore a wide variety of activities and enjoy the freedom of a no-maintenance lifestyle. Contact us to schedule an in-person or virtual tour of our luxury retirement community in Malvern, Pennsylvania.