March 14, 2011 — If you are like most Topretirements members, you are a baby boomer or just slightly ahead of that demographic. Chances are you are either about to retire, or have just done so. This article will can serve as your Retirement 101 crash course – start off by reading our 26 best — and worst – ideas for you as a newly retired person.
The most important thing for the newly retired person to realize is that retirement is going to be very different from what you are doing now. To make the best of it you….
have to seize the opportunity – letting it happen to you without planning or foresight will help insure that yours is not the happy and fulfilling experience it could be. Ideally that planning takes place well in advance of the actual retirement date, to give you a chance to get things in place.
Best ideas for the Newly Retired
1. We just said it, but the advice is worth repeating – Plan your retirement in advance
2. Prepare a detailed budget of your income and expenses, so you know what you are dealing with. Here is a sample budget
3. Work on your bucket lists. You and your significant other need to write down what you want to accomplish in your retirement. If you don’t, anything could happen. Sample Bucket List.
4. Plan on downsizing your home. You will save lots of money and aggravation. Don’t wait, do it early
5. Figure out where you want to live in retirement. Maybe it is near the grandchildren, maybe not. Research places to retire on this and other websites, then go visit them in person. You won’t know until you go
6. What is going to keep your mind engaged? In our experience busy people are happy people. Folks whose minds are engaged stay healthier and happier. Make a plan
7. Work out how you and your significant other are going to interact in retirement. Will you both be hanging around the house? How about money and work and travel – talk about your plans and interactions so you are not surprised
8. Get a part-time job or volunteer gig
9. Retire to a community you know well
10. Buy a home with Universal Design features
11. Make plans to connect and share experiences with your retired friends (before and after you retire!)
12. Attend free financial planning seminars. After careful research and reference checking, consider hiring a certified financial planner or someone with equivalent credentials.
13. Before you buy into a community, do your due diligence on association rules, assessments, financial reserves, and delinquencies.
Worst Ideas for Retirement
1. Reach retirement with no plan in place
2. Move far away from your kids and grandkids
3. Stay in your big suburban house
4. Buy a home in a community without renting there first
5. Quit your job before you have enough money for retirement
6. Move to a new place with no plan for meeting people (folks who live in active communities usually don’t have to worry about this)
7. Move to a home with a 2nd floor master bedroom
8. Move without consideration to where you will live when you really get old
9. Fail to consider availability of good quality medical care or public transportation
10. Spend your retirement money at a rate that means you run out
11. Take your social security payments starting at 62 when you could have afforded to wait
12. Don’t have a financial plan
13. Retire to a state or community purely for tax reasons.
For Further Reference:
5 Easy Ways to Ruin Your Retirement
What do you think?
Please share your ideas and experiences about retirement tips in the Comments section below.