Retirement tips
• It is best not to borrow or withdraw money from your retirement accounts for any reason during the accumulation period. The reason for this advice is simple; you most likely will not be able to replace the money, thus creating a gross deficit for yourself in your retirement income resources.
• Abolish debt before you enter retirement. Make this a priority. Once you retire, you will be entering into the unknown on a fixed income.
• Create an emergency fund. This is of the utmost importance, however is often overlooked. The purpose of an emergency fund is to have cash available to help weather any sudden financial emergency that was not planned for.
• People are choosing to downsize their residence, during retirement, in order to live in more practical, affordable housing with little to no maintenance.
• Retirement planning has many moving parts, is ongoing and can get complicated. For these reasons it is recommended that you find a local financial advisor, someone to help educate you on the nuances of retirement planning.
• Be diligent in your research and understanding of the options available to you in accessing your retirement benefits after exiting active serve. Start early.
• It is important to plan for the nonfinancial aspect of retirement living by considering what will make you happy. Make a life plan and tick off your experiences as you move ahead
• When making your retirement living plan, look for things you can do on an on-going basis that bring you joy and add structure to your life. This can include travel, hobbies or even training for a new career.
• Keep your mind sharp. If you feel the need to replace the intellectual stimulation you found at work, try learning a foreign language or a musical instrument.
• Develop new friendships. A measurement of whether people are successful at retirement living is the strength of their social network-that includes family and friends. Don’t forget that friendship helps to increase longevity.
• If you live with someone or have a close partner, retirement living becomes a shared experience. It’s important to make time for you and your partner to both share your dreams-you might be pleasantly surprised to learn that your partner wants to join you on that your hobby.
• Increase your financial stability. This can include working part-time in your current job or finding a retirement job that’s new and interesting-and will also help you earn money.