While many seniors stress about building secure retirement portfolios and ensuring financial stability as they age, they often forget to take into account other important details and nuances of the retirement process. Factors like location, family, health, and lifestyle choices matter just as much as monetary preparation – the quality of your retirement is just as important as the amount of years that you can sustain yourself. At the end of the day, having enough cash in the bank won’t ensure a picturesque retirement. Here are just a few of the factors that you should consider to reach later-in-life fulfillment.
Emphasis on Location
More than ever, seniors hope to age in place. While many retirees choose to downgrade to a smaller (and more affordable) home, others prefer to stay in the same home they’ve lived for the last couple of decades. When looking for ways to age in place in your current home and build enough money to sustain a lengthy retirement, consider converting your home equity into accessible cash with a Home Equity Conversion Mortgage.
Of course, if you aren’t satisfied with your current locale, you may want to consider moving to one with a better climate or a lower cost of living. Retirement will bring with it enormous changes. To avoid feeling overwhelmed, make sure to spend ample time planning your move. This is especially true for those who are moving to another city, state, or even a foreign country. If you are considering purchasing a new home, consider using a reverse mortgage to buy the new home and not have to make a monthly mortgage payment for as long as you live there. If you go this route, remember you are still responsible for paying property taxes, homeowners insurance, and home maintenance costs.
Even the most dedicated introvert can benefit from occasional social interactions. As seniors age, many of their friends and family drift apart over time. To combat gradual trends toward social isolation, many seniors choose to spend more time building relationships and meeting with friends before retirement. By establishing these connections now, they may be able to better maintain them once they have even more free time. If you’re unsure how to proceed but you still want to interact with others, you can start by joining a club devoted to a particular hobby. Keep in mind that solid social connections often predict a more healthy mental state and overall superior level of happiness.
Making Lifestyle Choices
Retirement planning is about more than just securing enough money to leave the workforce. Retirement also brings substantial changes to your lifestyle. What will you do with your new free time? What will you do all day without a job to give you a stable routine? What will your daily schedule look like when you’re 70? 80? 90? Will you pursue your favorite hobbies – or maybe take up a new one? Will you devote your time and effort to help the local community? By all means, feel free to make changes as you go. However, remember that maintaining a steady schedule could go a long way in maintaining your body and mind.
If you plan to do anything during retirement, plan to stay in good physical health. Health care expenses are one of the most pressing concerns that seniors face – not only will poor health hurt you, but it can also hurt your wallet. Rather than letting medical problems accumulate into an insurmountable problem over time, do your best to exercise and eat healthy meals so you can give yourself better chances of avoiding a health catastrophe – while enjoying greater longevity at the same time. After all, prevention is the best medicine.