Are you in Retirement Mode?



We all thought selecting the right Spouse, Career and Home were the keys to a Happy Life. Well, Retirement is just as Important as all those Life choices you made in the past.  If you are already in Retirement Mode then you already have a plan in place and working said plan. If not, the big question is. . . Will you Retire Early or wait to Retire at a Certain AgeRetirement is a Lifestyle and you may have to learn to live with less depending on your financial situation. Many people see themselves living more simply and spending less in retirement. In some cases, a smaller nest egg can work. But, living comfortably on less money takes planning. And, your living expenses may not be less. 

"In the USA, the full retirement age is 66 if you were born from 1943 to 1954. This retirement age increases gradually, from 1955 to 1960 until it reaches 67. For anyone born 1960 or later, full retirement benefits are payable at age 67.". . . at post date.

Retirement is full of possibilities. If you're thinking of retiring within the next 11 years, you can create a plan with answers to the following questions:

  • How much do I see my life changing in retirement? 
  • What do I want to do?
  • How much is my lifestyle likely to cost each month?
  • Will I stay where I am now or live somewhere else?
  • What expenses should I plan for, given my needs and goals?

But, if Retirement is less than 6 years away, you have to dig deep because time is ticking and costs are rising as you read this post.  According to data from the Bureau of Labor Statistics, housing is likely the largest expense you'll face in retirement, so reducing those costs can have the biggest impact on your budget. Relocating to a less expensive area may be in your best interest, if you cannot pay off your mortgage before you retire.  Money or lack thereof is going to be the most stressful during this period of your life. Therefore, you should have an in-depth conversation with your Spouse and/or Financial planner before you walk off the job.

Maybe you want to try something new in Retirement, like going back to school or pursuing a passion. Or maybe you just want to relax more without giving up your career completely. The choice is yours, as long as you budget for it. No one is going to stop you from working part time at the job you love, or giving your time as a volunteer in your community. When it was time for Me to retire, I did not want to get out of bed by an alarm clock anymore, or be told when and where to go on any given day. So, any part time job was not in the cards. I had plenty of hobbies & a large family that could occupy my time. And, I also created this Blog.

Initially, escaping the daily grind, workplace politics, or a difficult boss, will be a great relief. But as the weeks fly by, the novelty of being on “permanent vacation” starts to wear off. You will miss the structure your Job gave you, or the socialization of co-workers. Let's face it. . . not everyone can stay home all day, and do nothing week after week. You have to maintain those friendships you acquired during your working life, or make new friends.  With a little budgeting and some planning. . Oh, the places you'll go! Or could go, once you're no longer limited to the proverbial two weeks a year vacation.  And, there will always be time to try a new hobby. 

Retirement is not the end, it's the Beginning of a New Phase of Life.

** Thanks for Visiting! This post is F Y E. I'm not a Financial Consultant, and NOT giving any advice here! If you like this post, please comment & Email it to others.  Don’t forget to follow me on Bloglovin, and Pinterest Or Subscribe to see More.**

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