Have you retired or are about to retire? Here are a few things to remember as you move into this next journey of your life. Note that retirement is not about an age or amount of money; it is when work is optional!
Some of these reminders are passed down from an older generation but we sometimes forget them.
First, let’s remember that the reason we scraped and saved was to get to this point in our lives! For some, the hardest thing to do is to make the switch from saving to allowing ourselves to spend what we saved. As a result, we may tend to hold onto our money for “our old age.”
However, I have many clients in their 80s still waiting to spend as they worry about not having enough for their continuing care in the event of an illness or accident. It is time to start spending all those hard earned dollars and enjoying the life you always envisioned.
Second, love your significant other, your family and friends. Spending time with them is the most important thing we can do. The one thing money can’t buy is time!
Another reminder is that you have raised the kids; it is time for them to leave the nest and fly on their own. We love them and of course we want to spoil the grandkids, but do it within reason of your financial ability.
Also, think about being equitable in your generosity. Not every child or grandchild has the same economic situation and sometimes circumstances warrant more help to one rather than another. Over their lifetimes and yours, things tend to even out.
Perhaps the best gift we give our kids is our own financial independence. Understand your finances and get help if you need to from a professional so that your money will last longer than you do. Friends and family cannot be objective when it comes to your money!
The next reminder is to stay active; get new hobbies, travel, and see the world you have not yet seen.
Humor can be a great healer and open up many more doors than being an old sour puss! Never stop learning and experiencing new things, and get on social media where your grandchildren hang out!
Listen to the younger generation; you can learn a lot from them as well as share your life lessons and pass down your wisdom. A good listener is usually a great conversationalist.
You do not want to be saying at your death bed, “I wish I had done this or that but didn’t want to spend the money.” Don’t drive a Ford so that the kids can drive a Mercedes after you’re gone!
What is on your retirement bucket list? What plans have you made for your retirement? What special activities are you looking forward to when you stop working? Please join the conversation and share your own list of reminders.