It’s possible to retire at any stage in life, of course, but most people work for as long as they need to, which usually means the mid-60s. And as you approach the end of – hopefully – a long and rewarding career, there may well be a tinge of sadness – or, perhaps, sheer excitement.
Shutterstock Licensed Photo – By Vladimir Melnikov
Regardless of the mood you find yourself in as you approach retirement, there are plenty of things you need to consider. Let’s take a look at everything you need to know about what you can do, what you might have to do, and what to avoid, both in your personal and work life.
Don’t want to quit?
Some people can’t wait to quit work and hit the golf course, go on more vacations and really enjoy their retirement. Others work into their 80s – or as long as they possibly can. Most of us, however, lie somewhere in the middle. And it’s important to understand that this doesn’t have to be ‘the end.’ You can reduce your hours slowly as you approach and transition into retirement, and there are plenty of firms out there that offer flexible working. You could even retire from the day job and work for yourself as a consultant. Many retirees are demand from businesses who are looking for help from people with lots of experience.
Sell or keep the house?
Another big choice ahead of you is whether to keep your current house or move on elsewhere. Bear in mind that most retirees are receiving less money than they were when working, so it might be a good idea to downsize a little to suit your income level. Whatever you decide to choose WrenRealtyInc.com recommend working with a financial advisor to look at your economic strategy for the duration of your life. However, you may be able to make up the shortfall by working somewhere part time.
Seasonal work?
The great thing about being retired is that you don’t have to work all year round. You could pick up a retail job in the holiday season, for example – and enjoy the staff discounts on offer to buy your extended family and grandkids gifts. Maybe you could work for a resort somewhere nearby, or if you are feeling really adventurous, abroad. And if you have accountancy experience, you could even help people do their tax returns during the tax season. There are plenty of businesses that need a lot of help at that time of year.
Start retraining?
As your hours start to decrease, why not fill them with something else – something entirely new? It’s never too late to retrain, and there are substantial mental health benefits, too. Not only does learning new things invigorate your outlook on life but can also help you protect yourself from conditions like dementia and Alzheimer’s.
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Are you ready to retire? If not, there is plenty to keep you busy, as you can see. And whatever you choose, we hope you enjoy many happy and productive years to come. Good luck!