Are you older and fed up with increased work hours with no payout? Are you considering retiring early or retiring before 67? You’re not alone-about 80% of workers don’t want to go work come Monday morning. This could be due to the increase in time spent working over the last 20 years. Work time has gone up 20% while free time has gone down by 33%. However, many retirees from their day job maintain that they don’t want to retire completely. With some pre retirement planning, you can probably find a low impact or part-time job to fill your time. It’s best to do pre retirement planning-experts recommend a five year plan-to help organize.
Where Do I Start?
If you have no idea where to start in your pre retirement planning, you can start by seeking out personal coaching or life coaching services. Interestingly, around 60% of people who seek life coaching are male. Personal life coaching isn’t just for people who are struggling; indeed, they can be a great organizational tool and resource for a second opinion. They can refer you to the necessary steps of working out finances, writing wills and estate plans, health care, etc. Some community colleges may offer pre retirement courses that help to walk you through these steps as well. There’s a growing pool of resources you can draw from as more and more people begin to retire. Financial planners, coaches, and specific institutions are all available to help you through this process.
What Do I Plan For?
Increased Time Off
One of the preparations you’ll have to make is not waking up and going to work for eight hours a day. You may go from having too little free time to having an overwhelming amount of free time. Personal or life coaches can help with that as well, suggesting different methods. If you haven’t been able to spend much time with your family now and live close, perhaps consider working them into your weekly plan. Sometimes part-time jobs are an option–things you can do from home, like freelancing, retail, or tutoring. Some retirees also choose to do more volunteer work in their community. If you’re in a more metropolitan area, there are often community activities you can get involved in to stay active and out in the community. The more engaged you are, the easier the adjustment to retired life will probably be for you.
Healthcare and Finances
One of your top priorities will be making sure your finances are in good shape by the time you retire. Create a financial plan and start investing. If you can, test out your plan and make sure it holds tight while you’re still making an income. Consider hiring a financial planner if you’re worried about that aspect of retiring. (If you’re married, also consider what your finances will look if your partner predeceases you. Will you still be okay without their income?) Also know about your medical providers and should something drastic happen–a terminal illness, a bad fall, etc.–know your options and what services you can expect to be covered under your insurance.
In short, pre retirement planning is a necessary measure to take and better sooner than later. You don’t want to retire and find loose ends you wish you’d tied up earlier. Make retiring a joyous celebration, not headache!
