If you’re coming up on potential retirement, congratulations! That is no easy task. Before jumping right into it, however, you’re going to need to plan some things. Here are a few big decisions to consider before putting things in motion.
When to Retire
The answer to this question is going to be different for everyone. You might find yourself locked in a battle between your wants and your needs. For example, it might be best to hold off on retirement for financial reasons, even if you’re very close to what you need. When it comes down to your savings, it’s better to be safe than sorry – you don’t want to get caught in an emergency after retiring that drains your bank account drastically. Carefully calculate when you will have more than enough to retire. Keep payments on homes, loans, or insurance in mind. Know the economy and the market well enough to make an informed decision.
Where to Live
If you can afford it, you might want to consider picking an entirely new location to retire in! Many of the world’s typical vacation spots, unfortunately, are already struggling under the weight of foreign retirees. Hawaii and New Zealand are two examples of this. Rich foreigners retiring in these locations cause prices to skyrocket, gentrifying the neighborhoods and making living there very difficult for the natives. Even if you could afford to live in these places, the high tourist rate would mean that you never could have a moment’s peace! Try considering options in states or countries that aren’t such hotspots. Some of them would even want you to do so – many countries like Mexico welcome foreign investment.
How to Stay Busy
Many people retire and find, to their surprise, that they become bored quickly – especially after retiring in a foreign, isolated place, maybe far from friends or family. Make sure you have hobbies that you love doing and that you can take with you wherever you decide to retire. Or, even better, learn something new! Learning in old age can help you stay mentally, emotionally, and physically fit. Don’t be afraid to experiment. Connect with the culture and the nature of your location. If you’ve stayed in the same place that you’ve always been in, then make more time for friends and family that you have.
Retiring is an adventure in and of itself. Regardless of what you decide to do, you’ve earned it. Relax. Have fun. Enjoy the free time, and don’t necessarily rush to fill it with activity. Plan and make decisions now so that later you can have the best time of your life.
Check out this article on how to stave off boredom in retirement!