Practical Retirement Tips You Can Use

Retirement is inevitable. Sooner or later, people will retire from their work. What matters, though, is you prepare for this period so you can continue to lead the life you so desire.

There are many ways that you can prepare for your retirement. Planning is crucial so that when the time comes for you to finally leave the workforce, you have sufficient money to spend for you and your partner in life.

Delay getting your social security income. The great benefit of paying for social security while you?re working is you gain a regular monthly income from it during your retirement years regardless of how long you live and the state of the economy. But if possible, don?t take the benefits at your early retirement age such as 62 so you can enjoy a bigger income. Experts suggest delaying taking the benefits but not past the age of 70. You need to know that availing of the social security income earlier, say at 62, provides the lowest benefits.

Keep yourself healthy. According to a study by the Society of Actuaries, being overweight during your retirement period is not good. It can result in higher medical costs up to $2,000 per year even if you have a medical insurance. The research published in the paper ?Obesity and Its Relation to Mortality and Morbidity Costs? showed that two-thirds of Americans are heavier than their normal weight and one-third are obese. But if you?d like to live long and enjoy your retirement years with your partner, then eating right and getting some exercise will be a big help.

Don?t splurge. There are some people who have just retired that want to spend their money on luxurious things right away. They go on holidays in different countries, they buy expensive vehicles, jewelry and other personal items. But if you don?t think about your tomorrow, there?s a big chance you will end up not having enough savings for the rest of your retirement years. So be practical and spend wisely.

Move to a cheaper place. There?s no harm in moving to a new place where the cost of living is more affordable. In fact, it may be the best move you can make that will allow you to have a more peaceful and quality life. This is ideal for people who have lived in highly urbanized and high-cost areas for most of their lives. If you want to be away from the hustle and bustle of city life, you can choose a small town with less people and where you can be surrounded by nature. In this way, you can relax and take it easy and who knows, you may live longer than you expected.

Work part time. If you?re not bent on leaving the workforce for good and leading a life without work, you can continue to hold a part-time job. In this way, you don?t have to be in the office eight hours every day because you still have time to visit your children and grandchildren as well as old friends. This situation lets you enjoy your work and the people you love at the same time.

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Source: http://www.womenfavor.com/home-and-family/retirement/practical-retirement-tips-you-can-use.html

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