Retirement for Boomers- A Reality Check

Retirement for Boomers- A Reality Check

Retirement is a time to embrace; you’ve earned it. Foreseeing the realities of what lies ahead can make it more successful.

If you are a baby boomer and lucky enough to about to retire or have recently retired, here is a reality check for you. If you are like most about to retire or are a new retiree, you have longed for the day you retire and celebrated that day. Your friends and family joined in your jubilation and now, on with the next chapter in your life. Are you ready? Things are different nowadays.

Finances

Do you have enough cash and investment income to meet your monthly obligations, including housing, utilities, food, and transportation? Contrary what you have been told, you will need the same or more cash through retirement. One of the best ways to ease the strain is to be free of any mortgage payments. The other recommendation is to avoid dipping into your IRAs until absolutely necessary. Investments are a bit tricky now as well; the stock market is up and down and when it goes down, a hefty loss of hard earned funds can be felt. Perhaps it is time to look at other options for investing, such as real estate, or tangibles such as old cars or artwork. Prices are at an all-time low. If you live abroad, you maybe entitles to a QROPS pension. For more info on QROPS, check out www.qropshelpcentre.co.uk.

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Spouse time 24/7

This can be a test to any marriage. Having one’s spouse in the house all the time can create an atmosphere of tension and strife. Each person needs their space to enjoy their own interests, friends, and hobbies. This should be encouraged.

Medical Care

There is one thing you can count on, medical care costs and pharmaceutical costs rising dramatically. As one ages, the odds are pretty good that there will be a need for more frequent medical visits along with medications and hospitalizations. And, at the extreme end, the need for long-term care, which is very costly. So, to stave off this dreary piece of reality, the best policy is for prevention. That means keeping yourself healthy and well. Eat dense and whole foods, avoiding processed foods. Keep your body at an ideal weight. Move your body at least 30 minutes every day; just do something.

Enjoyment

You retired to enjoy the rest of your life. What are you going to do with your time? What hobbies or passions do you have? Do you like to travel? Are you into volunteering? Be aware that hobbies and travel are expensive, no matter what you enjoy. When you retire, they become more expensive, not less, as you have more time on your hands. Figure these expenses in the whole scheme of preparation.

Work?

The picture of retirement is one of perpetual leisure. Once the yardworkhas been done, the painting completed, the closets cleaned, then what? For many, “what am I going to do today?” results in boredom. Boredom is not healthy. One must have a purpose in life to feel alive and successful. Many boomers reconsider working part-time in their chosen field just to get out of the house. Others turn their passion into a part-time endeavor, helping to defer the costs, or begin volunteering.

Retirement is a time to embrace; you’ve earned it. Foreseeing the realities of what lies ahead can make it more successful.

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