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5 Tips to Prepare for Retirement

Are you or a loved one preparing to retire? Retirement is a wonderful season in life, filled with new activities, relaxed schedules, and ample time with family and friends. As with any lifestyle change, careful planning makes the transition smoother. To help with the change, we’ve compiled for you 5 tips to prepare for retirement, so you can make the most of your golden years.

Plan Your Retirement Activities

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Let’s start with the most exciting part: all of the new things (or old favorite pastimes) you will be able to take part in during retirement. You might not be able to fathom the amount of time you will have to yourself once you retire, so it’s important to plan out how you want to spend your days.

You could...visit national parks with your spouse, learn a second language, attend art classes at a nearby studio, grow your own vegetables, volunteer with a children’s charity, work part time at a flower shop...the possibilities are endless.

The important thing is to stay specific and financially feasible, while limiting your list to less than 10 ideas, and maybe even keeping a journal or scrapbook of your thoughts. With activities planned in advance, you can retire to something fulfilling, with plenty of avenues to build new friendships.

Make a Retirement Budget

Once you have an idea of what you want to do with your retirement years, you will need to budget for it, if you haven’t already. Retirement finances differ for everyone, but generally in your budget you will want to include at least your regular monthly cost of living and any costs associated with the new activities you have planned.

Financial planners can offer you professional advice on how to manage your cash and investments during retirement, what you can realistically expect to afford, and when it makes sense for you retire from your current job. Your accountant can help you forecast how your taxes will change post-employment, and you might also want to seek expert opinions on when start collecting social security.

Take a Personal Inventory

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Taking inventory might sound the same as budgeting, but it’s a little different because it’s not just about the numbers in your bank accounts. For instance, you might have skills that you enjoy using which could be turned into a little bit of income to supplement your retirement.

Maybe you’re a talented writer, and you could be an occasional contributor to your favorite monthly publication. If you’re an artist, you could sell some of your work online or at a local holiday craft fair. If you taught your grandchildren to swim, see if any of their neighbors need lessons.

Check Your Health

Another important thing to assess before you retire is your health. While you are still on your employer’s insurance plan, get the checkups you need and ask your doctors how you can maintain your health so you can take full advantage of your retirement opportunities.

From walking at the local park and learning to cook a few new healthy dishes, to playing card games to keep your mind sharp, there are an abundance of options to make your health regimen as enjoyable as the rest of your retirement.

Consider New Living Arrangements

Finally, consider the place you want to call home during your retirement. If you’re considering downsizing and moving closer to certain amenities, while maintaining your regular daily routines in a beautiful, peaceful community, The Village at Germantown might be just what you’re looking for.

It might sound appealing to move to the beach, but what if your children and grandchildren live in Germantown, Memphis or surrounding areas of west Tennessee, Mississippi, or Arkansas? Maintaining family relationships is important for your (and their) happiness and well being. Staying close also means less travel expenses for holidays and more opportunities to attend birthday celebrations, grandchildren’s recitals and soccer games, and other important life events and special daily happenings.

As you’re preparing for retirement, consider a place where you can fulfill lifelong passions, explore new activities, grow quality friendships, stay close to family, and stick to the budget and health plans you’re making. The Village at Germantown provides all of those opportunities, and we would be more than happy to take you on a tour of all we have to offer. You can even join the Villagers wait list club for an exclusive preview of life at the Village of Germantown, so please contact us or plan a visit while you’re preparing for retirement.


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