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3 Ways to Plan for Retirement

How Do I Plan for Retirement?

Retirement affords many opportunities for seniors to look forward to. From more time to travel to enjoying more time spent with friends and family, retirement brings many blessings. As you prepare for retirement, new activities, more free time, and how you’d like to enjoy these years, consider the following in order to help you make the most of this season of life.

 

Purge Your Possessions

There’s no better time than now to get rid of the unnecessary clutter you’ve accumulated over the course of the last few decades. From clothing and cookware to books and other items that tend to outgrow their storage spaces, cutting down on clutter in your physical surroundings can make room for more clarity and focus mentally.  Before downsizing, moving, or traveling full-time, take an inventory of your possessions. Ask yourself these questions before deciding whether or not to keep or part with an item:

  • Does this item bring me joy?
  • Does it have sentimental value?
  • Does this item serve a purpose?
  • Can this item be easily replaced if needed?
  • When was the last time I used or wore this item?
  • Do I have other things that can easily replace this item?

 

By letting go of old items collecting dust in your home you no longer use or love, you can prepare to enjoy this new season of life without being weighed down by clutter and “stuff.”

 

Focus on Your Finances

Long before you’re ready to enjoy retirement, you should have an idea of how you plan to finance these activities. Knowing how much you currently have invested in accounts, assets, and other sources of income as well as knowing how much you plan to spend monthly on expenses and entertainment is an essential part of the planning process. Knowing how much you can realistically afford will allow you to make informed decisions regarding living arrangements and other important decisions.

If you need help planning a retirement budget and understanding your financial options for retirement, a financial planner can assist you and provide suggestions on how to manage your assets and investments to receive the maximum amount of return on investment.

 

Consider Housing Options

Choosing where to live during your retirement is another important decision to prepare for. Many people choose to downsize during retirement in order to accomodate lifestyle or financial goals, while others may choose to stay in their current homes. Many people choose to relocate in order to be closer to children and grandchildren or more amenities and attractions, and many choose to move to retirement communities that offer an abundance of built-in amenities and the opportunity to meet new friends.

Advantages of Living in a Retirement Community

While some choose to retire in new locations, at the beach, or even abroad, there are many benefits to choosing a retirement community, including 24/7 access to healthcare, fitness centers for seniors, and more. Other advantages of living in a retirement community include:

  • No More Yard Work or Excessive Maintenance
  • Social Activities with Peers
  • Community Safety
  • Independence and Peace of Mind

 

The Village at Germantown offers all of these and more. With access to a beauty salon and spa, casual and formal dining options, community social events like movie nights and cocktail hours, and even a woodworking studio, residents are able to explore new places, find new hobbies, and meet new friends all from the convenience of a safe and supportive community. 

 

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Posted by Carrie Atkins at 2:22 PM

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