Follow These 5 R’s for a Rewarding Retirement

When you retire, you want to do it right. After so much careful preparation and struggle, you have earned the right to join the ranks of the retired, and you want to make sure it’s worth the effort. Here’s how to make sure your retirement will be fulfilling:

Reward yourself. You have earned the right to spend your free time as you choose. Don’t put pressure on yourself to fill your days with meaningful accomplishments. You are no longer a worker bee, so you can choose to do what is right for you. There is no performance review, no measures of success and no pressure to rise in the ranks. Retirement is your time to pursue what matters to you. What better reward than the option to spend your moments however you choose. You have the option to do nothing at all or try something new.

Rejuvenate your life. It is likely that after 30 or more years working you may feel a bit tired. Your job may have required a steep price for success. Retirement can be your opportunity to relax and start over at a slower pace. It doesn’t matter what you did in the past. From this day forward you can look to the future. Who you were on the job does not have to be who you are in retirement. Behaviors that were essential to your business success may be out of place in retirement. So, get rid of them. Retirement can be the perfect time to make a fresh start.

Refocus your energies. With your job behind you, get ready to add at least 40 hours of free time to your week. Now that you have the ability to choose you can focus attention on the other areas in your life that may have been ignored. Your family is likely due some make up time. Relationships with friends that have fallen to the wayside can be rekindled if you desire. If you have not been attentive to your health, this is a good time to revisit your exercise routine, establish a healthy diet and start practicing good habits across the board. All the energy that went into keeping up with the industry and corporate politics can now be refocused on real passions and interests that you want to pursue.

Respect your limitations. What you were able to do 30 years ago will not necessarily be what you can do today. But aging does not necessarily preclude living a good life. By learning to accept your limitations you can be better prepared to make the most of each day. Try not to regret what you can no longer do, but instead rejoice at what you are still capable of. Don’t be afraid to ask for help. Remember how many times others have turned to you for assistance over the years.

Renew your interests. Think about what you want to do with your time. The hobbies and interests that excited you in the past can be revisited and explored in depth. You could write a novel, learn a new instrument, become fluent in the language of your choice, try your hand at ballroom dancing or do whatever else interests you most. Retirement is your reward for all your efforts that went into getting you safely and hopefully sanely to retirement.

From my blog for US News & World. Dave Bernard is the author of “I Want To Retire! Essential Considerations for the Retiree to Be“. Although not yet retired, he focuses on identifying and understanding the essential components of a fulfilling and meaningful retirement. He shares his discoveries and insights on his blog Retirement-Only The Beginning.

Still Navigating the Retirement Jungle after 4 Years

Time sure does fly. The other day I took a look at the first blog I posted for “Retirement – Only the Beginning” way back on July 4, 2010. I had been contently working away at various start ups across Silicon Valley for over 30 years raising a family and setting aside a little something for the future. At age 52 I figured I had another ten to twelve years to build that nest egg and get ready to depart the working world. Then suddenly I found myself out of a job.

After a reasonable amount of panic and some fruitless searching for an immediate replacement job, I stepped back to catch my breath and put some thought into the future. It was a bit scary but I had faith I would re-enter the business world within a reasonable period of time. In the meantime I thought about what I would like to be doing and what I definitely wanted to avoid. Of course it was a real possibility I might not have the luxury of making a choice if I needed to return short order to the competitive job market

With my job search under way I began to think beyond my career and look to what might lie ahead. I had never given any real thought to retirement but with time on my hands and the years ticking by, what better time than now?

I had come to the realization that although only 52, each passing year brought me closer to retirement age. I had no idea what retired life would look like but I knew I wanted to retire at some to-be-determined age. I just did not have much insight into what exactly I would do with those months and years in my control.

So I asked myself, “What can I do now to prepare for my future retirement?”

And so I began a journey that continues today and remains a work in progress. Here is how I described my motivation for starting “Retirement – Only the Beginning” in my first blog:

I started LoveBeingRetired.com for two reasons: (1) to attempt to navigate the huge amount of retirement information currently available and distill into accurate, succinct information. In effect, create a checklist to identify now those things that we can do so our retirement is the best possible. (2) Equally important to discuss and share what we can do to help assure a quality retirement, filled with fun and adventure and excitement that makes each day worth getting out of bed.

Today I consider myself “unofficially retired.” I still keep my eyes open for that perfect situation where I would want to hop back into the working world. But over the past two years, my criterion has become progressively stricter. I am not finding much in that fast-paced high stress technology world where I grew up that interests me enough to commit 60-70 hours a week.

And so the journey continues.  I want to share a few tidbits I have learned while blogging these past years. Having them in my back pocket helps me feel a bit more prepared for what the future may hold.

Have a plan

I often hear from readers that are nervous about retirement when it comes to knowing what they will do to occupy their days. Most planning prior to retirement tends to be financial in nature. Not too many spend commensurate time preparing for what to do to stay actively engaged and excited about living once they retire. Some first begin thinking about their retired days when they are on the doorstep of making the move. I have learned that waiting too long increases the risk you may not be able to make changes and adjustments that could improve the quality of your retirement. You might run out of runway before you get off the ground. However, if you take the time to look down the road and visualize the life you want to live before you retire, you might add to your overall enjoyment and avoid at least some nasty surprises. Since you will likely be retired for 20 years or more, having a plan for your future should be a priority.

A regular routine is a good thing

I am a very organized person who does not do well sitting still for extended periods of time. Having something to do keeps me engaged and active. During my pre-retirement warm up, I have established a nice daily routine to keep me busy mentally and physically and I enjoy it. I make it a point to get out of bed by 7:00 each morning. Since I am a morning person, this regular starting point helps me kick into gear rather than find myself reluctant to exit a warm bed. With my routine of blogging, exercise, reading, gardening, walking, and watching the flowers grow, I never find myself remotely bored until maybe 3:00-4:00 in the afternoon, just in time to think about dinner and a nice glass of vino.

Frugal is fine

My wife and I love to travel but we have learned we do not need to stay in five star hotels to have a good time. We enjoy good meals out without feeling the need to go to the hottest new spot in town charging exorbitant prices and burdened with long lines. We are happiest being together in a lovely location enjoying each other and the moment. It is amazing how affordable life can be if you do not require all those bells and whistles to have a good time. Outside of entertainment, we do not really need anything for the house, the cars should run for a long time, we have all the clothes we need (still fun to shop for those special additions of course), and we really enjoy cooking our meals together and eating at home. It turns out it’s really not that difficult to live well without spending extravagantly.

It’s okay to do nothing

As I have shared more than once over the years my biggest fear of retirement has been running out of things to do and potentially finding myself bored. But it is important to balance meaningful activities with time off. I have come to realize that a happy retirement for me will be a combination of doing things and doing nothing. I am learning to be okay with cutting myself some slack and enjoying downtime, no longer feeling guilty if I am not accomplishing something every moment. It has been a process to free myself from this self inflicted guilt. After so many years hurrying through incredibly busy work days where there was never a moment to spare, I have come to accept that I have earned the right to do nothing. And I like it!

Good health should not be taken for granted

As we get older we are constantly reminded of what challenges the future may hold from slower reflexes to reduced strength to precarious balance negotiating the roads we walk. We witness it every day in friends and family or read about it in AARP and see it on the news. It won’t be easy but we have committed ourselves to do our best to stay healthy along the way. Working out regularly, walking together, watching what we eat, and generally being aware of our physical and mental state is our conscious contribution to staying healthy. Every healthy day is a blessing and we appreciate it.

Don’t take yourself too seriously

An uncle of mine living in a retirement community tells the story of a retired bigwig CEO who feels he is better than the rest of us mere mortals despite having departed the working world many years earlier. My uncle gently informed him that he used to be a CEO. Now he is just another retiree like everyone else in residence. I think as we age it is important to maintain a sense of humor. Those readers who despite challenges they encounter as they age are able to maintain an optimistic outlook have the best chance of living a happy retirement. A smile, a little laughter, and a relaxed optimistic view of the world can go a long way.

I want to thank you readers who over the years have shared candidly details of your personal journeys into retirement. I have learned a lot from your honest feedback, real world experiences and sense of humor in the face of challenges. And I look forward to sharing more as together we continue navigating the retirement jungle that makes up the landscape for our second act.

Good luck to us all and let’s enjoy.

5 Simple Steps to a Shiny Financial Future

Written by Paul Watson

When Lehman Brothers filed for bankruptcy protection in 2008, they became the first major bank to crumble since the start of the credit crisis – and its cataclysmic demise led to financial aftershocks felt around the globe.

In the subsequent five years, individuals and business have slowly picked up the pieces and begun to look to the future with renewed optimism, albeit with nervous glances at the economic car crash smouldering in their rear view mirror.

Although this monetary mess has been undeniably challenging, it has served as a reminder that solid financial planning will cushion the blow should the credit crisis dare to rear its ugly head again in the future.

Consequently, read on for five simple steps to help YOU improve your pecuniary prospects …

Sort Your Funeral Finances

Talking about death is a sensitive subject – especially when it’s your own. However, the financial issues often associated with bereavement can cause loved ones more pain, as many of us choose to bury our head in the sand rather than face the reality of our own mortality. But it doesn’t have to be that way.

By buying a funeral plan, you can pay for your funeral at today’s prices, as opposed to your family paying increased rates in the future. Not only will it offer unrivaled peace of mind that your loved ones are protected, it allows you to tailor your service and receive the send-off you deserve.

Create a Budget

One of the most important parts of preparing for a healthy financial future is the creation of a budget. After all, how else can you plan your finances if you’re unaware of your incomings and outgoings?

By creating a map of where you are leaking cash and areas you can tighten your belt, it will help you obtain a better grip on your expenditure. The upshot, of course, is that you can begin to squirrel the cash into a savings account or put it towards clearing your existing debts.

Boost Your Emergency Fund

Although we’re putting the financial uncertainty of 2008 behind us, redundancy and unemployment, even today, are unfortunate reminders of the economic havoc wreaked by the collapse of the world’s biggest banks – which is why an emergency fund should be a top priority.

Previously, experts reckoned an emergency fund should cover expenses for three months if you find yourself out of work, but opinions now advise individuals to plan for six months’ worth of outgoings, with mortgage payments, energy costs and food shopping eating up the majority of costs.

Wipe Out Credit Card Debt

In the aftermath of the Christmas period, your credit card has likely taken a pounding – and exorbitant interest rates will do little to soften the blow. In fact, average credit card APRs stand at around 17.1 per cent if your balance is not paid in full each month.

To avoid paying through the nose and throwing cash at your plastic for the rest of your life, it’s crucial to make a concerted effort to slash your credit card debt now. Use existing savings and ensure you budget sufficiently to clear the balance as quickly as possible.

Slash Your Mobile Phone Bills

It’s a mobile world – and nine in 10 of us own a mobile device. However, research has found that more than half of us are paying over the odds for our contracts. This means, considering we’re not taking full advantage of our tariffs, we’re wasting over £150 per year.

As a result, it’s important to determine exactly what you need from a tariff – whether it’s unlimited calls, texts, or both – and remove the “waste” from your current contract. Individuals can use a comparison site such as billmonitor.com to help identify their optimal mobile tariff.