5 Skills You Will Need in Retirement

Just because you make it to your second act does not mean you will necessarily enjoy smooth sailing ahead. Sure you have worked your butt off for years and years but the work is not over. Get ready to face plenty of challenges over the coming decades including numerous bumps in the road and a fair share of sudden detours not foreseen when you meticulously planned your future.

As with many facets of life, a happy retirement is best insured when certain skills exist and can be called upon as needed. You cannot prepare for every contingency but it never hurts to be armed and ready.

Here are 5 important skills/talents to add to your retirement arsenal.

Juggler

Not as found at the circus but rather the handy ability to manage multiple distractions at once. Although living the life of a retiree removes the need to balance the vicissitudes of the job there will be plenty new scenarios that leave your running around like a chicken with its head cut off. The fact is more often than not retirees find themselves busier in retirement than before. With only 24 hours in the day how do you fit in all those wonderful activities and interests you have postponed until now? I admit one of my biggest fears prior to retiring was running out of things to keep me busy and engaged. While I do occasionally have a slow day more often I can be found late in the afternoon wondering where the time went. Getting everything in – workouts, hikes, gardening, reading, playing ball with the dog (at least 5 times a day or he is perturbed), piano time, miscellaneous odd jobs, an afternoon nap, etc. – truly can feel like a three ring circus.

Discoverer of Creative Outlets

Without a job to monopolize your hours you become responsible for filling your daily dance card with activities and meaningful moments. Those most successful are able to step outside of previously restrictive comfort zones. The fact you have not tried something new in the past ten years need not taint your future. Now that you can why not give it a try? Experiment with a bit of this, try your hand at a little that. Don’t let preconceived notions and self-imposed limitations hold you back. Living the retirement you dream is all about doing what you want with your enviable free time.

fishermen at sunrise

Once retired, even if with your spouse, you will find you have time alone. This can be difficult if you thirst for social interaction but rather nice if you are fine with a little solitude. Knowing a bit about you – likes, dislikes, passions, never-in-this-life to be avoided situations, dreams, ambitions – can make the transition easier. Take time to feel your way around. You might discover you like those quiet moments alone with your own thoughts free from distraction or time constraints.

Bean Counter

Living on a budget is generally a reality of retirement. If you cannot increase the money coming in you need to manage what goes out. Successfully managing this ongoing balancing act helps keep you financially liquid through the coming decades. Beware big dollar investments in unnecessary items. Shop around for the best price. I rarely make a purchase online without comparing prices on Amazon.com. With competitive prices and free shipping Mr. Bezos is hard to beat. When paying for a service such as cable it helps to put in a call every six months or so to see if you can get a better deal. And don’t forget neighbors and friends who are happy to share their experiences and advice regarding cost saving strategies.

Best Deal Scrounger

One of the best parts of retirement is no longer waiting for weekends to have fun. Since you can now pursue your passions during the week a whole new world of deals is available. Hotel room rates are typically best Sunday through Thursdays – keep your eyes open for buy one get one night free or similar specials. Plane fares can be whittled down when you have the freedom to depart and arrive on the most economical dates offered. Early dinner fares are much more reasonable and since you control the calendar why not take advantage. It really pays off to shop around. Here is a helpful site I discovered specializing in various savings vehicles including a recent Retail Savings Guide for Baby Boomers.

Explorer of Passions

Not everyone retiring has a passion(s) to pursue. Or maybe it is more like they have not yet discovered what truly lights their fire. It could be they have just not had sufficient free time to think about what they really want to be doing. It’s difficult to find one’s passion when every waking moment is focused on climbing the corporate ladder or just keeping your head above water. But wouldn’t it be nice to have a passion to pursue when you retire? Now that you can wouldn’t you like to spend your time doing what really matters to you, what really lights your fire?

The secret is to find that inspiration. I don’t think there is any simple recipe to uncover what you are most passionate about. Each of us has to pursue our own path. For me it was a matter of trial and error. I tried out a few interesting avenues, quickly abandoning a bunch, giving up on others a little later. But in the end I identified a handful of activities/pursuits that bring meaning and happiness to my retirement. Armed with those I look forward to each day. And who says I am limited to what excites me today? I am free to try my hand at whatever may intrigue me as I continue my journey.

LoveBeingRetired.com

The Aging Sandwich Generation: Where to Find the Finances You Need to Retire

Written by Olivia Bailey

Finding yourself in a situation where you need to take care of your parents while looking after your own family at the same time can be a real body blow to your finances. Without careful planning and some good fortune the consequences to your future can be worrisome. You might feel you need to put your retirement plans on hold while under such budgetary strain, but there are ways to balance the books and keep your goals on track.

Here are some suggestions to organize your finances to cope with immediate financial pressures and plan for current and future expenses. Consider this an overview of some of the financial challenges you might face and some tips on ways to find the cash you need now and in the future.

Plan ahead to stay ahead

The odds are in your favor you will live to an older age than previous generations, which is great news in one respect, but presents a financial challenge when you try to plan your finances to have enough money to live out your golden years in comfort.

Add in the additional complication of looking after one or both of your parents who are over 65 along with the financial support you need to provide for your children and you can see why this scenario makes saving for your own retirement seem like a bridge too far for your finances.

There is no question that you want to provide support for your parents and children when they need it. The trick is to organize your finances so your own future prosperity and comfort is not thrown into question.

When it’s time to pool your resources

If you find you need to provide for your elderly parents, both emotionally and financially, the subject is not open to debate for most of us who assume that degree of responsibility without a second thought.

The financial consequences of such commitment can be significant. Your own financial situation can quickly deteriorate unless you find a way to pool your resources to reach a solution that provides the help they need and makes the most of the money available in the family pot.

Attitudes towards money have changed in recent generations but elders often have an ingrained reluctance to discuss their finances even with their children. However, it makes a lot of sense to try and overcome this barrier by addressing key issues like estate planning, medical insurance, current income and expenses, and any other relevant finances to gain an accurate insight into their financial position and future financial security.

Perhaps you can find a way to persuade them to downsize from their existing property, for example, to something more suitable and cheaper. This could help ease their own financial burdens and in turn relieve the pressure on you.

Explain to your elderly parents the value of an in-depth look at their finances. A thorough review could be beneficial and may result in a greater annual income than they currently enjoy, which would reduce the burden on your finances at the same time.

It is always a good idea to explore all the possibilities and options as part of the potential solution that could help everyone. It could even lead to a situation where you pool your resources and combine your finances to provide a way forward that works for everyone.

Getting them through college

College is a major financial event for parents. If you are struggling to find money to meet all those college expenses, there are some options to assist with your efforts. You can find a college near home where they can go so they don’t have to move out and you won’t have board and living expenses.

Don’t forget to check what financial aid you might be entitled to or whether your child might be able to get a scholarship.

It is a challenge to get young adults through college without racking up huge debts. But if you can plan and prepare and somehow stay on top of things you will have negotiated one major financial hurdle without putting too much of a dent in your retirement plans.

Lower your monthly commitments

If you are paying off several credit card debts each month as well as loan repayments, it might be worth looking at consolidation as a way of making your debts more manageable. It could make sense to find out before you apply whether this solution could work for you.

Sit down and work out your current monthly budget to see where your money is going each month. Find where you can cut back on some outgoings that could then go towards your retirement plans.

Putting your feet up might seem a distant dream at certain times when your finances are under so much pressure, but you can and will find a way to see it through and enjoy your own retirement at some point.

Olivia Bailey writes about a range of personal finance matters in her online articles. When not typing up a new article she’s busy with everyday family life, raising 3 kids and keeping home for a hubby.