Friday, March 29, 2013

Adjusting to Life After Retirement

Retirement
Retirement (Photo credit: Tax Credits)
You reach over to turn off your alarm and reluctantly drag yourself out of bed, only to realize that you didn’t need to wake up at an ungodly hour anymore just to get to work. Retired. Maybe the word hasn’t sunk in yet. Maybe you need time to adjust to the changes that come with retirement, like turning off your alarm clock on a permanent basis. While the alarm clock is just a trivial matter, there are other more important things you need to remember during the transition into retirement. 

Money isn’t Limitless


People often think that when they retire, they can do whatever and that includes throwing money around and splurging on a brand new sports car. Living life to the fullest doesn’t mean living it recklessly. Just because you’re retired, doesn’t mean you have an endless supply of money to burn. Yes, you may have money saved up for retirement, but if you spend it like there is no tomorrow, you just might find yourself living on a hand-to-mouth existence, worse off than when you had a job. Make sure you spend your money wisely so you can live comfortably till then end of your days. 

Investment is a Good Idea


Since you are no longer employed, you will have to rely on your pension to get by. Live life fully but remember to live within your budget. If you need a little extra, you can supplement your funds by investing in ventures that will help you earn passive income. You can look at some common options for investments and choose from them. If you are looking for something else, there is a wide variety of choices available if you search through the internet. You can also purchase a franchise if you like but it can be costly so the better option would be starting your own business and start small.

It’s Never Too Late to Start a Hobby


If you were once a workaholic, facing retirement is going to be a challenge. With little or nothing to do but relax, you might find yourself dying of boredom in no time at all. To keep busy, why don’t you get a new hobby? Plant an organic garden or learn to play golf. If you used to love writing but eschewed it in favor of corporate success, now would be a good time to pick up a pen and start writing that novel you have been dreaming about since forever. If you’re good enough, you just might find a way to turn this hobby into a money-making venture. 

Life is Unpredictable


You never know what tomorrow brings. That is why you need to make sure you are prepared for whatever circumstances that may come your way. This includes preparing legal documents like living wills, health proxies and powers of attorney. Dying is something we don’t like to think about but it is inevitable and most times, it comes when you least expect it, too. It’s better to be prepared than to leave your heirs battling over who will inherit all because a will was never made. You will need to consult an attorney for this but if you’re worried about high fees, there are prepaid legal plans available that have an affordable monthly fee, where you can still enjoy a wide range of benefits. Make sure your finances are protected and that your family’s future will be ensured even when you are no longer around.

About the Author: 

Based in San Diego California, Tiffany Matthews is a professional writer with over 5 years of professional writing experience.. She believes in the importance of saving up for retirement, even if it’s still a long way off. Tiffany also blogs about travel, fashion, and anything under the sun at wordbaristas.com, a group blog that she shares with her good friends. In her free time, she likes to travel, read fantasy books, and watch movies. You can find her on Twitter as @TiffyCat87.


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