As of January 1st 2011 there will be currently 10,000 people turning the ripe age of 65. That means 10,000 people will be old enough to start collecting retirement. As the generation known for the massive influx are getting ready for retirement they are looking for many options to make there transition a smooth and easy one. If you are born between January 1st 1946 to December 1st 1964 you will fall in to the criteria of a baby boomer. The big question now is, Are you ready to take the next step in life and retire.
Retirement is a big option for more pre retirees. A lot of questions run though their head. The main questions are the following
- Do I have enough to retire?
- What am I going to do with my time?
- How is my heath/will it be a big issue.
- How are our bills?
- Do I have to retire now?
- What are retirement homes and villages?
Bellow I will talk about each of the following 6 examples inside and out. I fully want to make the transition as conformable and easy on you as it should be. You will be entering into a new phase and why should you have to worry.
Do I have Enough To Retire?
Answering this question is so hard and complicated. I will break it down to a decent formula that everyone can follow. First of all write down your age of retirement. If you are currently 65 you will have on average 20 more years to live. So now you have 20 years of money to make sure you have. What type of life do you want to live? Sitting inside or out traveling. Figure out how much money you have saved up and divide that by 20 years. That will be how much you will have to spend in one year.
Now that number will change with each person but on average to live comfortable you will need on average around $1,000 a week saved to get the living style you want.
What Am I going To Do With My Time?
As retirement loons over your head are you currently pondering what you will do with you time. Don't worry because you will have so much to be offered. First of all YOU will be in control of you all of your decisions. I would make a calendar of options you enjoy doing. You can either volunteer or do activities that you enjoy. Make sure you budget according to how much you can live on.
Some activities can be yard sailing, going to bingo and traveling across the country. Your options are unlimited and full of learning chances. If I was to retire now I am into traveling around the country and visiting all of the historical landmarks. Another option is to sit down and rite your memoir. Your children will have the opportunity to be able to read all of your life stories if you so may wish. There are countless amount of activity's that will be covered in-depth better in the next article.
How is my heath/will it be a big issue.
Health can be a big damper on all retirement plans. It is not like you can truly stop what your body will do. If you have saved up a beautiful nest egg for retirement and any health issues arise it can be catastrophic. Make sure you take care of your self if you are reading this pre retirement. As for retirees you need to take a physical and make sure everything is working according to plans. If the doctor has giving you a clean bill of health n you can go on with retirement. If you doctor has not giving you a clean bill of health there may be some holdbacks on what you can plan for retirement. Don't let your heath hold you back on your retirement, but make sure you can control and regulate it the best you can.
Whether you have a clean bill or not you need to take care of your body as your getting older. Make sue you get up fully and walk around. No need to have stiff joints. Eating properly can be beneficial also. Routine doctors check ups and quitting smoking is a must. Living with a spouse who is currently or close to retirement is helpful, because they can help with making sure your health is in check.
How are our bills?
Retiring can lead to a lost of a stream of income that you may be accustomed to living on. Make sure before you retire that all of your bills are taking care of and paid off. Choosing to travel across country can be fun, but if you are currently paying on a mortgage is it smart to travel. All of these questions can and should be answered per retirement. Even with retirement will your bills be a burden or will you have enough saved up. A lot of retirees are currently picking retirement communities where all of your bills are paid for at the first of the month
Do I Have To Retire now?
Currently you have to be 62 to start collecting on your social security. Do you have to retire at 62? No and I must push this a lot. The longer you can hold off from retirement the more you will receive in the end. A lot of people are choosing to retire early because of the financial stress they are currently under. Can they not live for one more year on the living situation they are in or not? It can be a tough decision to make. If you are choosing to retire early you are making the decision souly on your current living situation. Decide if saving for another five years will help your retirement seclude. Do you need the ss for your kids now? Making sure your dependants are taking care of is a big issue for a lot of retirees.
What are retirement home and villages?
The crazes now for retirees are retirement communities. Let me get this clear, they are not the droopy sleepy retirement places you see on TV. These places have all of the bells and whistles. They include the following but not limited to, bowling, golfing, trails horses, and much more. You have the right to retire with peace and quiet. A lot of these places currently have assisted living and also independent living opportunities also. If living in a retirement communities is not your idea of fun try joining a group of traveling retirees. They are living in their mobile homes and living the high life traveling across this vast and beautiful country. I will continue in further details on this subject in another article.
As retirement is looming are you currently ready to retire. How are you bills and what are your plans. No ones going to make your plans for you so plan now and most of all ENJOY YOUR RETIREMENT.