Most people who offer retirement advice are not retired themselves. This is the reason many retirees discover post retirement that the plans made beforehand cannot be fully applied in this time. According to a financial expert – a retired person- that although it is important to make right financial moves, it is also important to be ready socially, mentally and emotionally.
Everything cannot be planned
The most important decision is to when to retire. When you work longer, you have a less chance of exhausting your savings. However, a delay in retirement means that you can miss the pleasures of companionship and good health. This is a big trade off.
Many experts believe that it is important to have good and supportive friend who will help a retired person to adjust to a new life. The suddenly free time will enable you to complete projects you have left halfway or you have always wanted to do. Whatever you do, do note that it takes a fair bit of time to delve into the new lifestyle.
Your retirement house should be in order
If you follow theory, then you can get much better returns when you invest your money and not pay the mortgage. In the practical world, however, the most valuable asset during retirement tome could be a fully paid off and appropriately remodeled home. This residence will permit you to retire in peace. When you do not have any mortgage, you can take out much less money from the retirement accounts. This will enable the money to subsist for a much longer period of time. There is a chance that the equity can be a large vein of income through a reverse mortgage.
In case you harbor any relocation plans, it is a good time to acclimatize within your future community prior to taking that final decision. Many retirees spent part of their time in their future houses before taking the decision to relocate there. This will help you to feel part of the community. A sudden move could make any newcomer not part of any established social structure-making the person or the family isolated.
Adviser must be objective
This is important as the decisions you make before retirement will play an important role during retirement. If you take out money frequently, or in large amounts, there is a chance that your money will be exhausted.