Tips for Retirement

 

Tips for Retirement

You’re going to retire, plan to retire, or you are retired.  What to do? First, I’m retired and seem to be doing ok, so far. I’d like to offer a few tips – generally from my working plan.

 

1.       Know yourself, and especially the little tricks you play on yourself.

2.       Save money. Build your nest egg while you’re still working. This takes years of discipline, self-denial, and self-limitations. Examples: Limit new car purchases and fancy vacations.

3.       To have any level of comfort, you’ll probably need at least a million stashed in some funds that earn interest. Assume about 3% annual inflation long into the future. Plan to live on the interest and hopefully dividends. Try not to draw down the principal. Finally, living only on Social Security cannot be fun.

4.       Plan activities. You’ll need them foremost. You are less likely to take up some activity you don’t do already, no matter how much you like the idea. Develop several plans. You never know what will “click” after retirement. For example, one of my plans was to watch old movies. This did not work. They get boring very fast. Another was to return to my art hobby, but that hasn’t happened – yet.

5.       Limit those monthly subscriptions of all kinds. They add up to serious money. Do it now and add them up; you’ll see.

6.       Get ready for assorted aches and pains. It’s normal.

7.       Appreciate that others have less than you, and help them out as best you can.

8.       Insurance costs do not go down. If anything, they go up. As well, taxes continue, maybe with a small break for seniors on the home. Home maintenance continues, and you’ll probably like it less and less. Rents continue to rise.

9.       Get daily exercise, before and after you retire. You may find recovery time is longer. It’s normal.

10.   Get your vitamins, through a daily multivitamin. A healthy diet is very important. Get lots of vitamin C. It’s good for the skin and general healing.

11.   Your mind is critical. Do something to use it every single day. I like Sudoku, but crosswords are also excellent. Reading a lot is very good. Arguing a lot may not be good. Maybe don’t get wrapped up in politics, or you’re bound to be upset.

12.   Appreciate retirement when you have it. Maybe you’re not still in the game, but you’re still there. You’ll enjoy that morning coffee more than ever. Learn to be more understanding. Keep in touch with the world. Here the Internet helps.

13.   Try to be positive. Don’t whine too much; no one likes to hear it. Indeed, don’t whine even now. Appreciate those you love. Stay in touch. With my family, we keep a text message group working almost every day. Don’t give too much advice – my failing.

14.   Be adaptable. If one plan is not working, adjust. Have in mind alternatives – long beforehand. Keep moving. Keep adjusting. Rigidity is bad, though having a fundamental moral foundation is important.