Knowing that you will retire one day is not enough to guarantee you a great and fulfilling life in retirement. A rewarding life in retirement is the result of proper knowledge and planning. Make a list of essentials or a bucket list of things to do before retiring to ensure you have a wonderful retirement life.
It is important to note that having a bucket list is not too early or too late. You can start now and have a worthwhile life in retirement. We have outlined some items that should be on your retirement bucket list to ensure a great life. Enjoy reading and take the necessary actions.
It is important to note that having a bucket list is not too early or too late. You can start now and have a worthwhile life in retirement.
Get out of debt before retirement
Retirement life typically includes a fixed income such as a pension, retirement fund, or returns from other investment portfolios. Diverting such fixed income meant for your retirement upkeep to pay a debt is the quickest way to run out of money midway through retirement.
Ensure to get out of debt before retirement to avoid losing all your fixed income to servicing debt. Make the needed sacrifice to get out of debt while still working and build a financially secured future where you are not a burden to anyone.
Know your financial status in retirement
Know your numbers before you retire. Basic accounting like how much you will need in retirement and how you will meet this financial target. List your various sources of income in retirement like pension, retirement funds, investments, and other passive income streams. Will you still be doing some side business or part-time work in retirement and for how long? Have clarity on these subjects.
Take inventory of all your assets and do not leave it to chance. You may not have perfect numbers, but you have a good idea of what you will be worth in retirement and the type of lifestyle you want.
Also, seek financial advice from experts for more clarity. Our doors are open to provide you with retirement savings advice anytime at Oak Pensions. This will give you an edge over others and help secure your financial future.
Find a hobby you love
When it comes to leisure and having a productive time in retirement, even if it’s a fun activity, be deliberate about it. Many people devote their entire lives to their jobs, so when they retire, they feel a loss of purpose and meaning in their lives, which often leads to loneliness and depression.
To avoid this outcome, find a hobby that you enjoy and pursue it in retirement. A hobby you love gives you something to look forward to, preventing boredom and feeling of emptiness. A hobby you enjoy also protects your mental health and prevents other medical complications that may arise as a result.
Build a strong circle of friends and loved ones
Human relationships and communities play a huge role in our lives. It is not enough to have a hobby you enjoy; you must also surround yourself with people who share your interests.
When we spend time with people who share our interests, we grow to live a more fulfilled life. You have a long retirement ahead of you; make the most of it by spending it with friends whom you love, both online and in person.
Create a long-term plan that caters for needs
When it comes to retirement, the best plans are those that have a long-term perspective and interest. Have a long-term plan in place for health care, insurance, retirement, and other aspects of your life and family.
You never know how much long-term healthcare you will require in retirement, but planning ahead of time puts you in a better position. You also get more discounts when you plan ahead of time rather than having to pay for it every time the need arises.
When it comes to retirement, the best plans are those that have a long-term perspective and interest.
The best way to plan for a long-term retirement fund is to open a retirement savings account (RSA). Your RSA is money set aside from each paycheck and deposited with a Pension Fund Administrator (PFA) for a financially stable life in retirement. To save for retirement, open a Retirement Savings Account (RSA), and have 10% of your income go into your RSA. For more information on RSAs, contact Oak Pensions via www.oakpensions.com, info@oakpensions.com or call the Marketing Manager on 09087448661.
ABOUT THE AUTHOR:
Ernest Ademola Ehigie is a Copywriter, Content Developer, Author, Brand Consultant, and Communications Manager with over 5 years in marketing communications. He has written several articles, policy documents, press releases, radio and TV adverts for businesses and organizations. He's the author of the book, "Why You Must Lead" and currently works as a content manager for Detail and Avedia, a leading retail and media consulting firm.