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How Retirement Planning Helps You Enjoy Your Golden Years

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A checklist of a retirement plan written in a notebook.

Most people look forward to retirement. It’s a time when you can finally relax and enjoy life without the pressure of work or daily responsibilities. This often means taking up a hobby (past loves or new ones) and spending more time with family.

However, this stage of life requires careful planning beforehand to ensure you can live comfortably during your golden years. Without adequate retirement planning, the stability that most hope for could be jeopardized, impacting security, peace of mind, and mental health.

So, whether you’re thinking about your own future or hoping you can help your parents live their retirement to the fullest, there are many reasons to start retirement planning early.

Security & Stability

Retirement planning can provide a sense of security and stability. With the right plans, you can be confident that you’ll meet your daily expenses and enjoy your retirement without worry.

Instead of letting things pile up, spend the time understanding how much money you will need for retirement, setting priorities for your retirement savings, choosing the right accounts to save in, and managing your assets and risks.

Peace of Mind

One undeniable fact of life is that money matters can cause tension. Over 70% of American adults feel stressed about money. And being stressed is more than just a “bad feeling.” It can affect you physically. Long-term stress can lead to:

  • Headaches and migraines
  • Anxiety
  • Depression
  • Heart disease
  • Overeating or substance abuse
  • Diabetes
  • Sleep problems

Those who have adequately planned for retirement can experience more peace of mind.

Easy Adaptation to Changes

A great thinker once said, “Life moves pretty fast.” When someone encounters changes in their lives, such as unexpected health issues, losing a loved one, or a sudden lifestyle shift, planning for retirement can make it easier to adapt to changes.

Making small changes now can help ease the transition if a larger lifestyle change is needed. For example, those with dementia or Alzheimer’s may eventually struggle to care for themselves and require memory support.

More Time for Fun, Less Time Worrying

It shouldn’t need to be said, but retirement should be fun! You’ve worked hard to get to this point, and it’s time to reap the benefits. Retirement should enrich your life with new and exciting activities spent with friends and family and doing what you love.

You can focus on being the cool grandparent, staying active, or simply relax, knowing your financial future is in safe hands. See how Bethany Village curates your retirement experience by scheduling a consultation today.

An older couple sits together on their couch with their laptop, planning their retirement together.

6 Retirement Planning Tips

Retirement planning can seem daunting, leaving many feeling uncertain about their future. However, with the right tools and strategies, creating a strong retirement plan is achievable.

Start Early

Starting to save for retirement early can mean the difference between a comfortable retirement and one full of financial burden. A good rule of thumb is to start saving at least 15% of your income regularly.

Establish a Budget

The first step in retirement planning requires you to assess your current income and expenses and determine how much money you will need to live comfortably. Once you have a basic budget laid out, you can determine how much money you will need to save to achieve your retirement goals.

Plan for Retirement Healthcare Costs

Healthcare costs can be a significant expense in retirement, so it’s essential to plan accordingly. Consider purchasing supplemental insurance to help cover medical expenses, including Medicare supplement policies and long-term care insurance.

Consider Your Investment Portfolio

As you begin to plan for retirement, assessing your investment portfolio and determining if it’s properly diversified is vital. A well-balanced portfolio helps you manage risk by not being overexposed to any single investment.

Take Advantage of Retirement Accounts

Another important step in retirement planning is to take advantage of retirement accounts, such as 401(k)s and IRAs. These accounts offer various tax benefits, so if you’re not already contributing to a retirement account, start doing so now. If you are contributing, consider increasing your contributions to boost your retirement savings.

Work with a Financial Advisor

It’s wise to work with a competent and experienced financial advisor who can advise you while navigating the complexities of retirement planning. When in doubt, a financial advisor can help you make informed decisions about your investments and retirement needs.

Cutting Stress Out of Retirement

Retirees who have planned their retirement enjoy many benefits that make their golden years a pleasurable experience and provide them with peace of mind. But living within budget should still give you the retirement you deserve.

Bethany Village provides high-quality care across a wide range of lifestyle options to meet your or your loved one’s needs. Use our cost comparison worksheet to see how senior living can affect your budget.

Our community in the Dayton area is dedicated to an inclusive atmosphere that fosters social connections, personal growth, and spiritual fulfillment. Get in touch today to discover how the Bethany Village lifestyle can be a part of your future.

Written by Bethany Village

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