You’re middle-aged and in the best shape of your life. What should you do that’s different from what your friends and relatives are doing? One of these should include planning your retirement.
You may think this is not the time to think about retirement, but now is actually the best time. Most retirees think it’s a simple transition from the busy life to the relaxed life, but it hits them quite differently when they get there.
Here are some ideas to help you succeed when it’s your time to leave the workforce:
Retirement plan and passive income
Insurance companies offer retirement plans. If you don’t have one already, it’s time to think about getting one. This is a way to keep you afloat even when you’re not working anymore. Reinforce this with passive income. Money you have but don’t need now can work for you through investments. When it’s time to cash in, you might have more money than you expected.
Sell the house
It’s difficult to think about this right now because you just finished paying for that nice house with enough room for your entire family. Face it: time will come when you’ll be alone. Take care of your house and keep its value until you’re ready to sell it. Move to a smaller, cheaper place. Legacy Retirement suggests visiting a senior living community in Spanish Fork, so you can see how this lifestyle might work for you.
A new job or business
Ironic, yes, but not unheard of. Get a simple job that’s totally different from your career now. Start your own small business that’s more on passion than income-driven. Keep making money; that’s the point. It’s twice as hard to picture retirement if you see it as a time of poverty.
You’ll thank yourself for thinking ahead when the time comes. As your friends spend their time reading and playing board games, you’re still up and about, taking care of business, your mind, and body.