By Kathryn Severns Avery
1. Try Living on Your Monthly Retirement Income for a Month
One of the biggest adjustments in retirement for many people is living on less income. Some retirees find they actually spend more money in retirement than they have budgeted. Activities that get you out of the house such as eating out, shopping, and traveling can increase your spending. By living on your budgeted retirement income for a month you’ll have a clearer picture of what retirement life may be like. As a result, you may find delaying retirement or finding an additional source of income is a good idea.
2. Schedule Medical, Dental and Checkups
If you have health insurance through your employer, now is the time to schedule annual exams and checkups. Getting an appointment with specialists can take weeks or months depending on where you live. Start early and make those appointments well in advance of your last day of work. If any medical issues are detected, you will have time to deal with them while still insured.
3. Meet with Your Financial Planner
Before your last day of work, it’s important to make sure you’re on track and have enough money to retire. By living on your projected retirement income for a month as suggested in the first tip, you may discover you’re not ready to leave your job or need ways to augment your retirement income. It’s best to find this out now so you have time to make adjustments.
4. Come Up with a Plan to Create Structure
When you no longer need to get up and go to work it can feel great – like an extended vacation. But soon, every day begins to feel like Saturday and you may find yourself out of sync with friends and family members who are still working.
Think about what an ideal day, week, and month would look like. Let those thoughts guide you in creating a schedule with activities and interactions based on that vision. Make it a point to include activities that are away from home and include socializing. It’s easy to cocoon and stay at home when you are not working. This may eventually lead to loneliness, isolation, and depression.
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