Retirement Planning – How to Transition to Retirement

For a lot of people, retirement is something to look forward to.  It is a time to enjoy the fruits of long years of hard work either through gainful employment or running your own business.  For some people, however, figuring out how to transition to retirement can be quite a struggle.

Even in these incredibly challenging economic times, the period of transition need not be difficult if you have prepared well for it.  Proactive planning can make the transition painless and allow you to know what is coming financially and allow you to plan how to handle your finances to make you self-sufficient for the rest of your retirement days.

Income Planning

Even if you will be receiving a regular monthly pension or you have a nice retirement account set up, proper income planning is still necessary.  In fact it is probably the most important step to assure a smooth transition into retirement.  You should be meeting with your retirement planning advisor years prior to your actual retirement to help you plan your expenses and determine just what you can afford and how much must be saved in order to achieve the lifestyle you desire.

A financial consultant can help you devise an investment strategy that will help you safeguard and grow your retirement fund.  As you will need to enjoy your retirement, factor in expenses for travelling, various living expenses, and more importantly, set aside some funds for your potential medical requirements.  Also provide a certain amount for emergencies and make sure that you strictly stick to your budget or create a surplus.

Once you have everything in place, you will find out that there is life after employment and it is something to enjoy; and transitioning to retirement can actually be a very exciting phase in your life.

Plan Your Activities

When you retire, you will invariably find yourself with a lot more time in your hands than you ever had in your entire working life, which can either be a good or bad thing depending on how you use it.  The transition will be a lot easier if you can keep yourself physically and mentally engaged especially during the early days of your retirement, or after taking a short period to rest or have a vacation immediately after your last day of work.

Try doing some home improvement projects if you feel you are physically up to the task.  There may be a lot to do which you may have previously put off before because of the lack of time to do them.  Since you now have a lot of free time, and will most probably spend a lot of time at home, why not make your home a lot more comfortable as well as pleasing to hang out in then?

Retirement is also a good time to engage in your passions and hobbies.  Many use the newly available time to create the business they always wanted, transitioning into business owners.  Try to get more social interaction by joining clubs and other local groups like activity-based clubs or church groups.  Another productive way to spend some of your retirement free time is by volunteering.

Doing some volunteer work for local charities can help give you a sense of fulfillment as well as give you something to while your time away.  Even if you are no longer employed, being a volunteer can provide an outlet that will allow you to make a positive contribution to your community and to society in general.

Retirement Support Professionals

Retiring well is about having a competent and effective team to help you pursue your interests and grow your interests.  An effective accountant, doctors, lawyers and other professionals that you can rely on will help remove the burdens of life and free up your time to purse your dreams.

Your retirement years are what you make of them, and planning can ensure that they are the most vibrant and vital of your life.   As you transition to retirement remember, this is your time, set yourself up to start enjoying all the fruits of your labor.

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