7 Ways to Improve Your Retirement
Retirement could last longer than you may think, with the average 65-year-old retiree expected to live for more than 20 years. With all this spare time, it’s important to follow a few simple steps to ensure a pleasant lifestyle.
1. Start Saving Early
With retirement now lasting longer than ever, you must have plans in place to fund it. Start saving and investing as much as you can now, and let compound interest work in your favour.
2. Set Yourself Financial Goals
Aim to go on that cruise you’ve always dreamed of, or fund your personal hobby. By having a goal in place, it can make the process of saving easier, and more rewarding.
Leading on from the previous point, retirement can be an ideal time to go travelling. With no commitments, it can be an exciting adventure and is a great way to stay active in retirement.
Many retirees volunteer as it adds a great deal of socialising into their day to day life. Studies show that working in retirement helps keep your mind sharp, and helps you avoid getting isolated. In addition to this, part-time work will also help to boost your income.
5. Rein in Spending
Your expenditure in retirement is usually less than when you were working. However, it is not all good news as your income is also expected to decrease. It is therefore important to determine how you should spend your money in retirement. Set yourself a clear budget, cutting out any unnecessary costs.
6. Remain Healthy
Focus on eating well, exercising, and enjoying yourself. For example, simply spending an hour a day either walking or doing a sport you love can dramatically improve the way you feel.
7. Consider Downsizing
Keeping the family house is often not affordable in retirement. In addition to this, it can also be a lot of hassle to maintain. A lot of retirees end up downsizing their home because of this.