We all have to work for at least 4 decades until we can retire and rather than viewing retirement as the end of something, it should be perceived as the start of your golden years, when you have the time to enjoy the many things that passed you by in your career. Long touring holidays, a relaxing walk in the country, all these things await when you retire.
Here are a few tips to help you prepare for your retirement.
This should begin as early as possible; most working professionals have a wealth-generation plan in place that will ensure adequate funds to enjoy your golden years. If you have an investment portfolio, you are well on the way, but if you haven’t, this is something to consider, even if you are still in your twenties. In addition to your personal savings and investments, it is also wise to consider various pension schemes like you can apply for pension fund payment in Iceland through SL, as they provide another source of income during retirement. Search online for a financial advisor who can help you to create a wealth plan that will see you achieve financial security before you reach retirement age.
If you have yet to take out some life insurance, there are online providers of affordable life insurance for elderly 60 years old + and you can select a policy that best meets with your lifestyle. We never know when out time is up and you should protect your family, should the worst happen. The cheapest life insurance can be found with the online insurance broker, who can quickly be found with a Google search and after browsing policies, you can get instant cover via their website.
The human body is designed for action and the older we get, the harder it is to maintain a level of fitness. Daily exercise is important, especially during lockdowns and if you take up a sport, this will keep you in trim. If you don’t fancy working out alone at home, there are thousands of YouTube videos you can follow. Here is some interesting information about metal detecting, which might be a great hobby for your retirement. A 15-minute workout routine twice a day is recommended for over 50s and if you don’t fancy a trip to the gym, you can order fitness equipment from the online supplier and create your very own home gym.
Choosing a Retirement Destination
Most people immediately think of tropical beaches with clear blue sea and you could buy a small retirement home in Phuket, where you can enjoy life poolside. Once the mortgage is paid off, your family home would be of significant value that should carry you through your retirement. You could afford a luxury villa in Thailand and still have a nest egg to ensure financial security for you and your partner. Of course, you might prefer to stay where you are and downsize to a smaller property and if you move to a rural area, land prices are so much lower.
Set Some Goals
While you can view your retirement as a time to lounge around and do nothing, you would soon get bored with that lifestyle. Spend some time thinking about things you would like to do; a cruise to Antarctica, visiting Everest Base Camp, touring Australia, the list is long and if you plan a couple of expeditions per year, that will keep you active.
Change your Mindset
Some find it difficult to let go of the responsibility they had for so long, while others might feel a sense of loss when they leave the office for the last time. Life is for living and you should embrace your retirement as a golden opportunity to tick items off your bucket list.
It is always good to have a plan and a few years before you to retire, you should create such a plan and then you will have goals and something to look forward to. It is important to have the right mindset when approaching your golden years and with the pandemic, make sure that you check online for current Covid-19 status in Thailand before making any travel plans.
It might seem a long way in the future, but the sooner you prepare for your retirement, the clearer the direction will become.
Image Credits: Esther Ann