A report by WHO found that one-sixth of the global population will be above 60 years of age by 2030. In addition, it highlighted the social and healthcare challenges most countries may face because of the aging population. Governments are doing their part, but it is an individual’s responsibility to make the most of available facilities, explore further and prepare well for later years. Here are the top 7 retirement tips if you are in your late fifties:
Make health a priority
Healthy later years are a result of a healthy lifestyle before it. Make physical and mental fitness a priority. Work on lowering your stress levels and start working out a few times a week to build physical strength that can help you endure what later years have in store. Get yourself diagnosed to identify and plan for any possible genetic medical conditions.
Plan your social security
Did you know that delaying your social security withdrawals can hugely improve your monthly benefits? You can use a social security calculator to plan when to begin and plan your retirement more efficiently. Take your health expenses, living expenses, and indulgences into account while planning your retirement expenditures.
Join a senior living community
If you have enjoyed independent living all your life, and do not want to be bored when your children or grandchildren are busy building their lives, plan for 55+ communities. These communities provide independent living opportunities including that can save you money on maintenance and landscaping services, while giving easy access to fitness centers and classes to help you stay in shape.
Explore income options
If you are healthy and wish to continue working, you can look for less strenuous work to continue earning. You can even continue your current work if your workplace and occupation permit. Seniors often work as consultants or youth educators, and even the senior communities allow you to do some work based on your skill and health conditions.
Reduce and if possible clear all debt
Debts can be emotionally and financially draining when you really need to slow down life and cherish the time you spend with your loved ones. Try to clear out the debts. If you can’t clear all the debt, make a separate fund so that you can manage the payments after your income has stopped.
Fund your retirement to the maximum
If your workplace offers 401(k), 403(b), or any other retirement plan, make sure you maximize your funds. These plans serve as automatic ways of investment. The later working years are mostly the highest earning years. Therefore, ensure that you increase your retirement contribution to get higher returns post-retirement. Take taxes into consideration as well.
Plan for the long-term
No one wants to be a liability, especially after spending a fulfilling self-reliant time working, but sometimes chronic medical conditions or even regular medication makes support a necessity. Who knows you may live to 80 or 100? Make sure you have a health fund and an emergency fund to take care of all kinds of medical situations. You can also consider long-term care coverage plans if that has been common in your lineage.
Aging is unavoidable but some of the issues associated with it surely are. Using the above-listed tips you can prepare better and have a healthy and wealthy retirement.