If I told you there were 7 secrets for a successful retirement would you be pepared to consider them?
Not everyone would answer yes to that question. Many believe retirement will be like one long holiday and they drift into it but soon find out that it's not quite what they anticipated.
In late 2014, Ameriprise Financial surveyed 1,000 boomers ages 60 to 73 who retired within the past five years to determine how they’ve been managing since leaving the workforce.
It could make all the difference to how you feel about 'Retiring'.
Here’s what respondents in the Retirement Triggers Research Report revealed as their secrets to a happy retirement.
You need to prepare for retirement both emotionally and financially. Those that do will feel in control of their retirement decisions. Being prepared emotionally is as important as having your finances in order.
The first step then is to decide whether retirement is the right thing for you. If you absolutely love your job and you're physically fit why would you want to give it up? Unless of course you have something much more exciting to do! If you're planning to just wind down and potter in the garden and home chances are you'll be fed up and bored within six months.
Staying active is going to prolong and improve your physical health. If you have enough cash flow and you're physically fit then there is no reason why you shouldn't have a long and successful retirement.
In the run up to retirement most people begin to feel a little stressed about it after all it's a huge change in lifestyle. Most people worry about whether they're going to be able to manage on a reduced income and wonder what they'll do with their time that's why you need to plan ahead.
One of the most important of the 7 secrets for a sucessfull retirement is Pensions.
The people that are most confident about retiring are the ones that know they have a reasonable pension in place knowing that they don't have to rely on investments or savings which can prove disappointing in tough economical times. Having a consistent cash flow can eliminate financial worries and will give a greater feeling of security.
There was a time when many of the big companies helped employees prepare for retirement by offering access to retirement courses. I myself used to run them for the Company I worked for.
As you can imagine they were very poplular and we usually had a waiting list. We took employees away to a holiday complex for a week approximately two years before their due retirement date where we lined up lecturers and financial advisers on all aspects of retiremen from pensions to wills and trusts. We also gave them opportunities to try out different hobbies and interests they may like to take up in retirement, like golf, bowling, painting, photography and crafts.
Unfortunately not many Companies do that any longer. The good news is that you can find most of the guidance we used to offer on those retirement courses right here on this site. All you have to do is subscribe to our newsletter and you will gain access to the Retirement Guide where you will find out how to access and obtain the information you need for the 7 secrets for a successful retirement.
You will often hear retirees say they don't know how they found time to go to work. They are the ones that have thought about the things they have always wanted to do and never found the time and planned ahead. Whether its more travelling, spending time with family and friends, getting involved in the community, pursuing new hobbies and staying active. What has been revealed by the results of the 7 secrets for a successful retirement research is that keeping busy is key to a successful retirement.
Communication is the 6th of the 7 secrets for a successful retirement.
Baby boomer couples need to communicate with each other discussing their individual retirement ideals and to make decisions about how they will manage their finances together. It's important to discuss each other's expectations of how you intend to spend your time.
While it's lovely to be able to spend more time doing things together it can also be quite important to retain a degree of independence doing some things on your own. It is inevitable that one day one of you will be on your own so it's important you each have a full knowledge of your financial situation and some interests that you can enjoy individually without your partner aswell as the things you do and enjoy together.
The overall results of the survey resulted in 97 percent of those surveyed reporting “We’re supremely happy in retirement.” And you could be too providing you plan your retirement carefully before making the big decision to leave your job.
If you're not sure what or how you need to plan for the 7 secrets for a successful retirement subscribe to our newsletter and gain access to a step by step guide.