Life After Retirement
Retirement is one of life’s journeys that many older adults look forward to as they age. It’s the ideal time to slow down, take time for your family, and reconsider the things in life that make you happy.
As much joy as retirement brings, it can also bring stress if you’re not prepared before entering this stage of life. Take some time to consider the following to better prepare for your life after retirement.
When Is The Right Time To Retire?
The right time to retire is different for everyone, and many factors can contribute to a person’s retirement. One of the primary factors for individuals deciding when to take retirement is Social Security. In the United States, you have to reach your full retirement age (ranges depending on your birth year) to receive your full Social Security benefits. However, you can retire as early as 62 if you don’t need your full benefits.
Social Security is essential when deciding the best retirement time, but it’s not the only factor. Other questions you should ask yourself are:
- Are you physically able to continue working? It may be time to retire if you’re experiencing pain or discomfort while working or cannot complete physical tasks.
- Are you cognitively able to continue working? Everyone makes mistakes at work, but it may be a sign that you’re experiencing cognitive changes if you make constant mistakes.
- Are there workplace accommodations that you can take? Sometimes, if you’re having trouble at work, your company may make accommodations for you, such as accessible equipment or work-from-home options.
- Do you enjoy your job? There’s no point staying at a job that makes you unhappy or causes stress.
- Can you financially support yourself with your savings or a spouse’s job? If you have other sources of income that can sustain you during retirement, you may want to retire early.
Considerations Before Retirement
Retirement is a big decision. Before retirement, ensure you have your finances, living situation, and care options in place. While you may not be making a move or considering care right away, having a plan for those milestones is essential for reducing stress and enjoying your retirement.
Finances
Finances are one of the biggest causes of stress in retirement. When you retire, you no longer have the same steady income as when working. However, you can compensate for that income loss through your Social Security, 401Ks, investments, and savings. Look into your finances, figure out how much you have, and set a budget to help you manage your money during retirement.
Living Space
Many people move once they retire. One reason is that the home they’ve lived in while working is too big, and they want something smaller that’s easier to maintain. People also move to be closer to loved ones or friends. Moving is also a great option if you have a high mortgage or rent and want something cheaper in retirement. Whatever your decision is regarding your living space, be honest with yourself about what you can afford, what you need, and what you can take care of while retired.
Care Options
While many people don’t require care as soon as they retire, thinking through potential care needs and options can reduce future stress. Many care options exist, but individuals who desire independence and safety while aging in place often turn to trustworthy home care agencies such as Visiting Angels.
Visiting Angels South Elgin is a locally owned and operated home care agency providing non-medical assistance to seniors throughout the Northwest Illinois suburbs. We offer many care services, including mobility assistance, medication reminders, personal grooming, light housekeeping, transportation, and more.
If you want to learn more about Visiting Angels South Elgin and our dedication to helping seniors live independent and dignified lives after retirement, message our office today.