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Life After Retirement: How to Choose Your Lifestyle
What is life after retirement? The answer varies from person to person, but certain trends exist. On average, the statistics indicate that retirees live in the same house for around five years after they retire, after which time they move.
Retirees are increasingly likely to move to smaller dwellings or live in villas, units, or townhouses. Where do retirees go? On average, retirees move to regional areas or urban centres. The ‘average’ retiree likely moves near family or far away to live alone.
There is a trend toward retirees leaving the inner-city to move to the suburbs.
Today, let’s explore how you can go about creating your retirement lifestyle. Here’s what you need to know:
Life After Retirement
Consider Your Finances
The simplest way to plan your lifestyle is to create a budget. The first thing to do is find out what your living expenses will likely be after you retire. Sit down with your spouse and have a detailed discussion about your expenses.
How much money do you spend on utilities, food, car maintenance, and so on? What about entertainment, clothing, and travel? Is there anything you don’t know about?
Set up a spreadsheet, and start putting all your expenses into it. You can also weigh your expenses against your income and work out your surplus. Then you can begin to put together a rough annual budget for when you retire.
Discover Your Joy and Passions
The first thing you should do is identify what you love to do.1 If you don’t do something you love, you’ll get bored.
Spend time rediscovering what you did when you were younger and whether you still miss doing it. Do you enjoy gardening, fishing or anything else?
Are there things that you can do that you don’t currently do? Perhaps you used to enjoy arts and crafts when you were a teenager, and you’d like to do it again.
Make a list of the things you enjoy doing and the places you’ve always wanted to see. Now, match them with your skills and finances.
Follow Your Heart
Most of the time, there is a massive difference between how your parents planned their retirement lifestyle and how you plan yours. However, if you listen to your heart, you’ll be much happier when you retire.
Many retire from their jobs and spend the rest of their lives doing nothing. If you don’t plan a new lifestyle, you’ll find yourself in a rut. It can be challenging to make a change, but you must face that your life will change at some point.
Spend some time thinking about what you want your future to be like. If you have a partner, discuss this with them. Now, think about your career, and consider whether you can find a way to open up a new chapter in your life.
Remember that your retirement lifestyle doesn’t just mean that you do nothing. Take the time to ensure you are entirely ready and know what you want to do.
The Bottom Line: Looking Forward to Having a Happy Life after Retirement?
Many people find that they feel bored and lost during life in retirement. They sit in their home and watch television for hours on end, and before long, they’re depressed.
If you plan your retirement lifestyle and make sure you do things that make you happy, you’ll be much more comfortable. It’s never too late to change your life. Don’t rush into your retirement. Make sure that you have a clear idea of your ideal lifestyle, and start to make a plan.
Are you ready to you get retirement ready with an accredited financial adviser in Newcastle? At Newcastle Financial Planning Group, we provide personalised retirement advice and wealth management strategies to help our customers achieve their retirement financial goals. Call us or book online to secure your first appointment with us today and get started!
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