3 Essentials on Preparing for Retirement

Retirement is a major milestone that should be celebrated and welcomed with open arms. It should always evoke a sense of happiness, given that it is the culmination of having worked for decades. It is a time in life where you can look forward to doing all the things you could not do when you were still employed or actively ran your own business.

Exciting as it may be, this phase of life can also come with problems. Failing health, reduced income and home affordability issues—these are just some of the more common problems reported by those who go into retirement not fully prepared.

It is important to solve all problems prior if wish to live a happy retired life. TwinLakesComm.org says the best way to resolve these issues is to know what your options are.

Income

After retirement, you are either going to get a meager pension or none at all.

So how do you make ends meet? Consider any of the following:

• Make investments while you are still part of the workforce. Bonds and stocks are a great choice.
• Stay in business—retirement does not necessarily mean you have to stop working altogether. If you run a business, you need to make sure it continues making a profit even if you are no longer in charge. This means it is important to choose the right successor.
• Use the non-registered investments now.

Living 

As far as living options are concerned, think of any of the following:

• Independent living in a senior citizen community – active communities are a great choice if you would like to surround yourself with other like-minded and dynamic individuals and couples within the same age group.
• Move into an assisted living facility – this is a choice if you need daily assistance but do not have children that can help out.

Healthcare

There are different choices available to retirees when it comes to healthcare coverage. Medicare is the top choice for most, although you should know that you may also qualify for retiree health benefits. Learn about your options because healthcare is important especially as you grow older.

Once you are clear with these three retirement options, then rest assured you have taken care of the three basic necessities of any retired person. Prepare to live a long, healthy, and happy life ahead to reward yourself for the many years of hard work.