3 Best Investments ForRetirement
Do you know what the 3 Best Investments for retirement, your retirement, are? We are not talking about that cookie cutter stuff of “fitting somewhere in the predictions” We are talking about actually living a life we enjoy.
There is more to all this than meets the eye. You have heard about the saving, what happens if you don’t.
Obviously, that is important. You certainly can’t enjoy your retirement if you are concerned about a roof over your head, or food on your table.
If you find yourself in a position with this situation, being so underfunded that there is no money for fun? Roll up your sleeves and get to work. No way around it!
The sooner you accept this reality of life, the better you can make better decisions about the rest. So get out that trusty pencil. (You will need to erase in all probability. A lot! This is hard to get it all right the first time or two.)
Know where you are, financially. Get it all down in black and white. No more hiding your head in the sand. Use the pencil and paper. Get the facts down.
What is the main reason you do not have enough money for retirement? (Hint, look at your paper)
Did you take out a loan to help out a loved one? Did you get a loan on a new car? A home remodel? O K, so now it is time to find a job and pay it off. How many hours will you need to work a week to pay it off?
Yes, this is another thing that should have been planned better. Had the expense been unavoidable, with planning before retiring, you would have realized your situation, and made plans to work a year or so longer. Had time to pay off that loan. A monthly payment when working seems unimportant. When retired this payment becomes crippling.
Now that we have identified the issue, whatever it may be, move forward with a plan to solve the problem. Do you need to sell the house and downsize? Get it done. Your monthly costs can make the difference in being comfortable and relaxing and only one step away from being without.
Usually, once you start the ball rolling to correct these issues, the rest is easy. These decisions are not easy, but once you move past the immediate to see the better quality of life around the corner? That better way of living will make retirement so much better for yourself.
Financial results effects Relationships in Retirement
Are you a victim of the Gray or Silver divorce trend? So many retirees find that when they finally reach retirement time, living together is no longer an option. Such a sad place to find yourself for sure.
If you find yourself suddenly single, you already know that your life is changing. I am sure you considered this aspect of the situation before the divorce proceedings are ever considered. I would like to think that I do not approve divorce at this time of life.
However, what I am really sad about, is people living in an unhappy situation, making no move to change it. We have all known friends whose only pleasure in life seems to be tearing down their spouses.
The numbers are not good for those who do seek help, but sometimes it can help couples see their way to a better relationship. Without the excuse to stay together for the kids, retired couples may find there is not enough left in the relationship to work on.
Importance of budgeting
When this is the result, here again, all you can do is figure out where you are. When you take a bit to think through where you are in life. What you have to work with. You may be surprised to find that you can figure out how to make it work. How to stretch your income to something that can work for you.
Ideas of how to spend retirement can change if the change includes mental peace of mind. This is a decision for you. I can not suggest a path for you. What I find when talking with people who have gone this divorce route is that the plan on paper gave them a road map to a successful life. Different for sure, but definitely worth the adjustment.
The main thing is just do something. Take control. Know where you are. Do not skip this step. This makes knowing the 3 best investments even more important for you. You do not have as much. You must make sure what you have budgeted.
Investing for retirement
Here we are not talking about investing money for retirement before you retired. We are talking about after retiring. With all assets now divided by half, there is increased importance in making sure your immediate day to day budget is in line with your income.
Your best place to invest for retirement is to start with a clear understanding of the monthly cash flow. Invest enough time to make a workable budget to cover monthly expenses. This is the best place to invest for retirement. Communicating and reaching solutions.
The same can be said for couples who are able to survive as a couple. You can get on with the enjoying retirement, once the budget is in order.
Are you both retiring now? Will different ages find you staggering retirement times? Know what money you have coming in each month. Make decisions together for how to handle monthly bills.
Hopefully, you have already reached an agreeable solution for your budget. If not DO IT NOW. Do not delay. This can prove a major derailment later on. Communicate on issues that are important to you. Make sure you are both in sync for how your finances should be handled.
# 2 Mental Health and Well-Being
Now that you have your financial life figured out, and a workable budget, you can understand why this is one of the best investments for your retirement. You are now set on a plan that will make any investing for retirement that you have done up to this point really pay off.
Let’s think about those golden years.
Let’s get to another important phase of retirement that many who get a late start to planning, or just have not thought they could invest for retirement do not do either.
What will you spend your days doing in retirement? You won’t be going to work every day now. You will have time to “do things.” What do you want to do?
Travel, volunteer work, home improvement, golfing? Reading, sewing, gardening, learning for fun or to improve skills. All worthwhile interests. What do you want to spend your time doing? You will have to plan a bit to get it done.
This can make the difference in having a great retirement, and a not so great retirement.
Communication between spouses is the major glue for most couples. However, lack of communications can wreck even solid love. In the stress of everyday life, we get out of the habit of really giving each other the full attention that is deserved.
You get in the habit of listening with only “half an ear.” You expect your spouse to know what you mean when you do not say anything. They should know how you think by now, right? Wrong!
Take a minute and make sure your spouse knows that you are seriously not cooking dinner tonight. Let them know if you have an interest that you want to pursue. They will not know you are bored if you do not say so.
Did you think you would be happy just not going to work? Just piddling around the house, doing nothing? You are surprised when you found this was not enough? Me too.
A suggestion that worked for me was to make a plan. As I thought of something I wanted to do, I wrote out what it would take to do this new interest. What was needed? Did I need to learn how? What do I need to do to learn how?
This exercise alone made me look at all the opportunities I had. And those that were not reasonable as well. I had done this in my working years, but not for filling my spare time. There had always been enough chores in the past to do that.
You planned to get stuff done. The many things that fill a work day. However in retirement? Who wants to do that. I soon saw the wisdom of this process instead of just jumping into something I did not think through.
I now have my list of stuff I do not want to do! It is so much better that just hopping on the bandwagon here and there and then trying to figure out how to get off of that same bandwagon. Write it down. Think about it. Fit the activity into your day.
Planning has let me get to activities that matter to me. Things that are important. Just as you schedule a trip, schedule time for fun.
Could your retirement benefit for some planning? How To Plan could give you some suggestions for doing this if the idea is new to you. Your mental health and well-being will appreciate your planning.
#3 Your Health
While your health maybe # 3 on my list, it is probably the most important.
Without good health, you will not be able to enjoy any part of retirement as much. This one factor makes or improves a happy retirement. You can just a quickly derail a great life if your health suffers as a result of your neglect.
The most basic parts, exercise, eating healthy and getting enough rest. The components of good health at all stages of life, especially in retirement. Making sure you have good lifestyle habits to carry you through your golden years will matter.
You will be glad you have taken the time to pay attention to this part of your retirement years.
Again a plan can help you adjusts some of the little things on your list. Make it easier to work in that walk to maintain strength and stamina. To allow time to prepare a proper meal, not just eating whatever is in the fridge. Make you realize when the days’ activities result in irregular bedtimes.
Watching others gives a good insight into retirees lives. They are excited about retirement, but unsure of what to do with themselves now. The work schedule that programmed the days is not there now.
They are at a loss for what to do. Planning will allow you a chance to make those forgotten dreams come true. Where are your pencil and paper?