Connect with us

Retirement

What Will You Do When You Retire? 7 Amazing Tips to Know

Published

on

What Will You Do When You Retire? 7 Amazing Tips to Know

What Will You Do When You Retire?

 

 

Many people wonder “What will I do when I retire?” After all, retirement is an exciting time of life, and it’s also the perfect time to follow your passions. You can still work part-time or volunteer, and explore your passions.

These are just some ideas to help you get started. The possibilities are endless! Regardless of your passions, there’s an activity that will fit your lifestyle perfectly!

 

Remember To Plan ahead

Planning ahead for your retirement is essential if you want to enjoy a comfortable lifestyle after retiring. The average inflation rate over the last century was 3.22%.

You need to factor in the costs of day-to-day living, including your mortgage, childcare and other essentials. This money should be set aside to cover these expenses.

Moreover, it is important to consider taxes and other hidden costs. After all, you should not have to pay more tax in your later years than you need to.

Work part-time

Working part-time after retirement is becoming a popular option for many retirees. It can provide a valuable supplemental income and can keep your mind and skills fresh.

However, there are some important considerations you should make before taking the plunge. Read on for tips to find the right part-time job for you.

Volunteer

After retirement, you may feel as if you have lost the energy and purpose that you once had, and this feeling can be alleviated by volunteering.

Volunteering also gives you a sense of purpose and community connection.

Before getting started, determine what you’d like to volunteer for and contact the appropriate organizations. You can even offer your skills to a volunteer organization that helped you out during your career. Here are a few ways to find the perfect volunteer opportunity after retirement.

See also
True Costs of High Inflation for New Retirees

Explore your passions

Many people in retirement feel like their lives have slowed down, so why not explore your passions now?

A Stanford University study found that people’s passions are partly discovered and partly developed, so they don’t just appear out of thin air.

The process of finding passions, including hobbies, isn’t something you can just start doing without any training. Instead, you have to commit yourself to developing new interests, and learning from others’ experiences can help you identify your own passions.

Take a trip

While many Americans have dreams of traveling during their golden years, the high costs of travel can prevent them from fulfilling their wishes.

In a recent Ipsos survey, nearly two-thirds of Americans aged 50 and older said that they would like to take a trip in their retirement, but they were concerned about the cost of travel. If you’re considering taking a trip after retirement, here are some tips to keep your travel budget under control.

Start a business

A business can be a great way to supplement your retirement savings. Several benefits can be gained from this endeavor. Not only can you reduce your taxes, but you can also improve your physical and mental health.

You can also pass your knowledge and skills onto the next generation. If you’re considering starting a business, here are some reasons you might want to consider it. You may even find it more enjoyable than you ever thought.

Invest in existing relationships

After retirement, you might be wondering how to invest. Many people find it difficult to think ahead and invest in their relationships after retirement.

One way to do this is to think of your relationships as a hanging spinning mobile:

See also
True Costs of High Inflation for New Retirees

As you remove one piece, other parts shift. By thinking ahead, you can find a new balance and replace assumptions.

You can also invest in existing relationships to help you stay active and connected after retirement. However, this is easier said than done.

 

Conclusion

We hope you enjoyed this article… What are your thoughts?

 

Please feel free to share this article!

 

Fact Check

 

We strive to provide the latest valuable information for our readers with accuracy and fairness. If you would like to add to this post or advertise with us, don’t hesitate to contact us.  If you see something that doesn’t look right, contact us!

Continue Reading

Investment Tips

True Costs of High Inflation for New Retirees

Published

on

True Costs of High Inflation for New Retirees

True Costs of High Inflation for New Retirees

Those working individuals who’ve been looking forward to retirement for years now might be X’ing off the days on the calendar until that final workday arrives.

However, for those new retirees aged 62 and older, retirement might come with a financial shock when they realize there’s not enough money saved up to live on, especially in these days of rising inflation and spiking gas prices.

In this case, a retiree has two choices. Either maintain one’s present employment status, or look for a new job.

If both scenarios seem unappealing, there is another option for making up for lost and or diminished savings. It’s called a reverse mortgage.

If a homeowner has retained a family home for decades and has been keeping up with the monthly mortgage payments, a reverse mortgage will allow the said homeowner to tap into all the equity that’s been built up.

Something that can potentially run in the hundreds or even millions of dollars, depending upon the size of the home and where it’s located.

Proceeds can either be taken in one lump sum payment or monthly disbursements.

The advantage of a reverse mortgage is evident not only in its financial windfall, but the homeowner never needs to pay another mortgage payment for as long as he or she lives.

Seniors considering this option should learn how a reverse mortgage works before taking the next steps.

But what about those folks who don’t own a home or reside in an apartment? What effect will today’s high inflation have on their retirement?

According to a new business report by KSL.com, inflation in the U.S. “is entirely out of control.” The report also states that there are no signs of it slowing down anytime soon, which means inflation could plague the U.S. through all of 2022 and perhaps beyond.

See also
True Costs of High Inflation for New Retirees

What this means is, for those who were planning on retiring this year or next, the timing is not good.

Currently, the U.S. is realizing its highest inflation rate since 1982. Prices of automobiles, housing, rent, energy, and even basic foods like milk and bread, are hitting poor and middle-class families the hardest.

Inflation doesn’t end there, or so the report attests. Prices of TVs, furniture, and appliances have spiked to levels that were unimaginable just one year ago.

Even the cost of traveling is skyrocketing. Airfare, car rentals, hotel rooms, and eating at restaurants, are all far more expensive than at any other time in recent history.

The report states that while no one will be exempt from losing considerable purchasing power, retirees will be hit harder than even poor, working families.

Retirement’s “Silent Killer”

A recent CNBC report attests that nearly 80 percent of retirees say that their major concern right now is high inflation. This makes sense since those who are living on a fixed income are experiencing a significant reduction in purchasing power.

Since retirees will be paying more for gas, food, and medications, they must make budgetary sacrifices elsewhere. Some of the hardest-hit retirees will have to make a choice between purchasing food or medication.

Financial experts are officially sounding the alarm that the U.S. inflation situation might be worse than some economists predicted. Economist, Peter Schiff, thinks that if the government was still using the formula that is used in 1982, inflation would be higher in 2021 than it was then.

Schiff suggests that at present, inflation doesn’t take into account energy and food prices, making the most recent inflation rate of 7.9 percent a false reading.

See also
True Costs of High Inflation for New Retirees

Says financial planner Peter Doyle on the Anthony Pompliano Podcast, The Best Business Show, the true rate of inflation is more like 15 to 20 percent.

Recession Fears

Some financial experts claim the U.S. is teetering on a financial cliff. One false move and we fall into a deep recession. According to Larry Summers, former Secretary of the U.S. Treasury, the fear is that the U.S. is reaching the point where it will be almost impossible to reduce the rate of inflation without giving rise to a recession.

Part of the blame for inflation has been placed squarely on the shoulders of Russian President Vladimir Putin and his war with Ukraine. But spiking inflation began one year ago at the height of the COVID-19 pandemic and the supply chain issues that accompanied it.

Even if the inflation rate were to return to two and three percent, it would still have a negative impact on a retiree’s savings.

MarketWatch points out that a three percent inflation rate would significantly erode your purchasing power over time.

In other words, if one budgets $5,000 per month to live on, in ten years that number would be diminished to $3,720 per month, MarketWatch adds. This is a clear indicator of just how financially destructive the state of today’s 15 percent inflation rate is, not only for new and existing retirees but for all hard-working Americans.

 

Fact Check

We strive to provide the latest valuable information for pet lovers with accuracy and fairness. If you would like to add to this post or advertise with us, don’t hesitate to reach us. If you see something that doesn’t look right, contact us!

See also
True Costs of High Inflation for New Retirees

 

 

Reference:  Thedogdigest.com

Continue Reading
Advertisement

Trending

Copyright © 2024 | www.moneyvests.com