Retirement comes for many of us sooner than we expect. It is crucial to have a plan for this stage of life. It takes preparation, self knowledge, discipline, and focus. For those over fifty, it can be shocking how difficult it is to find a new job if you become unable to work. We don't realize we have gotten behind in technology, or that an injury or surgery might set us back and change our physical abilities.
I think one of the most important pieces to the retirement puzzle is owning your own home. Having a paid off living space gives you peace of mind. You don't have to worry about your rent being raised, or being evicted. Timing is crucial, and finding a place with affordable property taxes makes a huge difference.
Smaller is better, in my opinion. One of my friends lives in a tiny home. It is challenging in some ways for her. She has to climb up into a loft and jimmy her way into the bed at night. She has back issues and has had her hips replaced. She told me that she plans to move to another model with a bed on the main floor.
Hers also only had a bench for seating. She said it was extremely uncomfortable to sit there at her age. There is not room for a couch. She now has a recliner and is much more relaxed when she is lounging, talking on the phone, or reading. She can pay her bills, though.
I basically rehearsed my retirement for decades. I learned to live on less, wrote out a detailed budget, and planted numerous fruit trees, vegetables, and berries. Since I love my antiques and vintage items, I didn't need to go out and make any major purchases. What I own is very well made, and will last me the rest of my life. I have been making final upgrades to my home so that I don't have to worry about things like a new roof when I am a little old lady.
Are you prepared for retirement? Will you stay in your current location?
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When I was 50, I needed to find a new job. I was a yoga teacher, had trained hundreds of teachers, taken hundreds of courses, part owner of a successful yoga studio. But when i went looking for work - I had no relevant skills even for fitness studios. This was a shocker for me. At the same time, a friend my age who had been a major corporate person, lost her job and could not find another. Age really does play a part. We think that it doesn't, but it does.
ReplyDeleteOh, I know. It hits really fast. So many of my friends have told me the same thing. I think if you have a job in your forties that you love and where you are respected, you should keep it. Going out on interviews in your fifties can be very discouraging.
DeleteI like how you prepare for your retirement. Most people tend to postpone it and then eventually regret.
ReplyDeleteMy plan is to pay off the mortgage and have a specific amount in my retirement account before I retire. I’m not sure where I’ll live though. Either I’ll stay here at the same home, or move back to Sri Lanka. Depends on my family circumstances.
Thanks, Nil. I'm glad I started early. Where you live is key. I am interested to hear where you decide to settle.
DeleteGood advice, Stephenie. :) I've been retired almost 3 years and I'd say I was prepared to retire. I had no debts, no mortgage, and was already living below my estimated retirement income (and had been for years). I decided to stay in my house because I didn't see a need to relocate. It's good to plan ahead and prepare. :)
ReplyDeleteI think staying in your house is a huge money saver, Bless. That's what Warren Buffet did. It sounds like all of your discipline has paid off.
DeleteI've been watching a few you tube videos by a lady called Dee Burks. She talks complete sense about retirement and I've certainly learned a few things.
ReplyDeleteHi Cherie, That's great. I enjoy hearing about other people's strategies and experiences in retirement.
DeleteWe have downsized in our retirement and enjoy a good life. You are so right to think about your home and the security that it brings.
ReplyDeleteThanks, mm. I hear good things about downsizing. Home has been key in this pandemic!
DeleteWe also planned for our retirement very carefully. I had a good example for retirement planning from my parents and my in-laws. We will stay in our house for as long as our health allows. While the house is a bit too large for just the 2 of us since the boys left home-it has been paid off for years and because of Prop 13 our property taxes are very reasonable.
ReplyDeleteI know what you mean about Proposition 13, Anita. I feel the same way. It sounds like you have enjoyed improving the home you are in; that's what I'm doing right now. My parents were good examples, too.
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