Brooks_Seamless Retirement

Five Steps to Ensuring That Your Retirement is Seamless

May 3, 2022

You may have already thought about how to create a seamless retirement once you have decided to step out of the workforce. Successful, comfortable retirements require a comprehensive retirement strategy and detailed planning.

Tips for a Seamless Retirement

Fortunately, these five tips for a seamless retirement can help you ensure a seamless transition.

Decide on Your Preferred Retirement Lifestyle Early On

Different retirement lifestyles come with varying price tags. Additionally, they may require different degrees of savings and sacrifice. Have an idea about your preferred retirement lifestyle early on. For example, consider whether you see yourself:

  • Staying in your hometown
  • Upsizing to a dream home
  • Downsizing to a cozier place
  • Living near the beach or mountains
  • Moving to a different state or a different country

Plan Out Your Expected Work Time and Retirement Age

The age you retire can impact how much time you have to save for your retirement goals. Next, try setting two benchmarks early on: a preferred age and a hard deadline for retirement. You do this so you can keep a goal and focus on it. Then, you can begin saving accordingly.

Begin Considering the Various Expenses You’ll Need To Cover 

Figure out how much you will need in the bank before retiring by ensuring you have enough to cover regular retirement expenses. For instance, you’ll likely, at a minimum, need enough savings to pay for:

  • Housing expenses
  • Income taxes, if applicable
  • Healthcare insurance and medical expenses
  • Emergency expenses
  • Grocery and gas bills
  • Entertainment and travel costs

Make Retirement Saving a Regular Part of Your Financial Life

If you only save for retirement sporadically, you may find it tough to save up properly. Thus, it will not give you the cash cushion that can allow you to have a seamless retirement. It would help if you made retirement saving a regular feature of your financial life. Then, you can set reminders to put away money every month. You can also automate your savings, and ask your employer to dock money from your paycheck for company-sponsored retirement plans and pensions. Thus, it gives you an idea of how much you will have later.

Diversify Your Savings and Investments To Help Earn Extra Money

Even if you have stacks of cash saved up for retirement, you can maximize your return by using that money to earn more. Try diversifying your savings and making some smart investments for retirement. For example, you may:

  • Invest in stocks and bonds
  • Use your employer’s 401(k) match
  • Start an individual retirement account or IRA
  • Invest in real estate, jewelry, precious metals, or fine art

Having a detailed and well-thought-out retirement strategy in place is a crucial, non-negotiable step toward a seamless retirement.

About 1891 Financial Life

At 1891 Financial Life we don’t just sell policies, we offer possibilities. We pride ourselves on giving back to the communities that we serve by providing quality and comprehensive insurance solutions. We are a not-for-profit life insurance Society, which means the sales from these financial service products help fund member benefits along with social, educational, and volunteer programs designed to respond to community needs.

Our portfolio is extensive, ranging from various life insurance policies to our annuities to support your financial needs no matter what stage of life you’re in.