It is said that there is one book in every man— the book about himself and his experiences. To know who you are as a person, you need to have some idea of who you have been. And, for better or worse, your remembered life story is a pretty good guide to what you will do tomorrow. "Our memory is our coherence; lose your memory and you lose a basic connection with who you are." In the 21st century, a huge population keeps themselves busy on their job, just to sustain their financial needs some tries to gain the experiences, some want status and some have their targets. As time passed, we all have to leave the jobs, where we have been engaged for long time as a professional. So, this one is for all those hardworking professionals who contributed their life to their jobs and also who get retired and want to enjoy their remaining life at fullest. So, let’s catch the undermentioned points how you can plan out freshly when you get retired;
1. Control your spending
This could be the single biggest step in making sure that you never outlive your money. It’s especially important during the first years of retirement. That’s when you may look at your retirement portfolio, and assume that there’s plenty of money to cover the next 20 or 30 years. That may be the case, but not if you drain your savings early in the game. It can be easy to see your retirement as one long vacation. That may be what it is from a standpoint of no longer needing to work, but you certainly don’t want to be spending your money at anything like vacation levels.
2. Make time for family
If you have children, do you remember when they were young?
Did you ever wish that you had more time with them back then?
Between work and managing the household, there isn’t always a lot of quality time when your kids are young. Once you retire, you’ll have plenty of time. No, you can’t go back and make up for the time you didn’t have earlier in life. But you can resolve to spend more time with your family. This is especially important if you have grandchildren. Just as was the case with your children, your grandchildren will be young for just a few years. Savor this time with them, since you don’t have work eating up your time anymore. You can also share your experiences, lessons that you have learned and general knowledge that you have with your grandchildren and other family members.
3. Don’t forget about long-term care insurance
This is one of those retirement issues that most of us don’t want to think about too deeply. Ironically, the fact that people are living so much longer is increasing the likelihood that some form of long-term care will be necessary for the distant future. That being the case, it’s always best to buy any type of insurance as early in life as possible, and when you’re completely healthy. That’s when it will be the least expensive, which will allow you to be able to purchase coverage that will give you the best benefits possible.
4. Have your estate planning in order
Even if you have put off estate planning up until this point in your life, you’re at a point where it is now unavoidable. This is especially true if you have substantial retirement assets, as well as a large amount of real estate equity. Estate planning is necessary to ensure the smooth transfer of your assets to your loved ones upon your death. The advantage of estate planning is that it will not only provide a blueprint for the distribution of your estate, but it can also provide additional financial resources, in the likely event that they are necessary. For example, if you have a large estate, that estate may be subject to income taxes. If it is and the liability will be large, you can take out a life insurance policy that will cover the taxes. This will ensure that your loved ones will receive the full benefit of your entire current estate.
5. Make out a bucket list
Most of us have plans and goals throughout our lives, but work has a way of forcing us to delay accomplishing them. Once you’re retired, the work and time factors are no longer an issue. That means now is the time to do all of those things that you wanted to do all of your life but simply didn’t have the time. This is why it’s so important to make out a bucket list. A bucket list is simply a list of things that you hope to do or accomplish in your life. You want to commit this to writing for two reasons:
I. Writing it down makes it important, and more likely to be accomplished, and
II. It will allow you to prioritize certain goals that are most important to you
This is one of the more pleasurable activities for a retiree, and that’s why needs to take advantage of it early on.
6. Never stop learning
The world is much bigger than any of us have time for during our work lives, and we miss so much of it making a living. But once you retire, you will have the time and unobstructed attention to learn all kinds of things that you never could before. This is an excellent time to master a new craft. For example, earlier in your life, you may have considered gardening, painting, writing, or learning a foreign language. Now you have the time to plunge into any activity that you like. And if you’ve never done it before, you’ll have plenty of time to learn and to master it.
7. Take even better care of your health than ever before
Whatever level of health you have, commit to at least maintain it, and hopefully to improve it. Health is a major X factor as we age, and it should never be taken for granted. No matter how well you kept to your plans for retirement from a financial standpoint, if your health degrades seriously, your life will change, possibly forever. If you’ve never had an exercise program in the past, start one the day that you retire. Also, commit to getting regular medical checkups, and improving your diet wherever possible. Good health results in a higher energy level, as well as an improved outlook on life. You’ll be going through major changes when you retire, starting with the loss of a lifetime career. Good health can help you to work through that, and to enjoy a better-quality life.
8. Rediscover yourself and your interests.
Many people are so busy when they are working that they have forgotten how they like to spend their free time. You might have jettisoned your more time-consuming or involved hobbies (e.g. baking, playing an instrument, gardening) for simpler activities you can tolerate at the end of a long workday (e.g. watching television). Now that you don’t have to work anymore, it’s a good time to think about how you want to spend your leisure time. What are you curious about, what activities have you always meant to try? In particular, look for activities that feel productive and give you a sense of enjoyment, mastery, or meaning. Be willing to surprise yourself and discover yourself anew.
9. Remember to be kind to yourself
Kindness can be directed inward as well as outward. Being kind to yourself isn’t self-indulgence; it’s validating your worth. We are probably our own harshest critics, and we certainly know our limitations better than anyone else. So, when things don’t turn out as you intended, it’s sometimes a kindness to remind yourself that your intentions were honorable. Not everything that goes wrong is your fault, and while you might be good at taking the blame for the sake of a peaceful life, being kind to yourself means sharing the burden of guilt that from time to time cripples us all.
10. Have Fun
Life is more than the food we eat, the home we live in, and the responsibilities we must meet. Feeling good about one’s self, laughing, being with other people, and engaging in activities we enjoy are critical to happiness and satisfaction. Many people find themselves wholly dependent on Social Security retirement benefits but are happy people nevertheless. If your vision of retirement is traveling around the world – but you lack the financial abilities to go to exotic places – seek the experience through books, films, and lectures. If you enjoy gourmet meals but cannot afford to go to the best restaurants, learn to cook and start a home dining club with others who have the same interest. Lastly, the aforementioned tips are just the few ones that keep you delighted, even if you have no more scheduled official work. It’s just about the time, how you are going to spend it freely, so you need to stay focused which matters you most. Let’s say, you can buy a pet to roam with the natural creations. Start a new hobby. Give your time to others in greater need than yourself. Volunteer your time to make new friends, stay mentally alert and physically active, add years to your life, and feel important and satisfied. Remember that a comfortable retirement is not a matter of financial worth, but your sense of self-worth.
Some people just have more fun getting there than others. Be less judgmental, particularly of yourself. Try to be open to happiness and laughter. Don’t wait for joy to find you – seek it out.
Amrit Gurung (Mr. Gurung is currently serving Rolling Plans Private Limited as a Manager- Operations)