Retirement is something that many people going through the grind of working the same job for years only dream of. Setting a retirement goal to stop working at a certain age has changed immensely in the age of technology.
Not having to retire totally can allow you to stay in a routine that will keep you both mentally and physically happy. The last thing that anyone wants is to have to go back to work full-time after being completely retired for a decade or more. The following are tips to maintain a quality lifestyle throughout retirement.
Find a Freelance Gig You Love
Finding a freelance gig that you enjoy can allow you to work a few hours a week and earn some income. You have to keep social security in mind as making too much money can impact your payment negatively. Freelance writing is a great example of a gig that can pay well and you can make your own schedule. Finding a client where you can write a few articles a week at premium rates can work wonders for your monthly budget. Do not forget to put money aside for tax purposes as you do not want to owe the IRS any money regardless if you are retired or not.
Withdraw Your Minimum Distribution Requirement
Your 401k is going to be the nest egg that many people utilize during retirement. You are required to withdraw a certain amount or you are penalized with taxes. A 401k audit for an organization usually occurs when there are 100 people enrolled in the retirement plan. You want to build up your retirement account over the course of the years. If your employer matches your contributions then you should take full advantage. Starting to save in your 20’s will give you far more financially flexibility as you approach retirement age.
Your Physical Health Should be a Focus
You want to keep your physical health as a focus as you start to age. Retirement provides extra time during the day to go for a walk or to enjoy a nice round of golf. You want to make sure that you are exercising daily as you want to keep your joints limber and your weight under control. Seeing a trainer can change your life especially if you have avoided exercise due to a nagging injury. The creation of an exercise program with your limitations in mind can work wonders.
Find a New Hobby
Finding a hobby that you can enjoy in retirement can quickly turn into a passion. You might have always wanted to go fishing multiple times per week and now you can! You want to enjoy retirement instead of sitting inside and watching television. Look into senior social groups as this can also be important. You might find that you make new friends that introduce you to hobbies that you would have never considered. You could get into home renovations whether you are handling bathtub or sink refinishing or learning how to lay tile.
Use the tips above to live the highest quality of life during retirement. You have worked hard and now it is time to truly enjoy yourself without the stress that a job brings into your life.