While many people spend their whole lives working toward retirement, the lack of structure can throw off many individuals. It’s essential to remember that this is normal. Transitioning from a daily routine to complete freedom is jarring, but we’re here to help. Here are the most important things you need to do once you’re retired.
Create a Budget
Your first step to a happy retirement is figuring out how to live within your means. Most retirements involve a pension plan with a fixed income, so you should spend a little time determining how much money you have to spend on travel and recreation after allotting for housing, food, and medical bills.
See the World
Now is your chance to get out of your comfort zone and see other locations. While Disney World is a fun vacation destination, think about visiting other countries and experiencing exciting new cultures. If “travel” sounds a little broad, consider taking a cruise—the ship will ferry you from place to place while providing great food and entertainment for the journey.
Try New Hobbies
Retirement is the perfect opportunity to explore new hobbies, free of the time constraints of preretirement life. If you thought you’d never have the time to learn piano, you do now! Woodworking, knitting, photography, and gardening are go-to options for people entering retirement, so give them a whirl and see what sticks.
Don’t Forget About Required Minimum Distributions
For people new to retirement, you may not know about required minimum distributions (RMDs). People 72 or older are obligated to withdraw a certain amount of money from their retirement accounts or risk a 50 percent penalty of the amount that should have been withdrawn.
RMDs aren’t too complicated, but it’s essential to get them right so you can enjoy as much of your retirement account as possible.
Now that you know the things you need to do once you’re retired, get ready to enjoy this new chapter of your life—you’ve earned it!
