Planning For Your Retirement Pays Off

There are many vehicles available to increase your retirement savings. Tools such as a traditional IRA and a 401(k) can even lower your taxable income at this time. Other tools, such as a Roth IRA, can be funded with post-tax dollars and be tax-free when the money is taken out. You can also make investments outside the stock market, such as buying investment properties that can provide you with steady income over time. For the best results in your retirement planning, make sure you pay attention to other factors as well. Determine where you want to retire and do your best to create a social structure there before you leave the world of work. Find activities that you enjoy doing away from the office before you get your gold watch. Retirement is more than just not working for an income, but if you don't plan effectively for how you will use your time, you can end up isolated and unhealthy.

Retirement Investments

To make sure you have the money you need to retire as you wish, start early. While the stock market can be volatile, at the end of the day it's a good long-term investment of your money. Be sure to get your volatility "temperature" or risk tolerance checked out. If big market jumps give you heartburn, take care to invest in stocks that offer slower gains but smaller downturns. For those who don't mind a little risk, diversify so that you can put a portion of your income in more volatile investments, from crypto to international stocks, while stashing at least that much in the solid performers. If you own real estate or a home and you plan to age in place, do your best to pay off your home before you retire and make sure your rental portfolio is consistently in the black.

Planning For Retirement Living

Take a good look at your home. How dangerous is your living space to someone with limited vision, mobility, strength and balance? As we age, our eyesight changes. We lose depth perception and we may struggle to see colors if we're at risk of developing cataracts. Studying your home layout and making adjustments for easy movement should include

• Bathrooms: Is there one bathroom in the house with a doorway wide enough for a wheelchair?
• Laundry: Is there laundry on the main level?
• Bedrooms: Is there one bedroom on the main floor if you can't climb the stairs?
• Kitchen: Is there task lighting to help you see to prepare food?
• Living Room: Are there steps to the relaxation areas of your home?

It only takes one misstep, slip of a knife or tumble with a laundry basket to radically change your retirement. Medical expenses and healing time can steal all the joy out of your time away from your time without a job. Take a good look at your home, consider the costs of updating the space to make room for challenges, and if you can't easily make those changes, consider selling and moving to a more manageable home.

Planning Retirement Travel

If you want to travel to new places after you retire, start doing yoga and tai chi now. One of the big challenges for older travel is having to do a surprising amount of walking. A spring trip to Prague could be astonishing, but cobblestones are hard on your balance. Build up your core as you prepare to retire to keep your spine stable and maintain a healthy sense of balance. Be ready to have the strength to climb stairs. Modern construction may include elevators and ramps, but if you want to travel and see ancient human structures, you're going to be climbing a lot of stairs. Start studying new languages. If you want to visit Tikal or Machu Picchu, learning Spanish will not only make getting around easier, but the locals who speak English will be more interested in helping you out if you made an effort.

Your life after full-time work may require a part-time job or taking on a fitness regime that feels like a part-time job. With your retirement funds in place, building up a life of travel, relaxation and well-deserved pleasure is possible. Remember that retirement planning will require a lot more than cash.