Preparing for Retirement? Here Are 5 Things You Should Do
Planning for retirement is an important transitional step for older adults. Whether you're mid-career or nearing retirement, here are five things you should do to prepare.
1. Start early
One of the best ways to plan for retirement is to start early. As with many other important milestones, starting early can put you ahead of the game and help dissipate some of the fear and confusion that comes with planning for this transition. Even if you are nearing the close of your career, starting today is still earlier than starting in a few months!
2. Explore retirement plans
If you haven't set up a retirement plan, now would be a good time! Your money can grow in a retirement account and it will help you save in the long run. Options include IRAs and 401(k)s—your employer may have more information on it. There are also many resources out there to help, and you might consider reaching out to your bank. Find more information from U.S. News here!
3. If you're closer to retirement, pay off debt
If you are nearing retirement, start off on the right foot by paying off debt before you retire! This way, all of your funds saved when you retire can be put towards taking care of yourself. However, if you have a ways to go, allowing your money to grow in a retirement account could be more beneficial in the long run. Experts at Vanguard say that taking money out of a retirement account to pay off debt like mortgage "is almost always a bad idea if you haven't reached age 59 1/2" (Vanguard).
4. Assess your physical health
Getting a consultation with your physician and finishing routine checkups will help set you up for your retirement. If you plan to work for a while longer before retiring, this will help you get a better sense of how to take care of yourself in and out of the workplace, and if you are nearing retirement, this will ensure that you know your body and any treatments or exercise plans that you should take on.
5. Consider what you want to do with your time
If you have been working full-time for quite a while, chances are you're not very used to having a lot of free time. Once you retire, there will be many opportunities to put your time towards activities other than work. One of the best ways to prepare for retirement is to consider what you want to do with your time. You can explore hobbies like sewing or playing a musical instrument, exercising, or even cooking—there are plenty of options!
In the long run, how you choose to structure your retirement planning is up to you, but one thing we highly suggest is developing an exercise regimen—especially what you can find with Heyday! Get started with us today for many fitness and health resources to help you become the best version of yourself.