You’re Retired. Now What?

You did all the right things to plan for this day.

You followed smart financial literacy practices.

• Determined financial goals

• Taught yourself to be patient and disciplined 

• Created a budget you could live with

• Lived within your means

• Started and stuck to a savings plan 

• Developed an appreciation for compound interest

• Figured out the types of investments that work for you

• Understood the value of having good credit and how your score is calculated

• Learned the definition of net worth 

It was a long, arduous task but you did it. And if you’re really savvy, you figured out how to get there without living a life of constant sacrifice by creating benchmark celebrations. So, hats off to you! 🎩 🧢

You’ve finally reached your ideal retirement age and are ready to enjoy what’s been labeled the ‘golden years.’ OK, so how will life be different for you?

You won’t have to hit the snooze button, craving those last few minutes with the covers over your head before duty calls. You might even decide to toss the⏰ altogether. 

Your time is yours to do as you please. But I advise you to use it wisely. And don’t make the mistake of thinking you have all the time in the world. Days and months will fly by faster than you think. Follow the advice to treat each day like it’s your last because it just might be.

Having said that, let me caution you that certain things will not change when you retire. Realities still exist that must be taken into consideration in order to live retirement life to its fullest.

😈 Some expenses vanish while others rear their ugly heads. Budgeting is still a real factor. Although you may no longer need suitable work clothes or commuting funds, the cost of food, shelter, healthcare and almost everything else continues to rise. 

🌧 Rainy days don’t disappear. You may not need to be as diligent as you were while planning for retirement, but none of us knows how long we are going to live. As long as you’re on Earth, you still have a future. Maintain a savings plan to help you prepare for it.

💰’Shit happens’ never stops. Emergency savings will still soften the blow when faced with  unexpected and unplanned events. 

💣 Debt will always hinder progress. Whether you’re working or retired, debt-free is the way to go. You have the freedom to manage your finances without a ball and chain around your ankle.

🥱You still need a reason to get out of bed. It’s important to remain active and avoid boredom at all costs. Pursue a hobby, travel or even go back to work (hopefully part-time because you want to, not because you have to). Stay busy to keep your brain from turning to mush.

As you can see, life presents many of the same challenges whether you work full-time or are retired. So, keep up the good habits you’ve developed. And most important, don’t forget to give back. If you can’t donate money, donate your time. Someone will be grateful for your effort.