How to Ease Into Retirement
Deciding to retire is a big decision, both financially and emotionally, and one that should come after some deliberate thinking and planning. More and more retirees opt to ease into retirement, rather than jumping in feet first.
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Instructions
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Easing into Retirement
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Start planning well ahead of your potential retirement date. Only 30 percent of employees and 51 percent of retirees have a solid retirement transition plan, according to Principal Financial Well-Being Index compiled in 2006. Talk to your financial planner and family and put together a plan and a timeline that takes your career, finances and future retirement plans into full consideration. Check the plan regularly and update it as needed as a reminder about how and when you can start slowing down.
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Work part time. Many retirees go from working hard and full time to not working at all overnight and struggle with the quick transition. As you ease into retirement, start to cut back on your working hours and increase your leisure time.
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Reduce your overall debt before you retire. The average debt for elderly households is increasing, which can place a strain on retirement. If you can pay down your debt as you ease into retirement, it will also make the transition more pleasant.
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Take care of your health. This includes planning for health care coverage long term as well as eating well, exercising, seeing the doctor every year and generally taking care of yourself. Many people are beset by serious health issues post-retirement. By taking good care of your health as you ease in to retirement, you will be more likely to live a longer and healthier life.
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