Retirement Advice for the Elderly

Tips for Seniors Ready to Retire

Retirement can be a scary transition for seniors. Whether you’re transitioning from full time work to full time retirement, full time work to part time work, or part time work to full time retirement, there are many adjustments that must be made. What should be a happy time for seniors can be a stressful time if the right steps aren’t taken, but with this retirement advice for the elderly, retirement can be a relaxing and positive change for you and your family.

Set up a New Budget

Because income usually decreases when you retire, it’s important to set up a new budget for your fixed income. Living on a fixed income can be a challenge, but there are several budget tools that can help you set up a budget that organizes your living expenses and various income into different categories. Knowing where your money is going is important, especially after retirement, so a budget is necessary for those that are transitioning from employment to a fixed income in retirement. Once you have a budget, you can live comfortably in retirement, without the worry that you’re spending too much. Setting up a budget will also help you determine whether or not you’ll need to supplement your income with a part time job.

Find a New Hobby or Volunteer Opportunity

Once you retire, you’re likely to have additional time on your hands. Because of this, it’s important to find activities to pass the time in order to avoid boredom and depression. Finding a new hobby can be a great way to stay active in retirement, whether it’s bird watching, stamp collecting, scrap booking, or simply watching sports, hobbies can help you fill the additional time you now have, and can even help you find new friends with similar interests. Volunteering can also be a fulfilling way to pass the time. Not only are you able to stave off the boredom, but you will also be engaging in rewarding activities and helping others in need. Check local nonprofits for volunteer opportunities in your area where you can immediately jump in and get involved. Volunteering has many benefits for retirees, including a sense of accomplishment for doing something good for others, decreased likelihood of depression, and an improved mood. This can also help you meet like-minded individuals that are volunteering at the same location.

Spend More Time with Friends and Family

Now that you have the time, it’s important to spend that time with the ones you love. If you live near your family, this is an easy transition, but if your loved ones are a long distance from you, it may be a good excuse to travel more! Spending time with family is great, especially if you have grandkids that can keep you active. Creating memories that last with kids and grandkids is an important benefit of spending extra time with family, and family trips, game nights, camp outs, and just relaxing together are all great ways to enjoy your time with your family. This is also the perfect stage of life to spend more time with friends. Sign up for a cooking class, invite friends over for cards, go for a walk in the park, or attend a sporting event with some good friends in order to stay active and spend time with close friends.

With all the retirement advice out there, it can be an overwhelming change, but these 3 simple tips can make retirement enjoyable and fulfilling. Setting a budget is important to establish expectations, finding a hobby or volunteer activity can keep you active and engaged, and spending time with friends and family is the best way to create memories that last. With these tips the transition from full time work to retirement doesn’t have to be a difficult change for you or your family.

Originally posted 2015-08-18 21:36:21.