3 Major Life Changes To Consider When You Near The Age Of Retirement

20 August 2017
 Categories: Finance & Money, Blog

You've spent most of your life working, planning, and putting aside money for this next season in your life and you feel that you are more than ready to leave the working world and start your retirement. This new chapter can bring along with it a lot of new adjustments and changes, such as how you spend your time and what you really consider free time. However, retirement can also bring with it some major life changes just to make sure your retirement plan financially works. To make sure you are prepared to face some of the big changes that could be a part of your retirement plan, it is good to get familiar with a few things that you may decide need to happen. 

You may decide you no longer need the home you're living in. 

It is not at all uncommon for retirees to downsize their residential abode when the day arrives that they finally embark on their new journey. The fact is, that large home you worked to pay for may not be all that logical for you to keep now that your children have grown or you have new ideas about how you want to spend your time. If you plan to do a lot of traveling or simply want to cut your living expenses, trading in your big house for a smaller one may be a good thing to consider. 

You could find yourself wanting to relocate to a totally new place. 

There are good reasons why many retirees decide to become expats; living out of the country can mean your retirement accounts last a little longer and afford you a more comfortable life than what you would have here in the states. Even if you don't necessarily want to relocate out of the country, it can be a logical choice to relocate to a place within the US that has a lower cost of living or better caters to what you want to do during your retirement days. 

You might find yourself needing a new form of employment. 

Your goal with retirement planning has probably always been to have enough money set aside so you would not have to work when you retired. However, if you did not set back enough funding, you may have to look into picking up a part time position to carry you over or to further save for your future. Even if you have all of the funding you believe you will need, you might decide that too much free time on your hands just don't suit you well, so there's no shame in picking up a new job somewhere to fill your time.