How to Retire in Style

Don’t allow your age to betray how you feel! Entering into retirement doesn’t mean your “old,” it means you’ve worked hard your entire life and now get to enjoy the fruits of your labor. Ever hear of the term “Golden Years”? Here’s how to fully embrace them by retiring in style.

Plan Ahead

It’s never too soon to start investing in your future. Retirees have more responsibility than they did in the past; pensions used to be the most popular retirement vehicle, but now most people have 401(k)s and IRAs which must be managed to last through retirement. It’s no longer an automatic assumption that people will retire at age 65, start collecting Medicare and Social Security benefits, and live on income off investment interests and dividends. If you haven’t already begun prioritizing retirement savings, keep in mind that IRAs allow contributions up until age 70.

Crack Your Nest Egg the Right Way

The big day has arrived and you’ve kissed your boss goodbye—now what? Do you start tapping into your IRA, your 401(k), or your regular brokerage account? This choice is no small matter since choosing the right order and extend the life expectancy of your portfolio. The general rule of thumb suggests starting with non-retirement accounts before moving on to tax-deferred money and saving your Roth IRA for last. There are plenty of exceptions to this rule, however, so be sure to take your time and do your research when accessing your retirement savings.

See the World

Once your funds are dispersed, it’s smart to implement a budget that will ensure your money stretches long enough to sustain you. However, be sure to include at least one vacation (if not more!) within that budget. Retirement travel is both good and good for you, so get out there and see the world! Free of schedule constraints and work demands, you can go wherever you want. Even if you’re living off modest means, follow these tips to help you travel more during retirement:

• Take advantage of your flexibility and find cheap off-season costs
• Use any discounts available, such as those AARP offers its members on rental cars, hotels, cruises, and flights
• Consider a house-swap geared towards seniors for cheap accommodations
• Go for longer and travel slower
• Downsize your existing property

Enjoy Your Hobbies

Fill your free time with all the hobbies you didn’t have time to pursue during your working career. For men, that might mean picking up a stylish pair of golf knickers, heading out to the greens, working on your swing, and soaking up some sun. Female retirees might enjoy re-landscaping the yard for a gardening project or taking up cooking classes to learn new recipes the family will enjoy. Lifestyle Communities’ retirement village in Grovesdale offer free or affordable social events for seniors as well, so do some research in your area to see what you may be able to take advantage of.

Stay Healthy

To be a stylish retiree, you can’t let yourself go by sitting on the couch all day. Some much-needed rest is deserved and encouraged, but be sure to stay healthy and in shape. Age is no excuse; there are plenty of low-impact exercises you can do to keep you fit and looking good. Even if you’ve been averse to working out your entire life, you might be surprised by how great taking a scenic walk, going swimming, or trying a yoga class can make you feel.

Consider Relocating for Retirement

Many baby boomers want to live a retired life in style and luxury, but find their nest egg to be smaller-than-hoped-for. In circumstances like these, it’s worth considering moving to a location with a lower cost of living that will allow you to pursue to traveling, shopping, and activities you enjoy. Whether you stay domestic or move abroad—there are cities throughout the world in which you could afford to live comfortably even off small Social Security payments. Before making any moves, carefully investigate the local real estate market, laws and taxes or consider hiring a professional for help. A relocation can help you check two retirement goals in one fell swoop: travel and adventure on top of saved money to be spent elsewhere!

When it does come time to exit the rat race, whatever you do, or wherever you go, be sure to take full advantage of your newfound freedom.