Entering into retirement is a wonderfully exciting time full of new possibilities and unlimited potential for retirees. Whether a person worked in the same field for decades and is depending on a traditional pension or was lucky enough to inherit a windfall and is able to retire early, the same questions arise. Following are some of the most common questions for retirees to consider.
Where To Retire?
Wexford real estate listings are often written to appeal to new retirees looking to locate to the Hilton Head area. With plenty of various recreational activities such as golf courses and shopping centers, retirees are consistently drawn to the area. Unlike some sleepy retirement towns that were popular decades ago, Wexford offers a vibrant community with friendly neighbors and beautiful natural scenery.
What To Do In Retirement?
While some people know exactly what they want to do in retirement, others do not have a clue and are dreading the time when their career comes to a natural end. Whether retirees have been looking forward to or dreading their last day of work, it will eventually come so it makes sense to begin planning retirement activities early.
Lifelong hobbies often become a source of pleasure and occasionally additional income throughout retirement. Gardening and landscaping services can be provided at a reduced cost for families in the neighborhood, as can babysitting, knitting, and housekeeping. Some retirees prefer to stay more active and enjoy outdoor sports and activities. Jogging, even marathon running, is becoming popular among senior citizens. Hunting, fishing, and other outdoor activities have always been a big attraction for the more rural areas filled with forest, creeks, and other beautiful natural resources.
How Long Will Retirement Savings Last?
Retirement savers should plan to for their savings to last at least thirty years into retirement. The biggest mistake that most people make is not beginning retirement contributions early enough in their career. Other common mistakes include not saving enough for retirement and taking too much out of the account in the first year of retirement. Retirees on a budget should use approximately three to four percent of their savings within the first year of retirement. Using too much money in the beginning not only reduces the overall balance, but also decreases the potential for compounding earnings.
Preparing for retirement includes answering these and other difficult questions. Financial, emotional, and physical health will all combine to create the perfect retirement setting. In addition, retirees must also consider whether they want to live close to family or are willing to relocate to a beautiful area that is designed with them in mind and features all their favorite activities.