3 Essential Components Of Any Happy Retirement
Retirement can seem a long way off for many professionals, and in some cases, that’s true. Of course, there’s usually a limit to when you receive your state-honoured pension, helping you more easily plan for a particular date when you leave work and begin to spend your golden years in happy retirement exactly how you’d like to.
That said, the more you plan for your retirement, the better you can feel when that time actually comes. Furthermore, the biggest headstart you get on this effort, the better you can feel in the long run. This isn’t just about scraping as much cash as you can together, but also about figuring out what kind of lifestyle you want, and how that might benefit your freedom and autonomy. But what does that mean in the long run? As evidenced by retirement planning for high income earners, often taking into account money management and how it could best be invested for the greatest return is better than simply throwing everything into a savings pot.
How else can you think about this approach? Let’s consider the main components for a happy retirement:
Realistic Daily Living
It’s important to consider realistic daily living, and what that might entail. It’s very easy to think in idyllic terms when it comes to curating a retirement plan, but you must remember that you’re going to have to live there every day. You can’t just fish for eight hours every day and expect that to sustain you. What do you hope to do in retirement? What potential activities can you get up to? How much effort will it be to see your family? What might your daily expenses be, or what investments are important to you? This can help you select not only a place to live but a lifestyle.
Money management is also very essential. Making something of a predictive budget and understanding what you need to live on, how you’ll pay your mortgage off by that time, and what investments, such as investing in a second holiday home you can build up over time, might bear fruit and even become lucrative once you have years to plan these efforts out. Many retirees use apps like AirBNB for instance, in order to earn on their uninhabited and developed property abroad.
Culture & Location
Of course, consider your surroundings when it comes to choosing a retirement environment. The community you spend time with, the cultural norms you adapt to, and the means by which you’ll structure a life there are important to consider. Perhaps it could be that your wish to travel to Europe with relative freedom means living outside of the UK and it’s renewed immigration policies after Brexit takes shape. Perhaps you just really love French culture and think a retirement there could be everything you need to stay comfortable and confident. Make sure it’s a deep passion that drives you, not a momentary whim. This way, you can structure the most wonderful approach for your golden chapter.
With this advice, we hope you can curate the 3 most essential components of any happy retirement.