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Things to Know When Planning Your Retirement

There comes a time in life where you’ve worked hard enough and long enough to retire and live out the rest of your life being able to enjoy more of the finer things in life. My husband and I have been retired  Here are some things to know when planning your retirement.




Pay Off All Debts


The last thing you want when you’re retired is to still be paying off any outstanding debts. The stress it can cause will be high because you know that you’re no longer earning and therefore it’s eating into your savings. You also don’t want to leave behind any big debts for your family to come across when you’ve passed away. So make sure you pay off any debts that are left so that you can put your mind at ease and can continue spending your savings on yourself, rather than to something else.

Downsize Your Property


There will come a time, where the home you live in now is too big for you and your partner if you have one. It’s also good to downsize your property because it means you’ll hopefully have some extra money to spend on treating yourself and your family. Downsizing your property is going to help pay for any future bills where your family may need to consider elderly care options. It also makes sense that as you get older, you don’t want to be spending all your time having to clean up a big property every week. A smaller space means less fussing over cleaning and more time to spend going out and having fun.

Revisit Your Will


It’s a good idea to revisit your will every so often, in case situations change and you need to get it updated. This change might be a new addition to the family, or you’ve sold your home or gained a new one. It’s also beneficial to talk openly to your family about the existence of a will and what that includes. It’s quite a morbid conversation to have, and no one really wants to think about these things, but it’s good to do so.

Throw A Party


You only retire for the first time ONCE, so why not make the most of it and throw a party? Sure your work colleagues and company will probably throw one for you, but you should also have one that you organize outside of work. It’s a celebration, an end of an era and the start of a new chapter in retired life. When throwing a party, make sure you invite all friends and family, including your old colleagues. It’s customary to do a speech, so revel in this moment and make sure you have a party that everyone will remember for years to come.

Retirement shouldn’t be feared and the earlier you can do it, the better. Being able to travel the world and do things while you still can is important so remember that even though you may go through hard times, it will all be worth it in the end. 

Would you like to comment?

  1. I don't even have a will. I definitely need to start thinking about setting one up, though.

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  2. I hope I always keep doing my work even in retirement. My husband is always saving for our days so I think we are in good shape for the future.

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  3. I'd definitely like to have enough money not to worry so I can live comfortably. There's a lot I'll have to consider when I start planning!

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  4. We're starting to seriously make plans for my husband's retirement. There is so much we want to do. (Rena)

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  5. I have watched an interview with a lawyer specializing in writing and managing wills. I learned that everyone should have one, not only those who are rich and have lots of properties for relatives or family to inherit.

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  6. Woof! Retirement is a long way off for me. Ha! That being said, my dad retired 12 years ago and I feel like my mom retired 20 years ago! HA! I can tell they're bored for sure, so I hope that when I retire - I at least have hobbies to keep me busy!

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  7. Retirement sounds like a ways away; but, it'll be here before you know it! Better start getting our ducks in a row, but I will say, a couple of these we're already doing :)

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  8. Making sure to check up on the will occasionally is not a bad idea. I always forget as things change that the will should reflect that as well. Great reminder.

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  9. I love that you added "throw a party" at the end. YES! That's definitely going to be my favorite part about retiring, ha!

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  10. Great advice I find that not many people celebrate their retirement which is important.

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  11. My husband had to retire early due to health issues. It has definitely been a bit scary for us since we still have two kids in college. Thankfully, we put some money away into a retirement fund when we were younger.

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  12. It is always best to be prepared! These are great tips, I will consider downsizing for sure, it's true that you won't be able to move around a lot when you reach a certain age.

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  13. My husband and I are only 6 weeks apart. In theory we will be retiring at the same time so we will have a huge party.

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  14. Great tips! Downsizing property is a very clever idea! I will consider it too!

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  15. It's good to think ahead and make sure we plan for retirement. I know some folks who haven't prepared and are really struggling.

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