There are so many things to look forward to in retirement, but what things are most important to know? Here are the top 5 things to know once you’ve retired in order to make the most of your third act.
1. Budgeting for retirement to enjoy the fruits of your labor
In retirement, managing finances and budgeting well is as important as ever before. First things first – estimate any incoming fixed income sources such as Social Security and pension payments. From there, take a good look at your savings and investments. Then talk to a financial advisor to find out how much to withdraw to live on each month.
After you account for how much you will need for everyday expenses and medical bills, the fun really begins. You can choose how to enjoy your hard-earned money. Spend time with family and friends, hop flights to exotic new destinations or take in the arts at the theater, symphony or concerts. Just continue to keep track of your spending to avoid any financial surprises.
2. Maintaining your physical health (Your body will thank you!)
Retirement means more time to enjoy your favorite activities and hobbies. Keep your body (and mind) in good shape with regular physical activity. Stay active with regular walks, yoga, skiing, tennis or pickleball. According to the CDC, keeping physically active makes a world of difference as you age. Not only does it keep you strong and limber, but over the long-term, continuous physical activity provides many other benefits including:
- Reducing the risk of dementia
- Lowering the risk of heart disease, type 2 diabetes and some cancers
- Improving sleep quality
- Lessening anxiety
- Lowering blood pressure
Best of all, maintaining your physical health will help you continue to live an independent lifestyle for longer.
3. Why downsizing might be a good idea
Many retirees choose to downsize their homes to eliminate home maintenance and free up funds for other interests. If your current home no longer meets your needs, or if it’s simply too large, consider moving to a Wesley senior living community. Wesley offers different independent living options for those want to simplify their lives. There are also options for those who want a lifestyle with supportive services, including Catered Living, The Arbor memory care and in-home services. Retirement residences like Wesley provide social activities, mind-stimulating classes and a built-in community to keep you active.
4. Enjoying friendships to keep us young
According to the Harvard Longevity Study, good relationships are the strongest predictors of health and happiness as we age. In retirement, you’ll want to keep in touch with family and friends. However, it’s never too late to make new social connections. Join a game night or trivia night, enjoy a night out at the movies with your spouse or friends, or find clubs that bring like-minded people together. Social interactions of any kind help to combat loneliness and boost life satisfaction. And even if you’re not as mobile as you once were, technology makes it easier than ever to stay connected with friends and family.
5. Keeping your brain sharp and your heart open
Retirement is the perfect time to pursue new interests or deepen existing ones to bring joy and purpose into your life. Taking classes is the easiest way to learn about subjects that interest you. Choose from arts and crafts, music, literature, history, or technology. Find ideas at:
- Senior Planet from AARP for online classes
- The Osher Lifelong Learning Institute at the UW for a range of paid programs for “intellectually curious adults over the age of 50.”
- Senior Services for South Puget Sound for free online classes and events.
- Wesley’s continuing education program, Wesley U
And, if you have an interest in giving back, volunteering is another way to keep your brain active, meet new people and find fulfillment. A study by the Corporation for National and Community Service found that volunteering improves mental and physical health, provides a sense of purpose and personal growth, and reduces social isolation. Search for local volunteering opportunities on websites like VolunteerMatch.org.
Wesley’s communities offer a full spectrum of options for retirement in the Puget Sound area. Visit our communities in Washington State in Des Moines, Auburn, Puyallup and Bonney Lake.