In today's world, the retirement age is a moving target for some, but it doesn't have to be if you're ready and do a little planning. You still have time to boost your savings with these retirement tips for 50 to 60 year olds. It's never too early or too late.
I knew this guy in his 50s. He was amidst a high-paying career where he enjoyed working. He liked his co-workers, managers, and customers. He was learning new technology all the time and having fun doing it. One day, he scheduled a meeting with his bosses to discuss future business plans. The meeting began with him handing them each his letter of resignation. He said the shocked look gave him the impression they'd just been told he was an extra-terrestrial or their dog had just died.
They spent the next half-hour trying to talk him into changing his mind.
They offered promotions, suggested changing the team he was on, and even proposed a six-month paid sabbatical. But it was something he'd thought a lot about and actually decided months earlier.
He said, "I thought about the paid sabbatical (for maybe two or three seconds) and then said, No, I already know that I won't be coming back, and I don't think it would be ethical to take that given that fact." and
"One morning, I woke up and asked myself, just how many millions of dollars do I really need to get by from here on out? The answer to that question ended up less than I actually had at the time. From that point, working became optional, so here I am."
The guy in this story knew the benefit of retiring while still being young and healthy enough to enjoy it. After all, this is what he worked so hard for.
Really, retirement will be what you make it. If you like to be social but still need to build the foundation of community around you, it may be challenging to enjoy retirement if you're expecting an active, fun-filled second half of your life.
With nothing but time on your hands, all those "honey-do items" around the house will only keep you busy and engaged for a short time. Now it's time to live, so what next? Is your phone ringing off the hook? Do you spend more time scrolling on social media for entertainment? If this is what you dreamed of for retirement, then congratulations, you've achieved your retirement dream!
If not, how about another suggestion? Consider a 55+ Active Lifestyle Community like Plantation Oaks of Ormond Beach. This like-minded group of people offers instant and easy access to camaraderie. Organized activities and clubs make retirement days action-packed or relaxed; the choice is yours, but they make it easy.
So what's the secret? Saved like crazy. Invested every dime you could scrape together. Live below your means. You could've afforded a nicer car, a larger house, or fancier clothes. But instead, save. Focus on the future, continue to grow, learn new things, and make yourself valuable to current (and potential future) employers. Of course, good luck at various points along the way helps, but you can make your own luck. It's just going to take some extra effort.
RETIREMENT TIPS for 50 to 60 year olds:
Learn your spending habits and needs, and create a plan. Know what your sources of income will look like, Social Security, Pension? Are you Debt Free? Totally, this is important. Do you currently own your own home? Can you afford it with no income from a job? What does it cost annually to live the life you live? Create a spreadsheet to write down every dollar you spend. Track your spending for an entire year. Add it all up. That's your personal cost of living. Create a monthly budget based on your personal cost of living. Tighten up loose spending. Live on that budget for a year. See what it feels like.
#2 Improve Your Financial literacy
Now that you know where you are financially, step two is to decide where you will retire. Now is the time to shoot for the stars, right? You've decided no more shoveling snow, so Florida it is! In part because of the weather, the year-round golf, boating, and other outdoor activities. Oh, and we must remember the beach! Something else to think about is the location. Are you leaving one "concrete jungle" for another? Not saying cities are bad. We prefer the grace of smaller towns. Anyhow, back to the point, You want to live somewhere that's not just fun on vacation but welcomes you, where it's affordable and tax-friendly. Besides Florida having no tax income tax, you should consider 55+ Land Lease communities like Plantation Oaks of Ormond Beach. Did you know there's no HOA, no annual home property taxes, plus your retirement income is tax exempt? All the resort-like amenities are included in the land lease agreement, and as a bonus, because you don't own the land, they take care of the lawn, even watering and fertilizing, plus it's 24/7 gated.
#3 Level Up Your Saving Skills
Of course, save every penny you can. Don't believe the stuff about spending less in retirement. You will spend more, so keep saving. Remind yourself it requires effort to reach your goals. Consider sitting with a financial planner to help you achieve your goals. Even if you're financially savvy, a second opinion always helps.
#4 The 10 Letter Word
Another overlooked part of retirement is the 10-letter word, healthcare. Retiring young means you will not be able to have Medicare. Healthcare today can be a high monthly expense, but one major illness could jeopardize your retirement plan altogether without it. For this reason, many retirees are making career changes for a simpler job that offers them benefits with a paycheck that gives their retirement savings a boost. For many, this is a great option to get them to their retirement goals faster.
#5 Retire Young at 50
Retire as early as you can. Time flies in retirement. You will regret having so few years of freedom. Therefore, get out as early as you can. If you can afford to retire early or younger, then why not? Find something you are passionate about, and put your energy into that instead. Prioritize what is important — family, health, your spiritual side.
#6 Retirement Side Hustle
You may have to keep working if you decide to retire before you're entirely financially ready. It could be part-time, maybe it's just for the health insurance, or it's your side hustle to keep you active and engaged until you reach the launch goal of your big retirement. Whatever your reason, be open to changes, don't get discouraged, and accept what you must do to accomplish your dreams swiftly.
#7 A Tip Everyone Knows
HAVE FUN. You only have this life. Make it count! Live Happy, Live Healthy.
The 10-15 YEAR Retirement Goal
If we had to pick just one, the number one secret is Save. Many of the six tips above still apply to the 10-15-year planners reading this, but you have a little more time to adjust and plan. Summed up, you should begin investigating! You'll need to know what resources you'll have. If in the USA, what will you be able to count on for income? Social Security? Pension? You may have to keep working. You may need to work part-time. You may need to move to a less expensive home or make other financial adjustments to reach your goals. In the meantime, you've got 10–15 years to figure it out and plan accordingly.
I hope you found this blog entertaining and valuable.
If you lack expertise in financial management, We recommend enlisting the services of a skilled financial broker or advisor near you. Please note that nothing in this blog should be considered tax or financial advice. Please do your own research and speak with a professional financial or tax advisor for advice about your situation. Thank you for reading. Happy Retirement!