When it’s finally time to relax and escape from the rat race of your working years, it can be a little intimidating figuring out how to prepare for your retirement. After all, today’s retirees need more than a million dollars in their nest eggs to retire comfortably. With that said, there are plenty of ways to head into your golden years with peace-of-mind knowing that you will have plenty of funds to get you through and ways to stay busy. Here are some of our top tips for how to make the most of your retirement years:
Consider a reverse mortgage.
If you’re a homeowner, over the age of 65 and own a substantial amount of equity in your home, you may be eligible for a reverse mortgage. Essentially, a reverse mortgage allows you to convert the equity you have in your home into cash. You can receive the cash in monthly payments, a lump sum, or a combination of the two. Maybe after reading all the finer details, you may be asking yourself, “How does a reverse mortgage work when you die?”
Basically, whoever is left with the property has the choice to pay off the loan, sell the home, or deed the property back to the lender.
Learn a side hustle or monetize your hobby.
If you have a hobby, why not make the most of it? For example, if you’re a particularly talented painter, you might want to consider renting out a studio space and teaching painting classes. You might even be able to start your own wine and paint studio!
If you love teaching or retired from the traditional teaching world, you may be able to pick up a tutoring job on the side in the subjects you have mastery in. There are lots of opportunities to make money off a skill you relied on during your main working years.
Volunteer for something you care about.
If you love animals, consider picking up shifts socializing dogs or cats at your local animal shelter. If you want to help out your fellow man, go visit seniors in nursing homes that don’t have family or serve food in a homeless shelter. Find something you’re passionate about and find a way to get involved.
Start a business.
If you’ve always been passionate about baking, why not open a bakery? The extra time and possible money you have in retirement can be put toward opening a business. Sure, it might seem counterintuitive to continue working in retirement, but having what’s called an “encore career” after you’ve retired can keep you engaged and happier. If you have a sense of purpose, you’ll feel much more fulfilled than if you sit around, getting bored.
Foster animals or children in your home.
If you have a spare bedroom, consider fostering animals like kittens or puppies. You can also provide a safe stable home for children who need a foster home. If you have love to give and an open home, becoming a foster parent to furry children or actual children is a great idea.
Travel and visit faraway family.
This is one of the best ways to spend your retirement: making a bucket list of travel destinations and checking them off one by one. There are tons of ways to save money while traveling to far-off destinations. You can try a home swap for an extended stay somewhere else. You can also use Airbnb to find long-term stays.
Find a sport.
If you’re the athletic type, one of the best ways to stay busy and happy is by taking up a sport. You’re never too old to pick up low-impact exercises like cycling, tennis, or swimming, for example. It’s also a great way to build a social circle and meet up with likeminded seniors.
If you’re a senior, it can be a little overwhelming planning for your retirement. After all, you need to plan out your income to ensure you have enough to last you through the rest of your lifetime. In addition, you’ll need to find ways to stay busy and feel fulfilled. But by using the tips in this article as a guide, you’ll be on your way to a happy, productive retirement. All that’s left to do is break out the beach chairs and head somewhere tropical.