4 Ways Seniors Can Prepare for a Successful Retirement

Retirement is something everyone dreams of. Never working again and spending your golden years relaxing is a luxury that comes with years of hard work and saving up. However, as you near the age of retirement there are a few things you should do to prepare. Here are some ways to ensure you have the best retirement possible!

Set Goals

You spend your whole life working so you can retire, so it's important to know what you want to achieve once you reach this monumental point in your life. It can be difficult to imagine what you'll do with so much time off, but creating goals can help you get a better vision of your future during retirement. Try to set at least three to five goals and make them realistic and specific. If you're having trouble, think about what kind of lifestyle you want and who you want to be around. Do you want to spend more time with family and friends? Get involved in the community? Take some time to travel?

From there, get more specific and focus on the smaller details. For instance, if you want to travel, think about where you want to go and how long you want to stay there. Do you want to travel internationally? Go somewhere warm? Live somewhere new for half of the year? These are the types of questions you should consider when thinking about your retirement goals.

Evaluate Your Finances

An essential part of having a successful retirement is having enough money saved up for when you aren't working. At the start of your career, you probably enrolled in your company's 401(k) program or opened a similar account to prepare for retirement. While these will probably have you covered, it's also a smart idea to evaluate your current financial situation to ensure you have enough money saved up for your golden years.

Once you know what your income will be during retirement (don't forget social security benefits, too!), create a budget to live off of so you know how much you can afford. If you have debt, make a plan to pay it off before you retire. Remember, it'll be much harder to tackle debt payments without your normal income from work; it's best to be proactive and pay back all borrowed money so you can relax and use your retirement money for things you'll actually enjoy!

Finding extra money to dedicate toward debt payments can be difficult, but there are simple ways to free up some extra cash. Look at your current expenses and identify ways to cut back on the nonessentials. For instance, if you dine out a lot, try to prepare your meals at home beforehand so you're not tempted to buy food elsewhere. There are probably some subscriptions and other services deducting money from your bank account that you can cancel as well. If you're a homeowner, you can also research how to refinance a mortgage to help with debt payment. Refinancing allows you to change the terms of your mortgage so you can secure a lower interest rate or consolidate debt by borrowing money from your home's equity to tackle high-interest debt and other loans. Doing whatever you can to eliminate debt before retirement will relieve financial stress and allow you to relax and enjoy your hard-earned time off!

Focus on Your Health

As you age, taking care of your health becomes much more important. While this may be the least of your worries before retirement, you should do your best to take care of your mind and body so you can live out your golden years in peace.

Being healthy will make retirement much more enjoyable and will allow you the freedom to do whatever you want! Be proactive and schedule preventative checkups with your doctor so you can make a plan to improve your health or get treatment for any serious conditions. Along with consulting your physician, you should also continue to stay active and exercise regularly to maintain your muscle and bone strength. Try to eat a healthy diet and get enough sleep so your body is in tip-top shape for retirement. This also includes focusing on your mental health so you're in the right mindset for such a large lifestyle change!

Consider Your Options

Retirement is an exciting time full of new opportunities! With so much free time, you can do anything your heart desires, so make sure to consider all of your options. Think about your retirement goals and where you envision yourself later in life. Do you want to move somewhere new? Purchase a seasonal retirement home? Think about what you want to achieve and what fits with your lifestyle.

Depending on your goals and needs, moving into an independent living community might be the right choice for you! In these communities, you can meet new people, participate in social events, and have access to luxurious amenities (like meal delivery, fitness centers, gourmet chefs, and more!). Resort Lifestyle Communities offer several locations across the country to fit with your desired lifestyle and feature all-inclusive, resort-style communities to help you have a worry-free and relaxing retirement experience.