Retirement advice is mostly flawed in that it is given by people not retired yet. Planning for your retirement is quite different than living your retirement. You know you have to work until a preset date at a pre-determined year. Until that day you know how much you pay monthly because of a known premium.
After that retirement day, nothing is pre-determined. You cannot determine how long you are going to be a retiree; you do not know your time of death, you cannot determine how changing financial strategies and laws will influence your retirement nest egg, you cannot determine a lot of things.
So, they asked Retired Finance Experts what their best advice would be on preparing for retirement.
Retired Financial Experts, gives Retirement Advice:
After retirement, you could still be served a curve ball or two that need to be faced. It is important to make the right financial moves, but you also need to prepare yourself emotionally, socially and mentally.
You cannot plan for every happening; deciding to work longer than the retirement date can reduce the event of running out of money. But, if you delay retirement too long you might miss out on doing the things you always planned to do, while you still have good health and strength to enjoy it.
Get your house ready for retirement; if you plan to stay on in your home and age in the place you know, you can remodel whatever you might think needs remodelling before you retire. If you plan on relocating, it will be beneficial if you spend time in the community where you are moving. This will help you acclimate.
Find an advisor that will be objective; a review of your retirement plans can be crucial and should be done before you retire. Advice regarding decisions you make before and after retirement can help you make the correct ones. Without the correct advice, you might make decisions with irreversible consequences.
Stay connected; stay active in your field of expertise or keep busy in other ways if you prefer. This will prevent you from feeling that you’ve become a nobody.