Retirement

Staying Mentally and Physically Fit in Retirement

"When planning for retirement, most people focus on financial matters. But how you spend your retirement, including how you take care of yourself, is just as important.

The transition to retirement life can be hard. Your days may lack structure and you’ll need to get accustomed to this new lifestyle.

But one of the best ways to overcome the uneasiness of not working is to create a new daily schedule that focuses on staying physically and mentally healthy."

This blog article comes from Wildpine Residence in Ottawa, Canada. Although the source is Canada-based, it still applies to most retirees. The Wildpine site has an excellent list of resources addressing retirement living.

Free Financial Planning Tools from Investor.gov

Guidance and investment tools to help you make decisions and plan wisely. Tools include: a RMD calculator, a compound interest and savings goal calculator, social security retirement estimator, a mutual fund analyzer, and a 529 Expense analyzer.

Best Dog Breeds for Retirement

"Just because you are getting older or are retired doesn't mean that adopting a dog is out of the question. A dog can be a wonderful companion for an older adult who lives alone or who has more time to spend now that the working years are behind them. A dog can even be a wonderful "baby" for an older couple whose own babies are now long grown and out on their own. But choosing a dog in your golden years should be carefully considered; dog breeds that might have been good companions when you were young may not be the best choices now. Poodles, Maltese, Pomeranians, and pugs are a few breeds that make good pets for seniors."

This November 2022 article from The Spruce Pets provides informative insight on how to select the best breed for your retirement living.

AARP - 10 Sneaky Retirement Expenses You May Not See Coming

You might think your big expenses in retirement will be greens fees at golf clubs, taking the kids out for avocado toast and spa charges at that resort in Crete. And that may well be true. But some of your biggest expenses might surprise you — because you pay them already.

The spending most folks rack up during their working years does not suddenly change in retirement. “The biggest difference is we have more time to spend money,” says Patrice Jenkins, author of What Will I Do All Day? Wisdom to Get You Over Retirement and on With Living!

Striking a balance between funding your retirement dreams and covering those everyday expenses is what many retirees find difficult.

“Lifestyle creep in retirement is a real thing,” says Nick Covyeau, founder and owner of Swell Financial in Costa Mesa, California. Planning years in advance to try to cover both exceptional and everyday expenses requires a keen sense of how much you’ll need to save and how to make those savings last.

Travel? Dining out? Sure. But don’t overlook these stealth costs.

Use the link below to discover the expenses that you may not have planned adequately for in your retirement years.

Vanguard: Planning for Retirement Health Care Costs

Chances are you already know about the kinds of health care costs you'll face in retirement—they're not too different from your preretirement costs. So how much really changes when you hit age 65? We took a look at your health care cost breakdown.

The article initially focuses on Medicare and Medicare plans, but if you venture into the available links, you will learn a lot more about important planning considerations. I recommend following the provided links to learn more.

Vanguard is a very traditional and reliable source of information. Keep in mind that they are also providers of financial investment products and service.

AARP - Money Map

Navigating your finances just got easier.

Whether you're managing debt today or saving for tomorrow, let AARP Money Map™ guide you to better financial health and peace of mind.

Take Control of Your Money.

Our free online money management tools help you slash your debt, build up savings, and more.

Features focused on your finances.

GET YOUR PLAN

Get personalized plans that fit your goals. Your plan includes tips and monthly activities that help you stay on track.

GOAL TRACKING

Track your financial goal progress against your action plans for reducing expenses, paying off debt, saving for emergencies, and more.

CALCULATORS

Estimate the costs of using a credit card or borrowing money via a personal loan, home equity loan, or retirement plan.

DASHBOARD

See your road ahead clearly with a central view of your tools and progress.

DEBT PROJECTIONS

Find your best route for paying off debts with estimates for payoff dates and possible ways to save.

FUNDING SOURCES

We’ll help you navigate the pros, cons, and true costs of payment options for unplanned expenses.

MILESTONES

Create a savings plan complete with milestones to help keep you on track.

BUDGETING

Use Budget Builder to help prioritize expenses, pay down debt, and reach your savings goals faster.

Use the following link to access the AARP Money Map tools.

How Couples Can Avoid Annoying Each Other in Retirement

Tips for creating separate spaces and respecting alone time

"Before retirement, most couples focus on big planning issues, such as finances, where to live and how to spend their time.

​It’s harder to anticipate the smaller irritations of retired life that can fester if left unresolved, like household noise, chore division, too much time together or not enough personal space.​"

A June 2023 article from AARP dealing with couples' relationships in retirement. Deals with common retirement conflicts.

5 Steps to Retirement Planning in 2023: An Introduction and How-to Guide

NOTE: The investing information provided on this page is for educational purposes only. NerdWallet does not offer advisory or brokerage services, nor does it recommend or advise investors to buy or sell particular stocks, securities or other investments.

Why is retirement planning important?

Planning for retirement is a way to help you maintain the same quality of life in the future. You might not want to work forever, or be able to fully rely on Social Security.

Retirement planning has five steps: knowing when to start, calculating how much money you'll need, setting priorities, choosing accounts and choosing investments. Generally, financial advisors suggest you invest more aggressively when you’re younger, then slowly dial back to a more conservative mix of investments as you approach retirement age.

How to Plan for Healthcare Costs in Retirement

How do you account for health care costs in your retirement planning? If you're like most people, you're underestimating these expenses.

This is another sponsored site. Many of the available online resources will be sponsored sites. You always need to vet any professionals or services that you might actually engage in advance, but to engage you they often offer many valuable resources to help introduce you to the topic.

Key Takeaways

• Many retirees and people getting ready to transition out of the workforce forget to budget for healthcare when they estimate their expenses in retirement.
• There are five types of health care premiums you are likely to have in retirement: Medicare Part B, Medigap, Medicare Part C, Medicare Part D, and long-term care.
• Annual out-of-pocket expenses are growing along with the rising cost of medical care.
• If you plan on retiring early (before 65) make sure you understand the cost of carrying your own health insurance premiums until you reach Medicare age.

In addition, there are many on point supporting articles for your consideration.

20 Steps to Take When Preparing for Retirement

Making money-related changes now can reduce financial stress during retirement.

By Rachel Hartman| Reviewed by Katy Marquardt| May 10, 2023, at 3:40 p.m.

Preparing for retirement doesn't have to be difficult or complex. Even if you don't have a detailed plan for retirement in place, taking small steps can make a big difference as you approach retirement.

Here are 20 steps to take now to prepare for retirement . . .

AARP Retirement Calculator

AARP Retirement Calculator: Are You Saving Enough?

Find out when — and how — to retire the way you want.

Are you financially prepared for retirement?

Thinking about retirement can be overwhelming. You may ask:

• Am I saving enough?
• When can I afford to stop working?
• How long will my money last?

Use the AARP Retirement Calculator to help plan your financial future so you can retire when - and how - you want. You've got options. This calculator will help you discover what they are.

Use the following link to access the AARP Retirement Calculator.

NCOA: Money for Older Adults

As we live longer, our savings need to last longer, too. Get tips for money management, avoiding scams, and reducing debt to help make the most of your money as you age.

Check out the numerous financial planning resources available from the National Council on Aging (NCOA) A great, reliable resource.

AARP - 5 Things You Need to Know About Finances When Turning 65

"It’s a pivotal age for retirement planning — even if you aren’t ready to retire yet."

"Gone are the days when most people retired at 65, received a gold watch, then lived off their pension and full Social Security benefits. But 65 is still an important age financially for retirees and near retirees, in terms of both what you get and what you don’t."

Check out this article from AARP for some hints and tips on actions you need to be considering when approaching. 65.

AARP - Links to Financial Planning Tools and Concepts for Retirement

A collection of excellent articles for those planning for retirement as well as those already in retirement.

AARP - 6 Financial Mistakes You’ll Regret When You’re Older

Act now to avoid common money missteps that could haunt you later in retirement

"Americans with retirement on the horizon are worried.

A recent AARP survey found that 20 percent of adults 50-plus have no money saved for retirement and 61 percent are concerned they will not have enough money to support themselves during their so-called golden years. Add unexpected injuries, illnesses, divorces and deaths to the mix and it’s easy to see why pre-retirees are losing sleep."

Check out this AARP article from May 2024 to identify these possible planning missteps.

AARP - 10 Financial Moves to Make in Your 60s

Time to make big decisions on where to live and what to spend

by Patricia Amend, AARP, November 2, 2021

It’s getting close . . . very close! For most of your adult life you’ve planned for retirement, and now that you’re in your 60s, it’s very close indeed. Are you getting ready? Will your transition be as smooth as possible? Will you start this new chapter in your life with a sense of optimism?

Like most people, you may not be so sure. A 2019 economic well-being study published by the Federal Reserve indicated that just 45 percent of nonretired adults over the age of 60 believe that their retirement planning is on track. What’s more, 60 percent of nonretirees who hold a 401(k), IRA or other self-directed retirement savings accounts aren’t comfortable managing their own investments.

If you haven’t already done so, financial advisers recommend taking an inventory to think things through. Consider making two checklists — one for your lifestyle, and another for financial matters — to assess your situation and determine the steps you need to take as the countdown continues. Be sure to enlist the help of an adviser whenever needed, and use the following as a guide.