3 Lifestyle Tips for Your Retirement
You’ve worked the majority of your life and deserve to have many blissful years ahead. With a proper plan and execution strategy in place, you should be on-track to accomplish all of your retirement goals and dreams. If it’s been a little while since your last retirement review, then request your complimentary, no obligation meeting.
Here are 3, quick and easy lifestyle tips to consider for your life in retirement.
The first, is to not “check out” of society in retirement. Retirement is a time to relax, but relaxing shouldn’t mean that you stop everything. A body in motion stays in motion. Use this time to increase your involvement in your community and the lives of others, or simply do what you love. This can allow you to meet and make more friends, discover hobbies that you never knew you’d enjoy, and keep you engaged, active, and busy.
The second, is that your wisdom is priceless. So, why not try and find an opportunity to mentor someone younger. Whether it’s someone at work, a grandchild, or someone random, spending time with a younger person can be a great way to utilize your wisdom, feel useful, and have fun. Your mentee will benefit from your time, knowledge, and experiences, and mentorship can be a rewarding way for you to spend some of your free time. Your mentee may even engage in reverse mentorship and offer knowledge in areas that you wish you knew more about.
And the third, is to resist the urge to not spend money in order to leave more behind for heirs. It is possible to pass money on to your children without feeling broke in retirement. Your children would likely rather see you enjoy your retirement than not spend any of your hard-earned savings. A happy medium between saving and spending can make all parties better off.
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Fixed index annuities are designed to meet long-term needs for retirement income. Early withdrawals may result in loss of principal and credited interest due to surrender charges. Distributions may be subject to ordinary income tax and, if taken prior to age 59 ½, an additional 10% federal tax. An income rider or benefit (sometimes called Guaranteed Lifetime Withdrawal Benefits, or GLWB) is an additional feature available with some annuities and generally optional and come with additional cost. Income benefits are designed to provide income options above and beyond the standard annuitization or free withdrawal features in annuities. All contract gains beyond the CAP rate are surrendered to the insurance company to pay for the expense of the product.
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