Take the time to prepare for retirement

Résumé détaillé

Try to get finances in order before your income falls and set boundaries on what you are and are not prepared to do ...

Getting your finances straight, prioritising your mental and physical health and finding enjoyable ways to spend your time are key to a happy retirement

If you’ve spent years working for the boss from hell, then it’s likely retirement can’t come fast enough. But if your working life has been tolerable or, better still, enjoyable and fulfilling, calling it a day can come with mixed emotions.

We’ve all come across energetic retirees with a bucket list as long as your arm, but not everyone views this pivot in their lives in the same light. Worries about health, having enough money to live on or caring for others can peak around this time.

And there’s always the potential for family friction if adult children assume that their recently retired parent has nothing else to do but look after their grandchildren.

Retirement is a huge change for the retiree but it also triggers upheaval for the whole family, especially for a partner used to having the house to themselves for most of the day. Suddenly having to share 24/7 with someone who mopes around the place or has no interests or hobbies can be a huge strain. It is a possible explanation for a spike in separations among those in their 60s.

In an ideal world, those nearing retirement age would begin planning ahead. A good place to start is by sorting out your immediate finances. (Your pension is whole a different ball game that needs to be dealt with separately.)

Once retired, you may have less money to spend day to day which makes it important to decide what your financial priorities are. Do you want to spend your money on travel, on your home or hobbies or helping out the family?

Incomes typically fall post-retirement so while you are still bringing in a regular wage it is worth dealing with outstanding debts such as loans and credit cards.

If you have multiple loans and/or several credit cards with outstanding balances, try to pay off what you can before you retire and consider consolidation to save on fees and card and…

Début de l'article, extrait de The Irish Times. Pour lire la suite, ouvrez l'article chez le média.