What To Do in Retirement Quiz

Your retirement lifestyle plan should reflect your goals and dreams for retirement. But even the best-laid retirement plans may encounter some unexpected problems. Here are some things to consider when planning your ideal retirement lifestyle.

Terry Turner, writer and researcher for RetireGuide
  • Written by
    Terry Turner

    Terry Turner

    Senior Financial Writer and Financial Wellness Facilitator

    Terry Turner has more than 35 years of journalism experience, including covering benefits, spending and congressional action on federal programs such as Social Security and Medicare. He is a Certified Financial Wellness Facilitator through the National Wellness Institute and the Foundation for Financial Wellness and a member of the Association for Financial Counseling & Planning Education (AFCPE®).

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  • Edited By
    Savannah Pittle
    Savannah Pittle, senior financial editor for RetireGuide

    Savannah Pittle

    Senior Financial Editor

    Savannah Pittle is a professional writer and content editor with over 16 years of professional experience across multiple industries. She has ghostwritten for entrepreneurs and industry leaders and been published in mediums such as The Huffington Post, Southern Living and Interior Appeal Magazine.

    Read More
  • Reviewed By Bart Astor
  • Published: June 24, 2022
  • Updated: May 23, 2023
  • 9 min read time
  • This page features 2 Cited Research Articles
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APA Turner, T. (2023, May 23). What To Do in Retirement Quiz. RetireGuide.com. Retrieved June 13, 2024, from https://www.retireguide.com/retirement-life-leisure/retirement-quiz-what-to-do/

MLA Turner, Terry. "What To Do in Retirement Quiz." RetireGuide.com, 23 May 2023, https://www.retireguide.com/retirement-life-leisure/retirement-quiz-what-to-do/.

Chicago Turner, Terry. "What To Do in Retirement Quiz." RetireGuide.com. Last modified May 23, 2023. https://www.retireguide.com/retirement-life-leisure/retirement-quiz-what-to-do/.

What Is Your Ideal Retirement Lifestyle?

Everyone has their own idea of what they want in a retirement lifestyle — but the choices you make for your lifestyle and what you plan to do after retirement will likely affect your retirement benefits in one way or another.

We designed the quiz below to help make you aware of the ways you can maximize your benefits based on your ideal retirement lifestyle.

Retirement Lifestyle Quiz

If you are a United States citizen, you can still collect your Social Security benefits (for as long as you are eligible) if you move to another country — with some restrictions. Be aware that Original Medicare and Medicare Advantage plans rarely cover non-emergency treatment in foreign countries, and you will have to find other coverage for routine medical coverage in the country in which you retire.
Maybe a move isn’t in the cards, but if you travel abroad, you should ‌consider travel insurance. Medicare rarely covers the non-emergency medical care you receive in a foreign country.

If you have Original Medicare, you will continue to be covered when you move. If you have a Medigap, Medicare Advantage or Medicare Part D prescription drug plan, you need to check with each plan provider to see if your coverage will move with you or if you will have to purchase a new plan.
If you move within your current state after retirement, check if your Medicare Advantage or Medicare Part D prescription drug plan will still work in your new ZIP Code.

Medicare rarely covers non-emergency medical care outside the United States. If you have Original Medicare, you will be covered anywhere you travel within the U.S. Medicare Advantage plans rely on networks of health care providers, so check with your individual plan provider to see if there are providers along your domestic route. You should consider purchasing travel insurance if your plans include traveling anywhere outside the U.S.
Original Medicare is widely accepted within the United States — but it typically only pays for emergency care outside the U.S. Medicare Advantage plans will probably also limit your options, even if you are only traveling within your state. Always be familiar with your plan’s network of health care providers if you travel.

Villages, active lifestyle communities and similar residential systems create dynamic private communities that cater to retirees, but neither Social Security nor Medicare cover the costs of these living arrangements. Further, Medicare doesn't cover the long-term care costs that you may require as you age. These include assisted living or nursing home care costs.
If you’re considering aging in place — growing older in your own home instead of moving into an assisted living or long-term care facility — you should plan ahead. Medicare will cover certain home health care services and equipment, but plans only cover limited skilled nursing care in the home. Medicare does not cover non-medical care in your home, but other social services may cover them. If you’re estimated to live no longer than six months, Medicare will cover hospice care in your home.

Retiring earlier than your full retirement age can significantly reduce the amount of Social Security benefits you will receive for the rest of your life. A person’s full retirement age varies based on the year they were born. You can find your full retirement age using the Social Security Retirement Benefits calculator.
Waiting to retire until you’ve reached full retirement age means you will receive more Social Security benefits than you would by retiring early. A person’s full retirement age varies based on the year they were born. You can find your full retirement age using the Social Security Retirement Benefits calculator.

If you have reached your full retirement age, working after retirement will not affect your Social Security benefits. Working beyond your full retirement age before claiming benefits will increase the amount of benefits you receive on top of your salary. But if you have not reached full retirement age, you can only earn up to $19,560 in 2022 before your Social Security benefits are reduced. Social Security will dock you $1 for every $3 you earn beyond that limit.
The age at which you retire can affect how much you receive in Social Security benefits. You can retire as early as age 62, but the amount you receive each month will be significantly lower than if you’d waited until your full retirement age. Working beyond your full retirement age before claiming benefits will also increase the amount you receive — but maximum benefits top out at age 70.
Note: The above quiz is intended for informational purposes only and does not constitute retirement planning advice.

9 Things To Consider When You Retire

Retirement brings a lot of changes to life. Many of those may be things you’ve looked forward to for years. But they can also bring unintended consequences.

Rethinking your retirement plans with a focus on the unexpected may head off any surprises and give you time to keep your goals and dreams on track.

Here are nine things about your retirement planning worth reviewing.

#1: Where To Live

Research your health insurance coverage and options before deciding to move to another country or another state — or even another part of your state.

Original Medicare is the only coverage that does not vary from state to state.

But Medicare Advantage, Medigap and Medicare Part D prescription plans are all private insurance. That means they’re regulated by the individual state where you purchase the plan. It’s important to research the Medicare plans available in the state in which you plan to move and to understand that your current plan may not work in the state where you move.

Medicare typically doesn’t cover non-emergency care outside the United States. You can still enroll in Medicare when living abroad, but you should weigh the limits of its coverage.

Taxes, cost of living, quality of health care and other factors also vary widely from state to state. Before deciding on a retirement move, familiarize yourself with the best states for your retirement lifestyle.

#2: How To Live

Housing options for retirees range from staying put in your current home to downsizing your current home and moving into retirement lifestyle-oriented communities.

Take time to compare the different retirement housing options available to you. Consider the ‌retirement lifestyle you want (and can afford).

#3: Health and Wellness

Health care becomes an increasingly important part of your life as you age in retirement. In fact, health care costs are the single biggest expense in many retirees’ lives.

Maintaining a healthy diet and fitness regimen can extend your life and protect your health in retirement — while keeping your health care costs down.

There are benefits available through Original Medicare and Medicare Advantage plans designed to help you prevent medical problems, promote wellness and improve your general health. Ask your doctor or plan administrator about your options.

#4: Hobbies and Activities

Retirement gives you time to do the things you enjoy.

Whether your interests involve travel, sports, arts or some other activity, finding a hobby in retirement can be mentally, physically and emotionally rewarding.

You may even consider turning your hobby into a new job and earning money by doing what you love.

#5: Travel

Retirement can open up a world of possibilities for retirees who love to travel. But it also poses some problems.

Assess your health and fitness levels before you set out on an adventure and know the limits of your abilities — you’re likely not going to be able to do what you did in your 20s or 30s. Some destinations may even have maximum age limits on risky tours or car rentals, so research your destination to avoid disappointment.

Other things to consider: monitor your budget, consider credit card rewards for travel and consider trips with different generations of your family.

#6: Working After Retirement

If you decide you want to keep working after retirement, ‌consider how it will affect your Social Security and Medicare (or other health insurance) benefits.

By continuing to work past Social Security’s full retirement age — and ‌delaying enrollment in Social Security — you can draw larger monthly benefits when you do enroll.

But delaying enrollment in Medicare past your initial enrollment period can cost you hefty penalties and cause you problems later on. Be sure you understand the Medicare eligibility and enrollment process to avoid them.

#7: Staying Safe

As you age into retirement, your safety is at greater risk. You’re more likely to fall or have other accidents around the home or when driving.

It’s smart to start early when safety planning and considering the ways you can make your home safer for retirement. Reducing the chances of fires, falls or other injuries may require some changes to your home and shouldn’t be put off until it’s too late. Common changes include installing handrails in the bathrooms and anchoring rugs to prevent slips.

#8: Financial Wellness

Financial wellness is a state of being in which you feel financial security and financial freedom, both now and in the future. It’s the ability to manage your economic life effectively.

Beyond keeping your finances in order, maintaining financial wellness in retirement can reduce stress and improve your mental health.

Ideally, you should always maintain an emergency fund and stick to a budget during retirement.

#9: Keeping Up With Technology

Technology is an increasingly important part of everyday life. Failing to keep up with new technology can put you at a serious disadvantage as you age.

Think about checks and checkbooks, which have all but disappeared. They’ve been replaced with a tap of your phone at a cash register and a bank app to keep track of your spending. Even this new technology may become outdated in your lifetime.

As you age into retirement, you may also want to consider the latest personal safety devices that alert family or emergency services if you need police or medical help.

Last Modified: May 23, 2023

2 Cited Research Articles

  1. Social Security Administration. (2022). Retirement Information for Medicare Beneficiaries. Retrieved from https://www.ssa.gov/pubs/EN-05-10529.pdf
  2. Social Security Administration. (n.d.). Retirement Benefits. Retrieved from https://www.ssa.gov/benefits/retirement/planner/ageincrease.html