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