The COVID-19 pandemic has encouraged people to consume nutritious food, add supplements to their diet, and live a more active lifestyle. Based on recent surveys, there was a 16.7 percent rise in US dietary supplement sales, and gym equipment topped online shopping lists in 2020.
The threat of the pandemic has made people even warier of how they live their lives and their hygiene. Many are already speculating that such changes are also changing their perspectives on their personal goals, which means they might be changing their retirement plans.
Longer lives affect retirement plans.
The longer you live means you need more plans for your retirement. After you reach 65 years old (which is the average retirement age), you can expect to live another 19 to 21.5 years, according to the Social Security Administration. ;
It means there will be more retirement time to fill. Start to sort things out on what you want to achieve in your retirement life. You can start traveling without worrying about your work. It is something that someone can hardly do when they are still working. Or you can start learning new hobbies, like gardening or painting. But you have to be mindful of your expenses. Running out of your retirement savings is not an option. You have to avoid it at all costs.
Also, you will have to prepare for your health care expenses. The longer you live means you have to save more to take care of your health and well-being. It is because the elderly are vulnerable to chronic diseases and progressive brain diseases. The types of common illnesses in the elderly are Alzheimer’s disease, Huntington’s disease, Parkinson’s disease, diabetes, chronic heart disease, etc.
You need to prevent extra expenses on health care and to prepare yourself to enjoy your retirement, here are the suggestions for your retirement plans:
- Make regular exercise a part of your daily routines. It will keep the diseases away and fill your free time with a healthy activity;
- Ensure your health insurance coverage. The insurance will save you from the financial crisis when the unexpected happened to you;
- Get closer to your family. Cherish the moments. The older you get, there will be activities that you will need help from others.
Retirement can be challenging on your finances.
You need to be thorough in planning for your retirement, especially for your finances. If your retirement plan involves moving to a new house and selling the old one, you could renegotiate your mortgage so you could pay for it and then buy a new house. ;
For many retirees, this often means moving to a new state or moving closer to family. Recent research reveals that among the home buyers (with ages ranging from 62 to 90), the reasons they buy a house are to live closer to their family or to fulfill their desire for a smaller home. ;
If you have a nest egg for your retirement, make sure that you invest it in stocks or bonds that will make your money work for you. However, you need to make sure that you still keep a third of your savings, so you will still stay solvent even if some of your investments don’t work out. ;
There are emotional and psychological challenges too.
Retirement could mean freedom for many older adults, but it could also mean loneliness and separation for some. After all, this is also the time when children have grown up and live their own lives. They might visit and call, but many older adults find themselves relegated to the sidelines once their children start their own families. For some, the situation could make them feel depressed.
Many physicians recommend retirees to develop new friendships and join clubs that encourage them to explore their interests and hobbies. A yearly vacation could also keep retirees busy and active. Some often start a second career, and this could also become a source of income and a lucrative profession. It’s vital that retirees keep their minds active so they will not feel lonely or left out.
A longer life is something many of us want, but not everyone is blessed to have it. In these pandemic days, a longer life might even seem impossible. But if you are some of the people who changed their health habits because of it, there might be a chance for you, and you might need to change your retirement plans. Plan your finances, set aside your savings, and talk to your family, so everyone will help you meet your retirement goals too.
