If you’ve just retired, you need to know that there are a lot of things that are going to change on your daily basis. Put your concerns away and enjoy this new phase in your life. With this guide you will learn how to make the most of your newly retired status!
When you're newly retired, your worries about the money you’ll have to cover your needs could be piling up. Before panicking, learn how moving out can benefit your retirement savings.
It’s well-known that housing is one of the largest expenses you’ll have in your life. Whether you’re renting or you own the property you live in, chances are you’ve spent more money on housing than any other element in your life. This is why it’s one of the biggest costs to consider cutting back once you’re retired.
The simplest way to lower housing costs is to sell your house and purchase or rent a smaller one. This will help you eliminate or minimize not only your mortgage payments, but also the costs of your utilities, those related to the new house’s maintenance, and its taxes. Check these other things that will change your mortgage’s interest rate! There are also cities where renting is cheaper than home-owning, which you should also take into account.
Another option to save money on housing is moving in with friends or family. As long as they can and want to take you in, you could split some expenses with them. If you find another roommate, they can help you shoulder the property bills. To take leaving your house to another level, you can research the cost of living in another country. Many of the US citizens living abroad enjoy lower housing, food, and healthcare costs. You can stretch the dollars on your retirement fund so they’ll cover the expenses after you’ve retired!
With the money you have on your retirement fund, there’s the possibility that you’ll be able to access good quality of life in another country that would be more difficult to achieve in the US with your current savings. Otherwise unaffordable services and help can be common in other countries.
If you’re very attached to your house, there are ways to cover its costs and still keep it. One way to generate income with your property is to rent out space in it. For example, you could rent out a room for tourists or visitors who don’t wish to stay in a hotel. Before you decide to do this, learn these 5 things you need to know about renting out space in your house.
6 Easy post-retirement jobs
If you're 65 or older, it doesn't mean that you have to stay at home and sit around doing nothing. As long as you have energy and willingness to work, here are some opportunities for you to consider:
You can monetize your experience and help other people with their business. If you've worked for many years in a certain field, others could use your knowledge on how to avoid common mistakes. A good place to start would be offering your services to your close social network. You can charge what you think is fair and work whenever you want because you'd be on a freelance job.
Again, you can make the most of your gained experience by becoming a mentor. There are a lot of young people that would like some guidance before starting a business, or to find their own vocation. You can even become a qualified coach, by following a course and get a Certified Professional Career Coach (CPCC) certification. Then, you should start as a volunteer to gain some confidence in yourself. Once you have some, you can start charging for your coaching.
You can turn all your skills into extra money by working as a freelancer. You can sign up on any online platform and give a detailed description of your abilities. You may end up getting a lot of clients! Many people look for some level of experience to do some tasks. For example, to write some articles for companies’ websites or personal blogs. You can find a wide range of freelance online job ideas!
If you have a relatively new car and it's in good shape, you can do many jobs just by driving. You could work as a chauffeur for Uber or Lyft, or you can offer your delivery services for companies like DoorDash or Instacart. There are also postal services that look for people to do the errands, like UPS. If you deliver by bike, it’s a good way to combine health and money!
If your goal isn't earning money and it's just a matter of feeling useful, don't hesitate to offer your services at nonprofit organizations. They always need extra hands to work at their events and to build new strategies in order to spread their messages. You can put all your experience into an altruistic job!
This is a job that you can do online or in person. Even if you're not a qualified teacher, your experience still counts and you can help young people who are studying careers related to what you know about. You can set your own schedule and your hourly fee. If you have some teaching skills, you can sign up as a substitute teacher in local schools.
Stay calmed and healthy!
Retirement can be great news, but it requires several behavior changes in order to keep your health. You'll need to build a new routine, which can also be fun and profitable.
You've started a new stage in your life. All the work commitments and job obligations are behind you. In the beginning, you may feel kind of lost, having all this free time in your life. You can make the most of it and do all that you've been postponing. Above all, you must adopt some habits in order to stay mentally and physically healthy.
1. Schedule medical appointments
Don't forget to get regular physical checkups. You can set your annual appointments with time, and you will sleep easy knowing that your health is under control. You should schedule your dental cleanings, eye exams, and any annual exams that you're supposed to have.
2. Do exercise regularly
If you’re an amateur sportsperson, and you like to play golf or tennis, now you've got more time to go to the court and play. If you've never practiced any sport, you can start now! And if it's not your field, you can walk 30 minutes a day, which is recommended four your heart’s health.
3. Keep your brain active
Physical health must go together with mental wellness. You should put your brain to work in order to keep it active. You can just read books, or try to get new skills like learning a new language or doing a DIY course. There’s no need to pay for this, you can find free E-Books in this article!
4. Improve your social life
When you were at work, it was difficult to find time to spend with friends and family. Now you can arrange lots of meetings with your intimate circle, and you can expand your social life by getting in touch with old friends that you haven't seen for a while.
5. Practice meditation
Even if you haven't done this before, it's always a good time to start. Spending a few minutes each day just breathing in and out can reduce your stress and center your mind. You can exercise meditation early in the morning or before you'll go to bed.