6 Things That Might Surprise You About Retirement

After decades of planning, you might expect your retirement years to unfold just as you imagined. Hopefully that will be the case, but we wanted to warn those of you still in the planning stages: These six things often take retirees by surprise.

You might still work. Some retirees simply need a part-time income to help ends meet, but many choose to work in a job that allows them social contact and keeps them active. However, this new job will probably look quite different from your old career, because now you’re free to pursue something more fun.

Housing might still be your largest expense. Even if you pay off your home before retirement, property taxes and insurance must be paid. And the cost of repairs can sometimes be significant, so make sure to plan for those. You might also wish to budget for help with yard chores or cleaning, which is technically a housing expense.

Health issues can pop up when you least expect them. After age 60 or so, it can be difficult to predict health issues. While you might not be able to prepare for all the changes an illness or disability can bring to your life, carrying a health savings account into retirement can help you manage the associated medical bills.

Retirement can be lonely. In particular, retirees who live alone tend to report more loneliness. Spending your days in seclusion, doing whatever you want might sound like a dream now, but make a plan for social activities, hobbies, or a part time job just in case.

The transition might not go as planned. Many retirees feel dissatisfied at first, only to settle into a fulfilling routine later on. Stay flexible in your expectations, and be ready to change anything that doesn’t work the way you had hoped.

You might “feel younger”! Many retirees report that they feel younger than ever, probably due to the weight of child rearing and career responsibilities lifted from their shoulders! So, while there are definitely aspects of retirement that might take you by surprise, some of them will surely be good ones.

Of course, establishing a dependable retirement income will help you adjust your plans even in light of surprises. Continue to meet with us regularly, and we can help you anticipate changes that need to be made so that you can feel successful in retirement.