Retirement is not generational: You are now responsible for your own finances. The days of the decades long careers are over and pensions are becoming obsolete. We are in a period where pensions are transitioning to a self-managed IRA or 401(k) plan.
Increased life expectancy: This is some great news. Advancements in technology and healthcare are letting us live longer and healthier lives. There will be more chances to seek out your lifelong dreams or take the opportunity to reinvent yourself.
High healthcare costs: One consequence with aging is declining health. Once you reach the magic number of 65, Medicare becomes an option. However, Medicare does not cover everything and additional supplemental insurance will be required.
Focus on your health: Analyze what you are doing with your life. If you have any bad habits like smoking or eating poorly, try to make changes. You want to go into your 70s and 80s being healthy and painless.
Retirement is not a one step journey: It is not constant. You do not begin and stop there. You need to focus on your needs which are always changing. Make sure to always plan.
It is more than just the money: Money does not mean happiness. Creating lifestyle changes that accomplishes your goals does. Money is just a tool that leads you there.
Time is crucial: Stop procrastinating now. You have dreams that you want to reach and you must know that your time is limited. If you want to travel, start planning before it is too late.
No more regrets: You cannot let the past haunt you. If you do so, it will just eat you away. Focus on the now and what you would like to accomplish in the future.
End-of-life decisions: This is a daunting task that no one wants to talk about. But you have to. Find a healthcare proxy, a power of attorney, and create a will. Getting started with these things will make your final days easier and help ease this stressful time with your loved ones.
You are the driver of your retirement journey: You are now in charge. You have no more bosses and are not tied down to anymore family responsibilities. Be the change that you want to be.