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Retirement and Lifespan
Consider your retirement in addition to your wealth and health.
It’s crucial to make time for self-reflection as you transition into retirement. As you approach the halfway point of your retirement, which might be between the ages of 70 and 80, depending on your lifespan, it’s as vital to consider other aspects of your life, even though most people tend to concentrate on their health and finances. To make sure you’re enjoying the years you’ve worked so hard to earn, now is the time to ask yourself some more general questions.
At the midway point, a comprehensive retirement check can help you stay on course. Examine the lives of retirees in your community and evaluate their decisions to gain a better idea of what you should think about. Think about these questions after that.
Is my house still functional for me?
A research conducted by the Bureau of Labor Statistics found that retirees dedicate 1.77 hours on average each day to household chores including laundry and cleaning. Depending on the size of the house, the number of rooms, and the amount of outdoor upkeep needed, such as mowing the grass or shoveling snow, this might vary significantly. Downsizing could be a wonderful way to reduce the amount of domestic duties you do. In addition to requiring less maintenance, it offers the chance to simplify and declutter your life, which can be incredibly fulfilling and even freeing.
However, you might not want to make your space smaller. You may require a home with an extra bedroom if you regularly host your kids or grandchildren for prolonged visits. If you enjoy throwing parties and holidays, you might value having enough room to make treasured memories. Although every person’s circumstances are unique, you should consider how the space is functioning for you.
Accessibility may be a primary concern if you need other modifications or are someone who has recently struggled to climb stairs. It might be simpler to maneuver around a one-story house. A brand-new condominium can be a wise option as an alternative. Many contemporary condos have amenities that make it easier for you to move around comfortably and trouble-free.
Not to be overlooked is the setting. And we’re not referring to the mountains or the beach. Do you have relatives who live all across the nation? It could be alluring to move closer to kids or grandkids who can assist you with errands or caregiving as you get older. Even if you’ve always wanted to retire to Arizona and have enjoyed it, family companionship can be your main priority, which will make you consider where you have more connections.
Are there any health issues that are emerging for me?
It’s normal to notice some changes in your health as you approach the halfway mark of your retirement. Congratulations if you’re in perfect physical condition! It’s still crucial to consider your doctors’ accessibility and availability, as well as any potential insurance adjustments. If you are aware that you will require a knee replacement in the near future, review your health plan and calculate the potential costs of this procedure under several scenarios. You can make any necessary adjustments to your insurance coverage between October 15 and December 7, which is Medicare’s annual open enrollment period.
Fitness classes and gym memberships are even covered by many Medicare Advantage Plans. Among these is the well-known and approved SilverSneakers program at organizations such as the YMCA. Joining a gym can help you establish a feeling of community that improves your mental health in addition to providing you with the chance to commit to regular physical activity, which can help prevent age-related health issues.
Am I making the most of my time?
Joining a walking group or a book club at the library can help you make new friends if you’ve always loved your solitary pastimes but are feeling a little lonely these days.
The goal is to avoid being wed to the pastimes you have always loved. Your demands and hobbies may change as life progresses. Something that used to bring comfort and relaxation could become to feel unpleasant or like a chore. Perhaps this is the right moment to freshen things up, try something new, or bring back a hobby from decades ago.
Retirees’ daily routines
The Bureau of Labor Statistics reports that typical daily activities consist of:
- Volunteering 2.47 hours
- Educational classes 2.43 hours
- Playing games 2.08 hours
- Gardening and lawn care 2.07 hours
- Reading 1.98 hours
- Socializing 1.96 hours
- Religious services 1.85 hours
Do my estate planning documents or funds need to be adjusted in any way?
When it comes to money management, start by looking at your budget to see if your income still covers your expenses. Avoiding overpaying by skipping out on experiences like vacation is the last thing you want to do. (In addition, you do not want to jeopardize your financial security.)
Advisors may assist with these changes, verify that your current asset allocation is still suitable, and model how your portfolio will react to changes in your life. When your financial needs or desires change, don’t hesitate to ask them for advice. Clearly state your goals for the second half of your retirement and make sure your budget reflects those goals.
Make sure that your estate planning documents and beneficiary designations reflect any changes in your wishes if you’ve gone through any significant life changes in the first half of retirement, such as marriages, divorces, births, or deaths.
It becomes increasingly difficult to make necessary course corrections as we age in retirement. Doing a mid-retirement evaluation is one method to make sure you’re on course for a happy retirement. You can make the appropriate changes to guarantee that your objectives for your finances, health, and general well-being are being fulfilled.
They can be contacted at (260) 376-1000 or (574) 267-3004.Office in Warsaw: 1904 E Old Road, Warsaw, Indiana 30Office in Fort Wayne, Indiana, 10211 Auburn Park Dr.
https://www.reynoldswealthmanagement.com/lets-connect is the website link.https://www.facebook.com/people/Hankins-Boggs-Group-Reynolds-Wealth-Management/61567773148553/ is the Facebook link.
This article was originally published by Raymond James at:https://www.raymondjames.com/commentary-and-insights/markets-investing/2025/04/21/tariffs-and-policy-uncertainty-weighs-on-economic-and-investing-outlooks
Securities provided by FINRA/SIPC member Raymond James Financial Services, Inc. Reynolds Wealth Management operates independently of Raymond James Financial Services and is not a licensed broker or dealer. Raymond James Financial Services Advisors, Inc. provides investment advising services. This information is not particular to any one investor’s investment needs; rather, it is meant to be informative. Every investor s situation is unique, and you should consider your investment goals, risk tolerance and time horizon before making any investment. Please discuss your unique circumstances with your financial advisor before making any investment decisions. Raymond James and its advisors do not offer tax or legal advice. You should discuss any tax or legal matters with the appropriate professional.
*IMPORTANT: The projections or other information generated regarding the likelihood of various investment outcomes are hypothetical in nature, do not reflect actual investment results and are not guarantees of future results. Results may vary with each use and over time. Asset allocation does not guarantee a profit nor protect against loss.
Raymond James and its advisors do not offer tax or legal advice. You should discuss any tax or legal matters with the appropriate professional.
Sources: usatoday.com; nerdwallet.com; moneytalksnews.com; money.com; investopedia.com
