Five New Year's Commitments for Seniors
It's always wise to revisit your retirement plans every now and then, to see where you can make adjustments that will enhance your financial stability, health, and overall satisfaction with life. New Year's is a great time to do this. With this aim, here are five New Year's resolutions to contemplate:
Update Your Wishlist
Having something exciting to anticipate can be a powerful motivator. It can push you to dedicate the time required to transform your dreams into reality.
As you grow older, your desires may evolve. You might have accomplished certain items from your bucket list. On the other hand, your interests might shift as you enter your slower-paced or non-active years. Perhaps, you no longer fancy cycling across states or countries, but a cruise sounds appealing instead.
If it's not yet on your list, a fantastic resolution could be spending more quality time with family and friends, especially those you haven't met in a while. Additionally, consider volunteering for causes that truly resonate with you as a meaningful use of your time.
Assess Your Finances
Take a close look at all your sources of retirement income to ensure you're financially stable for 2025. If you have substantial investments, it might be necessary to rebalance your portfolio or change your withdrawal rate. Consider whether you're likely to face any unexpected financial burdens in the coming year, such as increased living expenses, and plan accordingly.
Declutter Your Home
Many individuals accumulate vast collections of memories and possessions throughout their lives. A warning sign is if you have a storage unit or excess space in your attic, basement, or garage filled with unused furniture, photographs, appliances, and miscellaneous items.
Eventually, someone will need to manage your belongings. If you hold onto your accumulated items until your demise, your loved ones will quickly dispose of them through services like 1-800-Got Junk. If you'd prefer, consider finding new homes for your treasured items and revisiting your memories one last time by dedicating time to sort through them.
Another reason to declutter is to ease the process of moving in your later years, whether due to downsizing or a move to assisted living. This can often be a challenging transition, especially following the loss of a partner. By removing unnecessary items, the process becomes more manageable for both you and your loved ones.
Ensure Your Spouse or Partner will be Content after Your Departure
When a spouse or partner passes away, the survivor may experience significant financial difficulties during a time of grief. Calculate now to ensure your spouse or partner will have sufficient income to cover their living expenses after you're no longer around. Surviving spouses frequently struggle with the "retired widow's money crunch," where their income drops substantially while their expenses remain the same or even increase.
You'll also want to ensure the survivor is aware of your household finances, such as having the ability to access digital financial accounts. Create a comprehensive inventory of your assets, debts, and bills to aid your spouse or partner in navigating your finances upon your passing. To assist you in this, consider utilizing the free, online Thinking Ahead Roadmap, which offers helpful resources.
Amplify Your Exercise Routine
Exercise is a proven way to improve your health and protect against cognitive decline. If you don't already exercise regularly, begin with a simple 20-minute daily walk.
If you do already exercise, there's always room for improvement. Consider adding different types of exercises to your routine, such as strength training, cardio, flexibility, and balance exercises, to enhance your physical wellness. Engaging in various workout types will lead to the best overall wellness.
When selecting the exercises you'd like to incorporate, keep in mind that activities you look forward to will make your routine more enjoyable. Social exercise, like working out with friends, can provide an added benefit.
There are numerous methods to improve your financial stability, health, and overall satisfaction with life. If none of these resolutions resonate with you, take the time to discover other strategies to help you achieve these vital goals. It's never too late to make life better!
- Revisit your retirement bucket list and consider adding new experiences to anticipate, such as spending more time with family or volunteering, as part of your resolutions for retirees.
- In the spirit of New Year's resolutions for retirees, review your retirement planning to ensure financial stability for the next few years, possibly making adjustments to your investment portfolio or withdrawal rate.
- As part of your resolutions for retirees, consider downsizing your living space by decluttering your home, which can make the transition to assisted living or downsizing in the future easier, especially for retired widows who may face a money crunch.
- Develop a roadmap for retirement planning, using resources like the free, online Thinking Ahead Roadmap, to help yourself and your spouse or partner navigate financial matters and ensure they will be content after your departure.
