Tips for Transitioning into Retirement in 2020

After working for the majority of your adult life, you are contemplating retirement. While you are excited to enter into your golden years and are looking forward to not having to set an alarm clock every morning, you also know that this is a major milestone that deserves careful planning.

To help the transition to retirement in 2020 to go as smoothly as possible, please consider the following tips:

1. Get Your Finances in Order

As you get ready to retire, U.S. News and World Report advises consolidating your savings and investment accounts; this will help to simplify your finances and your money management. You should also decide when you want to start receiving Social Security benefits. Figure out how much money you will receive from these sources and then create a budget with your new income in mind.

2. Research the Proper Medical Coverage

Even if you are in terrific health, it is still wise to learn all you can about your medical coverage—and then be sure you have the best plan for your current and future needs. For instance, how you will use Medicare at age 65 and beyond will be very personal and specific to you and your situation. You may have questions how and when to sign up, what it will cost and more. Anthem’s Medicare Coverage and Enrollment page answers these questions and more, and can help set your mind at ease about medical coverage in retirement.

3. Stay on a Schedule

When you were working, you were probably on a pretty predictable schedule. Setting up a retirement routine can help you plan your days and help you feel like you have control over your newfound free time. You don’t need to set your alarm for 6 a.m. anymore, but schedule volunteer work, time with family, hobbies and other things that will keep you busy.

4. Keep Your Mind Sharp

To help your brain to stay as sharp as possible, be sure you exercise your noggin on a regular basis. Ideas include solving the crossword puzzle in the daily newspaper, putting together jigsaw puzzles and reading. You can also use your newly flexible schedule to learn something new. For instance, maybe you always wanted to play the piano, take swimming lessons or learn to speak Spanish. By all means, do not let the fact that you have retired prevent you from expanding your mind and mastering new tasks. If you are concerned about spending your retirement dollars on lessons, you can always use a free app like Duolingo to learn a new language right from the comfort of your computer or smartphone.

5. Think about a “Bonus” Job

If you are not quite ready to be home all day and/or are concerned about finances, you might think about a bonus or “bridge” job. Choose something that is fun, that you would enjoy doing and is as stress-free as possible and then take the plunge and apply. From working as a greeter in a big box store to bagging groceries, restocking books in a library and other jobs, being employed at least part time can help make the transition to retirement feel like less of a jolt.

Enjoy Your New Season of Life

Retiring is definitely a major milestone, but it does not have to be a stressful time. By getting your financial and insurance lives in order, along with staying active and possibly working part time, you should find that this new stage of your life is peaceful and fun rather than difficult and challenging.

Thanks to Ellie

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