Expectation vs. Reality What Do You Think About Retirement?
You know what they say about best-laid plans, don’t you? Well, retirement is no different. The landscape of retirement is continually shifting as lawmakers and societal expectations create changes for current and future retirees. The best way to prepare is to adapt your plans with the shifts. Knowing law changes and understanding how these affect you, your plan, and your family is vital to ensuring that you are prepared for whatever happens come retirement time. And while the tax and legal changes are typically beyond your control, there are components of your retirement plan over which you have complete control: when you retire and what you do in retirement. According to a survey conducted by RBC Wealth Management, the retirement expectations of retirees and pre-retirees have vastly changed over time. A majority of respondents indicated they
did retire or will be retiring at a different age than they expected to retire when they began planning for retirement. This wasn’t unexpected, as many surveys have found the same answer to be true. However, only a minority retired later than expected. Furthermore, approximately one third of the currently retired respondents indicated they were doing different activities than they initially thought upon retirement. The answers from pre-retirees and current retirees show this pattern too. Many pre-retirees identified travel as their No. 1 priority in retirement, while those currently retired valued time spent with family over travel. In fact, travel fell to the third most common way to spend their time. This survey could be an indication of shifting priorities as people age. For example, in another portion of the
survey, more pre-retirees expressed that their greatest concern in retirement is running out of money, yet more retirees report worrying over maintaining their lifestyle while avoiding physical ailments as they age. The clear takeaway from the survey can be found in what isn’t said. The discrepancies between retirees and pre- retirees show that while many workers have a general idea of their financial outlook heading into retirement, the scope of what to do once they retire shifts because of their expectations. If anything, the survey points to the value of adjusting your plan as your life changes.
The Benefits of Minimalism
A Perfect Lifestyle for Retirees
Minimalist Living To embark on a minimalist lifestyle, focus more on the present and consider the value your personal belongings have in your life now. Sorting through hundreds of items with thousands of memories is a daunting task, so it is best to start by removing things that might not require emotional or physical strain, like old magazines, broken items, or clutter in the junk drawer. Once you’ve taken this first step, move on to something bigger. Soon, you’ll find yourself making steady and rewarding progress throughout the rest of your home. In the process, pay attention to what you want to keep. Carefully select which objects mean the most to you and which ones are still useful. These are the belongings you should surround yourself with.
The Benefit of Minimalism Minimalism will help you feel more
As we get older, we tend to hang on to mementos that brought some type of meaning to our lives, even after time has diminished their value. Though we may be emotionally attached, this clutter can eventually overwhelm us, especially as retirees. If you find yourself drowning in items you no longer need or want, consider a minimalist lifestyle to free up your space — and your mind. Minimalism Before taking on a minimalist lifestyle, it’s important to understand what it entails. When someone hears the word “minimalism,” they might think it means getting rid of their possessions one by one, but that’s not entirely true. Instead, minimalist living focuses on having less clutter in our lives but still keeping the things we truly value and enjoy. The idea is to get rid of things we no longer use or need.
comfortable in your home and open up other possibilities. You will have more room to invite guests and family over, and you’ll have a sense of space and freedom. Additionally, this lifestyle can also help with your finances. You’ll be less tempted to buy what you don’t need, and you may even rearrange spending priorities or downsize your living space (less rent!). If you surround yourself with meaningful and useful items, you will feel more at peace. Ultimately, minimalism encourages us to free ourselves from the many things that own us as much as we own them. Don’t allow accumulated objects to clutter up your home and life. Take the leap and start living a carefree, minimalist lifestyle.
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