Tags: retire | tips | surprises

7 Things No One Tells You About Retiring

7 Things No One Tells You About Retiring
(Pressmaster/Dreamstime.com)

By    |   Monday, 21 October 2019 09:40 AM

We all have a vision of what our retirement will look like and many of us have spent years planning our lives around that goal. After all that hard work and sacrifice it is only fair that you get to enjoy your Golden Years, but the truth is that, even if you are living your ideal life, things may not live up to your expectations.

From unforeseen expenses to feelings of loneliness and depression, there are dozens of things that no one really tells you about retiring. You only learn about them once you are living out those Golden Years. It helps to be prepared and to have an idea of what to expect. With that in mind, here are 7 things that no one tells you about retirement:

1. Life changes still happen. Many people tend to think that once they have retired, all the major life changes will finally be over. The Golden Years sound like a more comfortable and stable lifestyle but be prepared for life changes to continue, writes Tom Sightings, author of "You Only Retire Once," for U.S. News & World Report. It is like moving. You will have to find new friends, new grocery stores, hairdressers and doctors. Also, bear in mind that relationships change and divorce still happens- and people still get remarried in their Golden Years.

2. You will see much more of your partner.- Couples who enter retirement together should be aware of the fact that they will likely spend far more time together. This may initially sound great but it could also lead to bickering, irritation, and fights. Finance magazine MoneySense recommends seeking out activities that can fill your days so that you are not housebound.

3. Medicare premiums can cut into your Social Security. Although Social Security benefits are adjusted with inflation each year in order to help keep retirees afloat amid rising costs, many people don't take into account that hikes in Medicare premiums could cut into a lot of that increase, financial firm Motley Fool notes.

4. There will be surprises along the way. Setbacks may arise as well as new opportunities, so be prepared for surprises along the way. This may come in the form of costly home repairs, car accidents and death or it may be more positive, like landing a part-time job or moving in with your children, explains Sightings.

5. Your identity will change. Many people spend their lives sure of who we are but identities change according to circumstances and this includes retirement. Perhaps you identify with your job or passion? You may lose this sense of identity once you stop doing them. People may also be more interested in what you are doing now, not what you used to do, MoneySense reports. See your retirement as a fresh start to rediscover yourself.

6. At a loss for what to do. You spend years preparing for your retirement by saving and investing wherever possible but when the time does come to retire, you may be at a loss for what to do. Sightings explains that, while it is important to work hard to generate an income that can go towards your retirement, it is also important to start giving thought into what your interests are and what activities you’d like to try during your Golden Years.

7. Expenses may actually go down. Now for the good news. If you are wise with your money, many of your expenses may go down during retirement. Part of this has to do with the fact that mortgages have been paid off and adult children no longer have to rely upon you financially, and part of this has to do with tax benefits, according to The Motley Fool.

© 2019 Newsmax. All rights reserved.

   
1Like our page
2Share
TheWire
We all have a vision of what our retirement will look like and many of us have spent years planning our lives around that goal. After all that hard work and sacrifice it is only fair that you get to enjoy your Golden Years, but the truth is that, even if you are living your...
retire, tips, surprises
623
2019-40-21
Monday, 21 October 2019 09:40 AM
Newsmax Media, Inc.
 

Newsmax, Moneynews, Newsmax Health, and Independent. American. are registered trademarks of Newsmax Media, Inc. Newsmax TV, and Newsmax World are trademarks of Newsmax Media, Inc.

NEWSMAX.COM
America's News Page
© Newsmax Media, Inc.
All Rights Reserved