Most people look forward to retirement as a time of rest and relaxation. Many people aspire to a simpler life, with time for travel, family and favorite pastimes. However, there are several areas that may create stress and worry if not addressed ahead of time.
The key to optimum financial success is to maximize income while minimizing expenses. With interest rates at an all-time low and volatile markets, traditional investments may not be practical as a source of income. However, by liquidating their IRAs and purchasing retirement homes outright, many retirees are significantly cutting expenses and assuring they will not become homeless in their old age.
Declining health and higher medical costs make health a priority for retirees. However, lifestyle changes such as quitting smoking and losing weight can dramatically improve health. Obtaining preventive care and early treatment of medical issues can minimize expensive complications. Be aware of risk factors and closely monitor chronic conditions like diabetes or high blood pressure with modern technology.
Safety and Security
Another area where technology can help alleviate stress is safety and security. Home security systems are an excellent way to prevent damage from fire, carbon monoxide, or burglary. Other technological helpers include tools like “panic button” pendants incorporated with the home security system to summon first responders to a medical emergency. Smart phones can be programmed to control lights and locks even if you’re halfway around the world or show you real-time video of visitors at your door.
Estate planning isn’t just for the rich. The estate planning package includes a full set of tools to address end-of-life issues such as disability, tax-free transfer of assets and life support as well as death. A comprehensive estate plan will allow you to express your wishes in advance and make your own decisions, minimizing conflict and hard feelings within your family. A living trust can transfer assets to heirs without the expense and delay of probate.
Addressing these four issues won’t guarantee you a retirement with no worries. You may still worry about choosing the right spot to fish, or how to modify your golf swing to get rid of that slice. But having the financial security of a mortgage-free home, the safety and security of a home security system, a set of written directives to deal with death or disability, and the good health to enjoy the fishing and golf will truly let you enjoy “the golden years.”
Author Bio:Â Lyndsi is a blogger that is usually writing about home and family topics. She is promoting Vivint. She is also an avidÂ runner and mother of two.