What Retirement Lifestyle Fits You the Best?

Unless you have the privilege of generational wealth, which would allow you to thrive with a trust fund, chances are you’ll have to put in decades of work to live comfortably. You cannot slow down lest you end up falling behind in terms of earning potential.

Yes, being a member of the labor force for a huge part of one’s existence is something the majority of the global population share. But there’s one thing that divides the working class. It’s what an ideal retirement means to an individual. 

One worker might envision an ideal retirement in a familiar place teeming with peace and tranquility. Another might opt for retirement planning geared toward adventure and exploration. Both choices are valid. It’s up to you to pivot which way and how.

For that eventuality to come to fruition in a most consistent way with your vision, it pays to prepare as early as now. Part of that preparation is knowing what retirement options are available at your disposal. 

Retirement Lifestyles to Choose From

It’s best to envision early how you wish your retirement years to go. Doing so will enable you to make adequate preparations while you still can. Consider the following retirement tracks.

• Homebody
  This retiree does not mind spending most of their time in their comfort zone. They might take up gardening, farming, knitting, woodworking, or any activity they can comfortably pursue at home. They might even take on home renovation projects to keep themselves preoccupied. 
  
• Wanderer
  The opposite of a homebody, this retiree gets a kick out of the unknown and unexplored. They might travel within their home country or abroad. They could go backpacking through exotic trails or relax via month-long cruises.
  
• Host
  The host does not mind staying home or traveling across states so long as they get to entertain. What they most appreciate is the chance to reconnect with friends and family. For that, they won’t mind spending a considerable chunk of their retirement savings on barbecues and picnics.
  
• Dreamer
  Just because one is retired does not mean they have to stagnate intellectually and creatively. That’s something a dreamer believes with all their heart; hence, you’ll see them pursuing higher education, rekindling their passion for artmaking, or even finally going after the career they’ve always dreamed of.
  
• Volunteer
  Some retirees prefer to use their time volunteering for humanitarian causes. The sense of fulfillment this retirement lifestyle gives is beyond comparison. Whatever project they get behind, they’re sure to feel like they’re doing something worthwhile with their time. Plus, they get to continue building their social network.
  
• Healthcare-conscious
  Some retirees, especially those already afflicted with certain illnesses, prefer to spend a considerable portion of their savings on healthcare-related expenses. Those include special treatments and higher insurance premiums.
  
• Early retiree
  Maybe you know a colleague who has invested in a tech startup that became a success story. If that’s the case, then your colleague can afford to be an early retiree. The best part of retiring while still young is that the person has the vitality to pursue whatever they want.
  
• Penny pincher
  Yes, penny-pinching is a lifestyle. And that’s most true for retirees who might not have built a large enough retirement nest egg. Thankfully, there are many ways to penny-pinch. For instance, penny pinchers can ask for senior discounts and tax breaks. Since they have more free time, they can also explore the best bargain hunts in their area. 

Financial Tips to Get You Ready for Retirement

Whether your retirement plans will succeed has a lot to do with the financial situation you find yourself in. To ensure that money matters will be in order, consider the following. 

• Mind your career
  Ideally, you’re already in the right career that pays well and promises a clear development track. If not, reassess your plans. The goal is not just to have a job but to have a profession that generously builds your 401 (k) plan.
  
• Pursue a side hustle
  If you have time and energy to spare, get a side gig or two. Or better yet, invest in a business you can pull off while maintaining a full-time job. A side hustle gives you a supplementary source of savings.
  
• Get thrifty
  Budget as much as you can. From grocery to utility bills, make sure you’re spending every dollar you earn wisely. Try cutting back on wants. Perhaps you’re simultaneously subscribed to three streaming platforms when one is enough. Look out for these unnecessary expenses. Do not haphazardly manage your finances because that’s the first mistake you could make money-wise. Visit Thrifty Tips!
  
• Invest
  The most popular investment option is real estate. If you have a mortgage on the way to owning a house, that’s excellent. You have a couple of options regarding what to do with this asset in the future based on your retirement plans.
  
  However, ideally, you do not put all of your eggs in one basket. Instead, consider diversifying your financial portfolio for better rewards. That’s financial advice you often hear because it works.
  
• Explore time-segmented bucketing
  Financial experts use this strategy to maximize retirement savings. For instance, you can invest in conservative assets using funds for shorter-term early retirement expenses while using funds for later years on more aggressive investment portfolios.

Wrapping Up

Being part of the working class means you have no choice but to join the labor force while still young, willing, and able. While that sounds discouraging, you can take comfort in the situation’s silver lining. That is: the better you work today, the brighter your retirement options will be. And there’s no shortage of choices, either. So long as you retire with health and wealth, opportunities abound. 

Take to heart the examples of retirement lifestyles cited above. Know which one appeals most to your personality and financial situation. You can even get creative with your own unique retirement plan that speaks exclusively to your heart and soul. Whichever way you go, the only thing that matters is for you to have fun.