Our retirement may last up to 30 years or even more, so it is crucial to make sound choices about our lifestyle for that period beforehand. As we all know, we should start saving up for our retirement as early as we possibly can. However, even then, we cannot save up enough for everything, so some lifestyle changes really do need to be made in time.

Well, in the end, you are the one who knows how much money you have. But are you really prepared to stretch that money out for decades?

Allow us to tell you about these three major lifestyle changes that will help you later on.

 No. 1 – How luxurious do you want your retirement to be?

There is a promise in the back of our mind that our retirement is going to be one where we’ll be sipping cocktails on a fancy beach, enjoying the warm weather, and traveling across the world on fancy cruises.

This is possible for some, maybe even many, but a vast majority of people simply cannot afford that, and a lot of those who believe they can, get disappointed. The thing to remember here is this– Even if you did save up a lot of money, you need to keep in mind that that money needs to last for decades to come.

In 20 years, the inflation might get much of what is left after you traveled the world. Prices can go up, and you might even have health issues that drain the budget. Therefore, the answer to this question, this choice, is incredibly important. If you do want a lavish retirement, you must make the proper adjustments to your savings plan as soon as possible. Set up an appointment with a professional and work out exactly what you need to do before you stop earning money. Setting up a form of passive income might be a great help and smart investments can go a really long way when you apply this idea.

Finally, when you get the magical number that tells you how much money you will need to save for retirement, and you figure out exactly how much of that money you will spend each month, do a test run and try to live for a several months on that amount since this might be a big ‘eye-opener’.

“Retirement is a time to make the inner journey and come face to face with your flaws, failures, prejudices, and all the factors that generate thoughts of unhappiness. Retirement is not a time to sleep, but a time to awaken to the beauty of the world around you and the joy that comes when you cast out all the negative elements that cause confusion and turmoil in your mind and allow serenity to prevail.”  Howard Salzman

 No. 2 – Should you move to a more affordable house?

This is one of the questions that will make you measure the answer in both economic and emotional senses. If you can effortlessly get by in a smaller home and in a cheaper environment, that seems like a sound choice to make.

However, an opposing question is – How do you feel about leaving your home? If you are willing to sell your larger home and purchase a smaller, cheaper one, consider purchasing more real estate to rent out to tenants as you will need the extra cash flow, especially if your answer to the previous question was that you really want a lavish life. Other things to consider are the distance from your home to the homes of your family members, hospitals, and other important locations for you.

 No. 3 – Should you hire an advisor to help with your finances?

Once you retire and you feel like you have enough money, you might start thinking that there is no reason to get professional advice anymore. However, it seriously depends on the method you went with to achieve your pension. So we clearly have no real answer to this question, it is a choice you need to make by yourself (much like previous two) but, if you choose to invest your money in stock, or if you are afraid of the ever-changing nature of the market, you might consider keeping an advisor near you for a backup. It is rather difficult to foresee the changes that may happen in the future and sometimes, a trained eye can spot something you would miss. On the other hand, you should also be very careful when choosing your advisor and even more when he gives you actual advice.

 Additional piece of advice

You should never get into an investment before analyzing it for yourself. You must have a complete understanding before you choose to invest your hard-earned money into anything. So, even though there are cases where it is desirable to have an advisor, do not follow his advice blindly.

There you have it—three major choices you might need to make before you retire. Think wisely.

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