Practice Retirement: A Rehearsal Before the Real Thing

Not sure if you’re ready for the real thing? Retirement is an exciting new step to your life, but it can be mentally overwhelming if you are not ready for it. A “practice retirement” can help you assess what you need or want during your retirement. years. A practice retirement can be a short period of time where you take some time off, (like vacation time, or taking on part-time work) to understand and test the waters before you officially retire. This can help you find what best suits your needs and wants for your retirement years.

1. Does your budget match your needs?

When it comes to budgeting for retirement, there are different things that you should account for, including what your retirement plans are, emergencies, long term care, etc. It is a good idea to understand how much money you will be receiving during retirement, including your 401(k), pension, Social Security benefits and other retirement benefits – and budget accordingly, to both your plans and necessities that you require during your retirement.

2. Do you know what you want to do in retirement?

No one exactly plans to lounge around on the couch like it’s a lazy Sunday afternoon for the entirety of their retirement. Your retirement plans may include traveling the country, or going back to school. You may even want to start a business or even prefer to spend your retirement with your grandchildren.  Whatever your plans are, it may be best to determine if it is truly something you want to do. You may realize that you would prefer going back to school as opposed to volunteering.

3. Do you feel ready to retire?

Whether if it’s finances or you are not ready to let go of your career, then maybe you are not ready to retire. Don’t leave your job until you are fully ready to retire, especially since older workers can struggle with finding new jobs. Another option is to work part-time, which can allow you for the extra time, while earning extra finances to enjoy a “part-time retirement.”

A reverse mortgage can help you find the financial stability that you are looking for in retirement. With a reverse mortgage, there are no required monthly payments, as long as you continue to live in the home and keep up with the payments of the property taxes and home insurance. Borrowers also have the freedom to use their funds for anything that they need, from paying for vacations or help pay your bills – it can be a great option for you. To learn more about this product, speak with our Senior Advisors today at 1-888-808-8486.