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Your Practice. Popular Courses. Personal Finance Retirement Planning. Table of Contents Expand. Ready to Retire? Your Debts Are Paid Off. You Have Ample Savings. Your Healthcare Is Covered. You Can Live on Your Budget.
You Have a New Plan. The Bottom Line. Key Takeaways Start debt-free, with a healthy retirement account that will support your extra years not working. Make sure you can withdraw some money from your retirement accounts without penalty. Plan to pay for your own healthcare coverage until Medicare kicks in. Article Sources. Investopedia requires writers to use primary sources to support their work. These include white papers, government data, original reporting, and interviews with industry experts.
We also reference original research from other reputable publishers where appropriate. You can learn more about the standards we follow in producing accurate, unbiased content in our editorial policy. You will be asked to register or log in. In the next 24 hours, you will receive an email to confirm your subscription to receive emails related to AARP volunteering. Once you confirm that subscription, you will regularly receive communications related to AARP volunteering.
In the meantime, please feel free to search for ways to make a difference in your community at www. Javascript must be enabled to use this site. Please enable Javascript in your browser and try again. Now Reading:. Membership My Account. Rewards for Good. Share with facebook. Share with twitter. Share with linkedin. Share using email. You'll spend more money than you think A typical rule of thumb is that you'll spend about 80 percent as much in retirement as you do when you work.
Housing expenses don't retire when you do Retiring without a mortgage is a common goal for would-be retirees, but it's a goal that many fail to meet. Extra income can be hard to come by Working in retirement might not be as simple as you think. Do I need to get a part-time job to make ends meet? How will I get health insurance? What will I do to occupy my time? There's a lot of time to kill When you retire, you have a hour gap in your week that you need to fill. You may need to make new friends If you retire in your 50s, you may find that your current friends aren't around much — because they still have full-time jobs.
Family Caregiving. Leaving AARP. Got it! Please don't show me this again for 90 days. Cancel Continue. We spend the majority of our lives working, which makes it hard to find an identity beyond our profession.
But it is possible if you keep examining your strengths, values and hopes and dreams for the future. During my first year of retirement, I often wondered how my boss and colleagues were doing without me: Were they really able to survive without my expertise?
I was there for 11 years. Surely, they needed my expertise and relationships. I stopped feeling motivated to achieve great wins and fell into a deep depression. Luckily, due to a lot of soul-searching and "what the heck am I doing with my life? I'm no longer ashamed to say "I'm not working" each time someone asks what I do for a living. Instead, I proudly tell them that "I'm a high school tennis coach for three months a year" or "a proud husband and father of two.
This might be the most insidious myth of all, because the health benefits of early retirement are priceless. When I was still working, I had all the common problems: Plantar fasciitis inflammation of the fibrous tissue , a weakened immune system due to immense work stress , chronic lower back pain from sitting all day , teeth grinding also from stress All those issues miraculously went away once I retired.
I firmly believe that stress is one of main causes for many of our biggest health problems. Instead of spending hours sitting in a chair and having takeout at my desk, I'm eating healthier, exercising more and meditating longer. Finally, I absolutely have purpose.
At first, it was educating readers about how to achieve financial freedom. Now that wife and I are parents, our kids have become our purpose. Our goal is to live a long and healthy life so we can watch them grow up to be happy, independent and loved adults.
Sam Dogen worked in investing banking for 13 years before starting Financial Samurai , a personal finance website. Sign up for his free weekly newsletter here. Skip Navigation. Jennifer Liu.
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