5 THINGS TO DO WHEN YOU RETIRE 1. Find another job. You retired! You would like nothing more than to relax, plan a trip, take a nap. The beginning of retirement means the beginning of living off what you have accumulated, right? Not so fast. We are living longer, your retirement savings is going to have to stretch a good long while. And it may not. Your best chance to earn more money in retirement is immediately after you leave the workforce. Your skills are still current; your network and contacts still up-to-date.
2. Embrace your new lifestyle. Don’t beat yourself up about how you didn’t save enough for retirement. Rethink your lifestyle and spending habits. Eating out every night, expensive vacations, a new car, nice, but can you afford it? Live within your new lifestyle, live happy!
3. Don’t take Social Security if you can help it. Waiting to claim Social Security will earn you a larger benefit check up until age 70. You can claim benefits at 62, but in most cases, you shouldn’t. A National Economic Research study of people with IRA assets found that 34 percent of early claimers had enough savings to wait two years and 26 percent could have held out for four years. If they had waited just two years, their checks for life would have been 15.6 percent larger. Claiming at 70 instead of 66 will result in a 32 percent jump.
4. Force yourself to understand Social Security and Medicare. This is something that you should have done before leaving your job. In any case, don’t waste another minute because what you don’t know can and will hurt you. Both Social Security and Medicare are full of loopholes and will make you believe that nothing should be this intentionally complicated. Financial planners can be your best friend. At least a good one can.
5. Keep in touch and keep active. Get involved, volunteer, keep busy. The fastest way to fill up your calendar page with medical appointments is to not have anything else on it. Social media can help you stay connected, so don’t be afraid to use it. 16