When we step into the realm of retirement, we’re often advised to save, moderate our spending, and exercise caution. After all, we have a fixed income, but the world and its expenses are not. While this is sound advice, there are certain things you need to own to navigate retirement successfully. This blog post will delve into what these are and why they’re important.
1. A Reliable Car Is a must in Retirement
Owning a reliable car is not optional for most retirees. You need to get to and from places in retirement, especially when family is not around, or they’re just busy. A car represents freedom: the ability to do what you want to do when you want to do it. As you get older, freedom may feel like something that is not as readily available as it used to be. Most importantly, a car represents safety. Whether it’s a basic doctor’s appointment or an urgent emergency, having a car allows you to get up and go when needed.
2. A Home For Retirement
You don’t need to own an enormous home, but a safe, clean, comfortable home is significant. It represents an element of safety for most retirees. While I have published a post about the pros and cons of renting versus owning in retirement, particularly if you’re going to do a lot of traveling, the majority of people want their home in retirement to be a haven. A place that’s paid off, where you don’t have to worry about expenses, and a place that will still be there in 5, 7, 10, 15 years.
3. An Emergency Fund
Bad things happen, and they seem to happen more frequently to people in retirement than they do to people in their 30s, 40s, and 50s. So, having an emergency fund is of paramount importance. I recommend what most financial planners recommend — having three to six months of expenses set aside in a fund that is easily accessible in case something goes wrong.
4. Insurance Is Important Before Retirement
Specifically, good health insurance, such as strong Medicare supplements, and life insurance if you need to protect someone in case of your premature departure. Also, long-term care insurance provides a lot of comfort for too many retirees, knowing that they’ll have the funds in case they have long-term care needs.
5. A Good Set of Luggage
One luxury of retirement is time, and what better way to spend it than by traveling? It’s the number one activity for retirees. However, a mediocre set of luggage can create problems. They sometimes fall apart or are expensive because you have to buy twice. Owning a suitable set of luggage allows you to take advantage of your environment while keeping everything organized as you travel from place to place.
6. Access to a Health Club or Exercise Equipment
As you age, your body changes, and maintaining your health becomes paramount. Joining a health club is a great idea. Just make sure you use it. It’s not about having the best health club in the area, but a place to work out and spend time keeping yourself in shape.
7. A Course Catalog at Your Local College
Staying mentally engaged is crucial in retirement. Colleges provide a range of classes for seniors, covering topics like media literacy and niche interests such as gardening or computer programming. Most of these courses are low-cost unless you’re near an expensive college like Harvard. In that case, consider finding a community college instead.
The final point worth making is that none of these needs to be expensive. You don’t need to buy a Ferrari or own a mansion. Two years of money is not necessary for your safety fund. Your insurance can be great, but you don’t have to have the best brand out there, just great protection. Your luggage doesn’t need to be a top-tier brand, and your health club doesn’t need to be the best in the area. And of course, you don’t need to go to Harvard, you just need to go somewhere.