Planning out your retirement in the best possible way is important to relax and lead a stress-free life after you leave your primary career. Retirement planning is extremely important, because if you don’t make thoughtful and wise decisions now, there is a high chance that you may end up struggling financially during your retirement period. Here are 5 of the things you should not do after you retire from the workforce.
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- Overspending: Don’t be a big spender by blowing through your hard-earned savings now. Sure, you have saved your entire career to relax and live the best retirement life, but it is important to spend money wisely. Monitor your withdrawals, and try to adjust your ‘spending’ behavior based on market conditions and inflation.
- Being inactive: Retirement is the time for you to finally unwind your stress and relax, but don’t lay on the couch the entire day. Get on your feet, and take a walk outside every now and then. If you sit and watch your favorite TV shows all day, you will run the risk of developing various illness. So keep your TV shows aside, and get active. Consider hitting the gym to keep your body and mind healthy and free of stress.
- No social life: Being a retiree can make you feel lonely and bored at times, even though you have plenty of time for yourself to have fun and enjoy. This is particularly applicable in situations where your acquaintances, family and friends are still in the workforce. To avoid experiencing depression and loneliness, it is important for you to go out and socialize with others.
- Making a big, fat purchase: During the retirement period, you will be surviving on a fixed income. Therefore, make sure that you don’t make big, hasty purchases at this time. Watch out the purchases you make, and spend money as wisely as you can to not undergo any financial struggles ahead.
- Not visiting the doctor: As you age, your body weakens and becomes more prone illnesses. Health care cost is high, especially as you grow older. Despite these high healthcare costs, you should see your primary doctor at least monthly, to ensure that your body is in good condition. If you don’t make an effort to schedule a meeting with your doctor, you might end up falling sick and this will just add to your medical expenses.