6 Ways To Have An Emotionally Stable Retirement

Being financially stable has tremendous benefits for your overall health and well-being. Emotional and financial stability go hand in hand.

We, at Retire Safety First believe everyone has a right to a safe, secure, and predictable retirement. Knowing how to be financially and emotionally stable will help you maintain your lifestyle in retirement. Consider these 6 ways to have an emotionally stable retirement so you can enjoy your golden years to the fullest.

1. Prepare For Retirement

Depending on how you prepare, retirement can be the most rewarding or stressful time of your life. By preparing with the Retire Safety First Approach, your retirement can be filled with creating memories with loved ones, traveling, trying new hobbies, and most importantly, not worrying about money.

Retirement is the time to do more of what you love with the people you love and this is only made possible by preparing correctly.

Contact Retire Safety First today or call 860-757-3644 to learn more.

2. Get Spending Under Control

Often, folks who are preparing for retirement are not aware of how much they will need monthly to pay for essential needs when they retire. This could prove disastrous and lead to running out of money in retirement. The good news is this is easily avoidable.

Setting up a monthly budget allows every dollar you have to carry a purpose. Sticking to the budget you create leads to peace of mind knowing that your bills are covered throughout your golden years. Build in wiggle room and modify your budget month to month as expenses like birthday or anniversary gifts come up. Now with your budget set up, you can focus on the next step to having an emotionally stable retirement.

3. Pay Off Debt

Paying off debt will allow you to breathe a sigh of relief. Not having monthly payments or being called by creditors is extremely freeing. Paying off debt can lead to a noticeable improvement in your mental and even physical health!

In addition to possibly raising your credit score, you will now have more income available to save, invest, travel or spoil your grandkids. It is like giving yourself a raise every time a debt is paid off!

Paying off debt has also been shown to improve relationships. Money is one of the biggest sources of stress within a marriage. Creating a plan and paying off debt together creates a sense of pride and accomplishment. The process of paying off your debt will open lines of communication and strengthen your relationship.

4. Save More

Even if you are starting with nothing in savings, saving more will change your life. As your savings build up over time, what was once a stressful financial emergency can be a mere inconvenience. By having this safety net, you will rest easy at night knowing if the worst does happen, you will be prepared mentally and financially.

You will be able to avoid any high interest debt that could set you back. Once you have an adequate amount of savings, you can then put this money towards retirement, vacations, charity or whatever you like! Afterall, this is the time to do more of what you love with the people you love.

5. Ask For Professional Help

Now that you have created a budget and paid off some debts, you can focus on managing your money. While you may be confident as you are making great progress, it never hurts to get a second opinion. Knowing someone is on your side and rooting for the financial success of you and your family is an incredible relief.

Retire Safety First can be there to highlight opportunities or risks that you may be unaware of. Having someone in your corner will allow you to sleep better at night knowing they are looking after your finances with the same care you do.

6. Find Your Purpose In Retirement

While preparing for retirement, retirees are often consumed by making sure their finances are in order before retiring but often neglect what retirement will look like on a daily basis. While transitioning into retirement, you should create a routine around what you love to do. Maybe that is gardening, traveling, spending time with loved ones or all the above. Building a routine will help you maintain purpose with all your newfound time.

Remember, emotional stability takes time and does not happen overnight.

If you combine the Retire Safety First approach and follow these steps, you may increase your physical and mental wellness, reduce stress, and increase your ability to maintain your lifestyle in retirement.

At Retire Safety First we believe everyone has a right to a safe, secure and predictable retirement. Our goal is to remove the fear and uncertainty out of retirement, to provide peace of mind for retirement.

< Older Post Newer Post >

Consumer Prices Remain High In October

By Bret Laporte • November 11, 2022

The consumer price index increased 0.4% for the month and is up 7.7 percent from a year ago according to the Bureau of Labor Statistics. While price increases are still rapid and painful for many households, they are finally beginning to show signs of progress. The inflation index picked up by 7.7 percent in the year through October*, less than the 7.9 percent that some analysts had expected. Even with this positive news, inflation remains well above the Fed’s 2% target and several areas of the report show that the cost of living remains high. Shelter costs, which make up about one-third of the CPI, rose 0.8% for the month, the largest monthly increase since 1990, and up 6.9% from a year ago, their highest annual level since 1982*. Also, fuel oil prices jumped 19.8% higher for the month and are up 68.5% over the past 12 months*. “One month of data does not a victory make, and I think it’s really important to be thoughtful that this is just one piece of positive information, but we’re looking at a whole set of information,” San Francisco Fed President Mary Daly said in response to the CPI data. _ Depending on how you prepare, retirement can be the most rewarding or stressful time of your life. To answer some of your questions about inflation and retire on your terms, Contact us or Call 860-757-3644 for a complimentary consultation. At Retire Safety First we believe you have a right to a safe, secure and predictable retirement. Our goal is to remove the fear and uncertainty out of retirement, to provide peace of mind for retirement. *All Statistics provided by the Bureau of Labor Statistics

Consumer Prices Rise In September

October 14, 2022

New inflation data released on Thursday showed that consumer prices climbed far more quickly than expected with a rise of .4% in September (according to the Bureau of Labor Statistics) as inflation pressures continue to weigh on retirees and the economy at large. The food index alone rose 0.8% for the month and is up 11.2% from a year ago. That increase helped offset a 2.1% decline in energy prices that included a 4.9% drop in gasoline. Energy prices have moved higher in October, with the price of regular gasoline at the pump nearly 20 cents higher than a month ago, according to AAA.

The Social Security cost-of-living adjustment will be 8.7% in 2023

October 14, 2022

The Social Security Administration announced that cost-of-living adjustment will be 8.7% in 2023, the highest increase in 40 years. The average Social Security retiree benefit will increase $146 per month from $1,681 in to $1,827 in 2023. However, with inflation continuing to rise at dangerous levels, it is important to be aware of the possibility that these cost-of-living adjustments may not be enough to maintain your lifestyle throughout retirement.

2023 Medicare Premium Changes

By Bret Laporte • October 5, 2022

The Centers for Medicare & Medicaid Services announced that 2023 monthly Part B premiums will decrease to $164.90 from $170.10. This change represents the second time in the past two decades that Part B premiums will decrease from the prior year. Pair that decrease with the expected 8.7% increase in Social Security’s annual cost-of-living adjustment (COLA), many retirees could see a substantial increase in their monthly Social Security checks in 2023.

The Incredible Benefits Of Spending Time With Your Grandchildren

January 13, 2022

Now that you are transitioning into retirement, you are free to do more of what you love with the people you love. Creating memories with your grandchildren will be something each of you cherish and hold on to. Did you know two out of three grandparents think being a grandparent is the most important and satisfying thing in their lives? Here are some of the incredible benefits of spending time with your grandchildren: 1. Increase Happiness For Everyone A close relationship between grandparents and grandchildren has shown to decrease symptoms of depression for both generations. Grandparents in the study were found to be less depressed when they received or gave tangible help to their grandchildren. Anything from rides to school, advice on life, or helping financially were contributors to lessened depressive symptoms found in older adults. Children with a high level of positive grandparental involvement have shown fewer emotional and behavioral problems and are seen to be more secure and significantly happier. 2. Sharing Family History Grandparents have incredible insight to family history. Teaching your grandchildren about where they come from, and the struggles and successes of the family helps grandchildren better understand their unique history. Grandparents may have family heirlooms to pass down, like photo albums and family recipes that grandchildren would greatly value. Grandparents who share their fondest stories can keep their memories alive. Every family is unique in its makeup and journey. Grandparents can unlock their history and make it a part of the present for younger generations. 3. Keeps You Socially And Physically Active Playing with grandchildren can be a fun and rewarding way to remain physically active. Whether you’re playing a game of catch, walking around the shopping mall, or taking a relaxing walk around the park, the exercise and memories created are great for each of you. Taking your grandchild out could provide opportunities for meeting other adults, and grandparents. This social interaction can help you find and grow your social circle throughout retirement. 4. Becoming A Role Model As retiree’s age, they can struggle to find purpose. Becoming a role model to your grandchildren is one of the most fulfilling and loving things you can do. You’ll be able to share all your life experiences to help teach a new generation. Afterall, now is the time to do more of what you love with the people you love.