Now What???

Most people only plan for their 'working life,' the years including education for a career, setting professional goals, having a family, but retirement demands just as much planning, if not more, than a career. Every stage in a person or couple's lives should be addressed and you should try to gain the optimal satisfaction from each stage.

In most cases, preparation for retirement should not start later than age 59 for a woman and between 62 and 64 for a man. In today's advanced society, people are beginning to live longer, and following retirement at these ideal ages, they may have 20 to 25 vibrant years left...so don't put all that time to waste.

There are countless options for what you want to do with your retirement. It can act as a continuation of your 'old' life; you can work on or finish projects there was never time for before. I can also be perceived as a whole new life-much more enjoyable than the old skin you shed. If you want to do this, you have to set some goals for yourselves:

Do you want to...?

-Obtain a degree you never completed or started before?
-Join a club...from chess to hiking?
-Travel to new countries or even states?
-Learn ballroom dancing with your partner?
-Learn to play an instrument...the guitar or piano?
-Volunteer at a charity organization?
-Become more involved in your church?
-Take an art or ceramics class?
-Start a new business?

Make sure to do something that you're passionate about. You are finally free to be yourself. You might have followed in your parents' footsteps when you were younger. Now you are ripe, and know exactly what interests you and don't need to follow other people's dreams.

Associate with other people your age who have similar interests as you and your spouse. Start a small group that meets weekly for lunch or Bible study. You've got plenty of time, so have a few set appointments that you want to attend...an aerobics class twice a week and a sewing class. This will give you something to look forward to and will probably give you some 'homework' to occupy your time during the week. The best part is...you don't have to worry about getting a grade on that work!

Money-Saving Tips for a Smoother Retirement

Everyone is looking for ways to save a few bucks...here are a few ways to save when it comes to retirement.

Review your life insurance needs. The main reason to buy life insurance is to provide income for anyone who is dependent on you such as children or a spouse. If your kids are grown or you are divorced, you may want to reconsider making payments. You can also think about how much coverage you need.

Drive your car longer. Hold onto your car even after you have paid it off. There seems to be a desire to buy a new car for three or four years after you pay the loan off. Don't give in! Drive the car for at least three or four years after the loan is paid off, but continue to make the monthly payments (which you have in your budget), to yourself. For instance, if your loan payment is $350 monthly, place that money into a savings account. That money will add up, especially if you keep it invested.

The average interest rate for a credit card today is 15 percent. If you are running a credit card balance and paying a high interest rate, cutting your rate, or getting the balance down will really save you some money. That money you can use to pay off your mortgage or invest for retirement.

Try to raise your Home and Car Insurance deductibles. You can reduce your annual premiums by 20 percent or so if you boost the deductibles. If you happen to have a low deductible and make a lot of claims, chances are pretty good your insurer will either boost your premium cost at your next renewal, to "get back" the money they paid out to you, or, even worse, they can choose to cancel your coverage. The bottom line is that you only want to make insurance claims for big-ticket problems. So boost those $250 and $500 deductibles to at least $1,000. If you have an old car, you should also look into whether you still need collision coverage. There's no need to pay for it if your car's market value - what your insurer would pay you should your car gets totaled - doesn't amount to much minus the deductible.