If you’re thinking about retirement in the next five years, it might be a good idea to give your plans a test drive to see if what you are planning for is something you can live with in the future. When you finally retire, you will be working with a smaller budget and making other notable changes. Practicing these changes beforehand can go a long way to testing your expectations, as well as easing you into retirement and reducing the shock.
Here is a retirement test drive check-list for you to follow:
- Adopt your retiree budget. Begin using only the amount that you have estimated to be available to you every month once you retire. Then create a monthly budget that will work within that income amount.
- Go ahead and downsize if that’s your plan eventually.
- Transfer your transportation. If you plan on utilizing public transportation more after retirement, consider trying it now to see if it is something that you can live with later.
- Explore your intended retirement hobbies and activities now.
- Get involved with your new location. If you are planning on moving to a new city or neighborhood, become familiar with the area and the people.
Giving your retirement plan a trial run can prepare you for a more enjoyable retirement.
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