10 Things to Do Now to Prepare for Retirement

You’re still building your career and maybe your family. Retirement is decades away. So why worry now? Because planning for retirement can never start too soon. Yet a recent survey by Bankrate.com found that one-third of Americans have nothing saved for retirement. Among people 65 and older, 14 percent had no retirement savings. Those between 50 and 64 years of age were even in worse shape, with 26 percent having no money put aside for retirement. Among those in the 30 to 49 age group, probably thinking they have plenty of time, a staggering 69 percent had nothing earmarked for retirement.

Many people when asked about the lack of a retirement cushion state that they will just work longer. But that strategy may not work out if the worker encounters health issues or is downsized by a company and fails to find other employment.

Besides the financial planning, however, being prepared in other ways often will mean leisure days spent happily rather than in turmoil. Besides banking money, the years before retirement should be spent banking good will with friends and relatives who will become important support systems in the Golden Years.

Joy Nevin knows what it takes to plan a successful retirement. She shares her wisdom in her new book, Joy of Retirement – Live, Love, Learn. Read her 10 tips.

1. Save, save, save.

Beginning with your first real job after college, create a savings plan. Start small, and gradually add to it as income increases so that one day there is a good nest egg. Everything you’ve heard is true: it will take more than you think to retire well. Whether you are single, married, or have a partner, talk to an accountant or financial advisor to map out a plan. Then stick to it. Take advantage of any savings plans offered by your employer. Don’t get derailed. If extraordinary expenses prevent you from saving for a month or more, don’t let that become the norm.

2. Buy a home you can afford.

When buying a house, never buy one that requires a mortgage payment of more than one week’s salary each month. Joy noted that she watched several friends buy very expensive homes in anticipation of increased income, only to have their jobs go away or the corporation fall upon hard times.

3. Avoid being a TYPE A employee. 

Yes, your career is important, but so is taking the time to support and nurture those around you. Make time for your spouse, partner, family, and friends. Don’t neglect your social life for late nights and weekends at the office. Those around you now will prove to be a great support system in the future when you adjust to retirement. Remember, the company will never thank you for neglecting your personal life, but your well being will be at risk if you do.

Joy Amazon4. Live a balanced life. 

Climbing the corporate ladder can be stressful, so don’t put your health in jeopardy. Skipping meals, eating on the run, or opting for fast food may be necessary when finishing that big project, but don’t make it a routine. Eat well and stay fit! Find an exercise plan that fits into your lifestyle and one that is fun. Staying healthy now may help you stay well for many years to come. avoid

5. Learn to be flexible.

Aging requires it! Aging is a unique “passage of life” and birthdays are a “high class problem.” Having them means we have been blessed with more time on earth. Don’t squander it. Don’t let minor inconveniences  – a late train, a parking ticket, a rude waiter – throw you off track. Start now and learn not to sweat the small stuff. Save your energy for what really matters.

6. Become a good listener.

This is a good rule to follow no matter what your status is in life. The better we listen to others the more we allow our own minds to expand and grow. This journey of life is all about give and take, and giving of ourselves endlessly is a most rewarding aspect. It is never too soon to develop this skill.

7. Find ways to share with those around you.

Many relationships fall apart later in life when we no longer find time for activities we once enjoyed with a partner or with friends. If you have a partner, make time for date nights. But don’t forget friends. Perhaps a book group no longer fits into your schedule, but you can still find time for a lunch to discuss a recent book you read.

8. Find your passion.

All work and no play is never a good plan, but when retirement happens and work evaporates, how will you fill all those hours? Take time now to develop hobbies or passions that you can enjoy during retirement. It’s never too late to take up a sport or a hobby and if you start now, it will be easy to pick it up once again when you retire.

9. Make time for romance.

Valentine’s Day is overrated. The best time for romance is anytime. Never forget the benefits of a romantic dinner or weekend away with your loved one. Romance doesn’t cease as our wrinkles sprout….instead romance evolves into a sweeter, more precious ingredient of our lives…just as love deepens with age, if you let it.

10. Develop your own motto.

“Each of us has our own special belief as to how we choose to be as a person; each one of us has a way of living that is deeply embedded in our hearts,” Joy says. “And to remember that each day as we live our lives helps to keep us centered through good times and bumpy times. I believe that it is important to help `Spread the Joy,’  whether that means helping someone remember to laugh, offering someone an uplifting smile, kind word, or extra hug. For it is not what we gather, it is what we scatter that counts the most in this life.”

Joy Nevin’s book Joy of Retirement – Live, Love, and Learn, can be bought on Amazon.