This article is reprinted by permission from NerdWallet. Slightly more than half of retirees (53%) reported strong satisfaction with their life in retirement, according to the Employee Benefit Research Institute’s 2022 Spending in Retirement Survey. “I firmly believe that one of the ways to be content in retirement or semi-retirement is to stay active and engaged with the world,” says Paul Dillon, a 78-year-old grandfather in Durham, North Carolina.
Since retiring in 2006, Dillon has been an adjunct professor at Duke University’s Sanford School of Public Policy, a consultant for veterans’ issues, a writer and a conference presenter. Setting goals and planning ahead can help you handle challenges and prepare for new opportunities as you age. Here are four tips from experts on aging, retirement and financial management.1. Test drive your retirement income Will you have enough money once you’re retired? It’s best to know ahead of time. “Try a ‘retirement test drive’ before you actually retire to see if your income will be enough,” Scott Jensen, a certified financial planner in Queen Creek, Arizona, said in an email. Here’s how to try out your retirement income:
Identify your income sources after retirement, such as Social Security, 401(k) or IRA plans, pensions, annuities or other savings.
Work out your income in retirement based on those sources — NerdWallet’s retirement calculator can help.
Live on your estimated retirement income for a while.
If you have trouble living on what you’ll have in retirement, it’s a sign that you might not be ready yet. So you may want to reexamine your budget and plans, potentially with the help of a financial adviser. See: Most Americans aren’t banking on Social Security2. Plan for how to spend your …
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