MANY WORKERS LOOK FORWARD TO RETIREMENT, BUT FINANCIAL STRUGGLES AND OTHER SURPRISES CAN BRING CHALLENGES DURING THIS SEASON.

To prepare, let’s see what other retirees have to share. And what regrets they have.

1. An undefined Financial Plan

Many retirees wish they had made a more detailed financial plan before retirement. They wish they had started at a much younger age, and encourage others to take the time to do their own due diligence and to create a comprehensive financial plan based on their unique circumstances and needs. Understand the power of compound interest.

2. Have Retirement Goals

Retirement provides an opportunity to do what you want to do, but you also need to figure out what you want to achieve in this season. Look at what you really want to achieve, what is your passion now that you have time and some income to do pretty much what you want. This is the opportunity to do what you have never had time, or confidence, to do earlier in your life.

3. Don’t count on Long-term employment

Health problems, or an economic down turn, can mean the unplanned ending of a career. All our plans can change because of circumstances out of our control. Long term adventures may be scuppered, and some flexibilty (if possible) should be built-in to retirement plans to deal comfortably with such possibilities.

4. Keep in contact with grown-up children

Sometimes older parents feel they should have all the answers, and don’t feel free to share financial and future concerns with their adult children. Some people might even make decisions to shield their children from bearing their burdens, and cause more harm than good to these relationships. It’s good and healthy to discuss plans and worries with them, and seek their input. Their perspective often gives insights never considered.

5. Downsides of Early Retirement

An early retirement may seem like a dream come true, until you realize that most of the people you would like to spend more time with are still working. While you suddenly have large amounts of free time, your friends are still occupied, so the very people you would want to spend time with are unavailable. Often, a big reason for boredom in early retirement is the lack of similarly aged friends.

6. Embrace a Slower Pace

After a lifetime of being constantly busy, it can be difficult to slow down in retirement. Always pushing yourself to be the best, and wanting to achieve as much as possible, there comes a time to realize that it is OK to enjoy the fruits of your labour. To be proud of your achievements and to take life a little easier. Plan to stay in good shape, mentally and physically, and be creative. But also take walks, and sit in nature, or enjoy a glass of wine while watching the sunset.

7. Consider a Second-Act Career

Whatever the reason, maybe to keep busy, or earn some extra income, a 2nd career can be a fun option. Perhaps you love dogs, so consider a pet-sitting service. The only limit is your imagination.

8.  A Lack of Purpose

If you don’t have a reason to get up in the morning, retirement can get dull. You might think leaving a hectic career will solve all your problems. After a short period of settling down, you will find that leaving work does not create a significant sense of purpose, identity or connections. You have to develop those on your own.

9. Factor in Inflation

Rising prices can hit budgets hard for those living on fixed incomes. Inflation and higher costs affect everyone, and retirees are no exception. If you are able to, plan out expenses to make sure you have enough to cover everything. Taking small measures month to month can help retirement funds last.

Retirement, like most things in life, works best when properly planned for. And you’re never too young to start doing this. So get going..the best is yet to come!

– Provided by Leslie Hurst