Retirement today looks very different than it did for previous generations. With life expectancy increasing, many people are retired for more than a third of their lives! Our retirement planning strategies need to reflect this new reality so we can enjoy that next chapter as much as possible.

For some, retirement can be exciting and for others it can cause an increase in anxiety and stress due to the drastic change in lifestyle. Either side you fall on, its best to break retirement down and plan before taking the leap. Here are 4 tips that break it down:

1.     Consider working a few years longer. If you aren’t confident about the amount of money you’ve saved for retirement, consider working a few extra years which may give you added income and a sigh of relief. Also consider working on a part time basis so money is still being brought in. This is a great option for those of us who enjoy work and aren’t quite ready to leave. Just because you can retire, doesn’t mean you have to.

2.     Maximize and understand your pension. It is important to review your pension annually, and plan ahead based on these results. Markets are constantly changing, and your pension should reflect the current and forecast market conditions. Similarly, know the benefits of your pension. For example, what will your income be? What will it look like in the future? How soon can you begin receiving it? Getting these questions answered ahead of time will allow you to plan accordingly.

3.     Sign up for Medicare on time. If you don’t, you risk paying higher premiums. Not to mention, the longer you wait, the hastier your decision might be for the plan you choose. You can save a lot of money by doing your research early. Plan ahead to give yourself time to consider all of these factors and avoid late fees.

Don’t forget to plan the good stuff. It’s easy to get wrapped up in the logistics and financial strategies of retirement. But be sure to spend some time envisioning what you’d like to do with this extra time in your life. Start creating a retirement vision board with fun things you’ve always wanted to do. Retirement should be a financial decision as well as a soul-satisfying one

Visit your local Inter Valley Health Plan Medicare and Information Vitality Center for free health and vitality classes. For more information on classes near you visit https://forhealthandliving.com/ivhpevents