5 Ways to Improve Your Retirement Living on Less than $50,000

 In Retirement

retirement

Although everyone hopes to retire someday, the sad truth is that, for many people, it won’t turn out to be the golden years they had expected.

Instead, they’ll find that retirement living is more of a struggle than decades spent working full-time hours.

Fortunately, we have five tips to share with you that will help you boost your retirement living even if you only have $50,000 to live on.
retirement accounts 401K IRA

The Benefits of a Fulfilling Retirement

Retirement shouldn’t just be about sitting back, putting your feet up and doing as little as possible. This is a time when you can introduce positive changes to your life that will help you live longer, happier and more fulfilled.

According to Today, an analysis has been done in 2015 that looked at thousands of American retirees found that “Retirement has long lasting benefits to individual well-being.”

Furthermore, it immediately improves one’s personal sense of satisfaction with noticeable improvements in health showing up within a couple of years.

A study on retirement done by the National Bureau of Economic Research had similar results. To quote the study’s abstract, “We find strong evidence that retirement improves both health and life satisfaction.”

The key to this kind of retirement living has more to do than just the lump sum you’ve saved away for these years. Now we’re going to look at the five ways you can experience the aforementioned benefits without having more than $50,000 to live on.

Now we’re going to look at the five ways you can experience the aforementioned benefits without having more than $50,000 to live on.

Start Making It a Priority Today

Once you’re done reading this piece, it’s important that you really make improving your retirement living a priority right away. While it might seem like an intimidating prospect, it’s also a really important one.

What could be more imperative than ensuring that the rest of your life is enjoyable and fulfilling?

As you’re about to see, it’s not as though we’re going to direct you to make sweeping changes to your life right away.

Instead, you’ll see that improving your retirement living is something you can do little by little, but you have to make a daily effort.

This will most likely mean getting your spouse on the same page.

There’s no reason they shouldn’t want a higher quality of life during retirement as well, but to avoid any confusion, take a moment to make sure you’re moving forward – from day one – together.

Find a Healthy Habit

It’s never too late to begin exercising. Sedentary lifestyles are especially easy to fall into once you retire. Unfortunately, this type of approach to life could actually cause a premature ending.

At the very least, you won’t find life very fulfilling and could come down with nagging health problems only because you’re not getting enough exercise.

Obviously, you’ll want to find a pastime that is affordable, but that still leaves plenty of options to choose from. It doesn’t cost anything to get outdoors and go for a run or walk.

The Internet has also made it easy to find all kinds of workout programs from top professionals. You could take up yoga, Tai Chi, weightlifting, or, if you live in a body of water, swimming.

None of these would cost you much, yet they will all help you live a much longer, more enjoyable life. Keep in mind, too; that physical wellbeing has an effect on mental wellbeing.

Your mental faculties will noticeably benefit from making daily exercise a part of your life.

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Get Rid of Expensive Habits

They say the best way to get rid of a bad habit is to replace it with a healthy one. Now that we’ve covered a new, healthy habit to add to your life, why not get rid of one that isn’t bringing anything to the table?

Most of us have at least one unhealthy habit. It could be smoking. Maybe you have a bit more alcohol than you should on a regular basis. It could also be something like an expensive car or some other possession you simply don’t use, but still pay for.

Ideally, you want to find a habit that isn’t improving your wellbeing and is also costing you money to boot.

Replace that old habit with a new exercise regimen, and you’ll get to save money in the process.

Spend More Time Socializing

Just as important as getting lots of exercise during your retired years is making sure you get out of the house and socialize. Socializing is essential for a healthy quality of life.

It is especially important for those who are living alone.The feelings of loneliness that often accompany spending your days by yourself can literally kill you.

Again, the Internet is going to be your best friend for taking care of this problem and doing so affordably.

There are all kinds of ways to meet new people and spend time socializing with them or simply take your friends on new adventures that involve getting out of the house.

Best of all, none of these things need to cost much.

Consider Volunteering

Even though a lot of what we’ve recommended so far involves staying active, we also understand that a significant part of retirement does, understandably, involve moving at your own pace.

Still, if you’re like a lot of retirees, you’ll soon find that having some sort of schedule and doing some kind of meaningful work is an attractive way to live. One way to do this is by looking for an opportunity to volunteer.

First, it will give you something to do on a regular basis which makes it less likely you’ll fall into that sedentary lifestyle we warned about earlier.

It will also give you a great opportunity to socialize with people you probably have a lot in common with.

Third, this can add a lot of meaning to your retirement living.

Whatever it is you choose to do, there will be people depending on you and grateful for your hard work – two things that will always boost your quality of life.

Don’t let your days as a retiree turn into a constant struggle against boredom. Don’t fall into the trap of thinking you can only enjoy these days if you have lots of money either.

While this definitely helps, the above tips are all possible on less than $50,000.
retirement accounts 401K IRA

Sergey Sanko
Sergey had started an IncomeClub after years of being an investment advisor for high affluent investors and managing fixed income securities. He is the lead investment advisor representative and holds a Series 65 license. Sergey earned his Executive MBA degree from Antwerp Management School.
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