Guest article by Holly Tomlinson
You’ve worked all your life and the past 35 years went by in the blink of an eye. With your beautiful children out of the house living their own lives and you and your spouse nearing retirement age, it’s time to think about how to make the most of your golden years.
When it’s time to hang up the gloves, consider these tips on how to retire in luxury and live life to the fullest.
Save Enough Money
It’s important to begin saving for retirement the moment you begin working. This way, you’ll be able to spend your golden years without having to stress about your financial situation. Start building your retirement income with these tips:
- Take advantage of your employer’s 401(k) plan
- Invest in stocks
- Build an emergency fund
- Create an IRA account
- Pay off debt
Find a Hobby
As they say, money can’t buy love or health, which is why finding a retirement hobby will help you establish social connections and stay active during retirement.
Now that you don’t have to go to your 9-5 job anymore, think about all the activities and plans you daydreamed about while slaving away behind your desk.
Have something in mind? Go for it! You only live once, and now that you have all the time in the world, it’s time to chase your dreams and feel satisfied with the life you lived.
If you’re unsure about what hobbies or activities pique your interests, you can try friend-finding apps that pair you with people with like-minded interests.
Or, consider picking up a part-time job. Do you love gardening? Apply to work at a nursery. Or, have you always dreamed of working at a quaint boutique or local coffee shop?
Spending a few days working will get you out the door, meet people, and even give you a financial boost.
Buy That Car You’ve Always Wanted
Sometimes it’s nice to treat ourselves to nice things. Depending on your financial situation, now can be the time to buy that car you’ve always wanted.
Have you had an eye on that shiny new Tesla? Now’s the time to buy. If you’ve saved up and can afford to do so, there’s nothing wrong with rewarding yourself with a shiny new car for all your life’s hard work.
And if you want to be financially savvy, shopping for used luxury cars, such as a certified pre-owned Mercedes-Benz, will put you behind the wheel of a flashy ride while not taking out all of your life’s savings.
If you really want to live your golden years in luxury, buy all those other toys you’ve dreamt of. Just picture yourself now behind the wheel of a new boat with your captain hat on while sailing around the Gulf of Mexico or through the Mediterranean waters.
You can even lease your own private jet for a few months to take you to all of your dream destinations such as Panama, France, or Thailand.
Sell Your Home and Move Somewhere New
Countless memories, family parties, gatherings with friends—your home holds a special place in your heart. But now that you’ve retired, it’s important to realize your home served its purpose and it’s time to turn the page to a new chapter.
With your children moved out and empty bedrooms upstairs, downsizing will put more money into your savings so you can enjoy more of this world.
Moving doesn’t just mean selling your home and staying in the same town. It gives you the opportunity to finally explore the world and live somewhere completely new, such as:
These countries are affordable for retirees and serve as great vacation getaways for friends and family to visit.
Renting is another option when it comes to retirement. By renting a home, you’ll have more flexibility to move if your interests change or if you want to experience someplace new.
Invest in Experiences, Not Possessions
While buying that boat or expensive jewelry seems nice, spending your money on experiences rather than possessions will make you feel more fulfilled with your life choices.
Rather than filling your closet with gold-plated accessories and expensive shoes, develop an appreciation for the world by exploring new cultures, cuisine, and environments.
Here are some great experiences we recommend to make the most of your golden years:
- Take a cross country road trip
- Go wine tasting in California or Spain
- Visit the Seven Wonders of the World
- Travel to a National Park
- Go on a cruise
- Go on a bus tour throughout Europe
Retiring in Luxury: Takeaways
Retiring in luxury doesn’t have to be difficult. There are numerous ways you can save money while still experiencing the finer things in life. With this retirement guide, you’ll be able to make the most of your golden years and love the life you live.
About Holly Tomlinson
Holly is a Los Angeles-based health and wellness writer looking to help readers make positive changes both physically and mentally. Her insightful content about healthy living, delicious recipes, and mental acuity is made for every type of reader.
Years of experience as a wellness guru and numerous dietitian courses have given Holly valuable insights and strategies that she can use to help boost the accuracy and relevance of your health-related blog.