{"id":2099,"date":"2021-02-11T14:48:42","date_gmt":"2021-02-11T06:48:42","guid":{"rendered":"https:\/\/www.pacificprime.lat\/blog\/?p=2099"},"modified":"2024-04-30T11:42:47","modified_gmt":"2024-04-30T03:42:47","slug":"6-retirement-tips-and-trends-to-consider-in-2021","status":"publish","type":"post","link":"https:\/\/www.pacificprime.lat\/blog\/6-retirement-tips-and-trends-to-consider-in-2021\/","title":{"rendered":"6 retirement tips and trends to consider in 2021"},"content":{"rendered":"

Are you nearing retirement age? Even if you\u2019re not, the years just creep up on you. What\u2019s more, the events of the past year have proved just how unpredictable and uncertain life can be, so it can\u2019t hurt to be prepared for all eventualities, your golden age being one of them. Whether you want to head abroad<\/a>, remain in a place that\u2019s familiar, or have no idea what you should do, this Pacific Prime Latin America<\/a> article brings you 6 retirement tips and trends to consider in 2021.<\/p>\n

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1. Wondering \u2018where should I retire in 2021\u2019? Prioritize holistic wellness in your considerations<\/h2>\n

Traditionally, those deciding where to retire will factor in considerations such as the cost of living, climate, and lifestyle, as well as access to and quality of healthcare, amongst many other factors. How these factors are weighted tends to depend on the individual person(s) and their circumstances. That being said, the COVID-19 pandemic has shown that health matters can\u2019t be taken lightly in 2021 and beyond.<\/p>\n

Health goes beyond physical health. In other words, you should consider holistic wellness, which takes into account the entire spectrum of physical, mental, and emotional health. Therefore, go for a place that has appropriate recreational facilities, community-based interest clubs, lifelong learning programs, and other necessary support structures. Ask yourself what you truly need to be happy and healthy in your old age, and ensure you look out for that.<\/p>\n

2. Unplanned retirement can happen, so make sure you plan for it<\/h2>\n

Unfortunately, unplanned retirements are a fact of life. Perhaps you\u2019ve been laid off? This happened to scores of individuals in the past year, as the COVID-19 pandemic caused the global economy to take a hit. Or you might not be physically fit to work due to the onset of a health condition? Whatever the case, the key to dealing with unplanned retirement is to make sure you plan for it by striving to be in a good financial position.<\/p>\n

Deal with any outstanding debts<\/h3>\n

Granted, it might not always be possible, but you should aim to pay off any outstanding debts. Try to pay off credit card balances, student loans and car loans, and even mortgages as best as you can and while you still can. This is especially important if you can see yourself retiring within the next 12 months.<\/p>\n

Consult a financial planner for sound investment options<\/h3>\n

It\u2019s even better if you can engage a financial planner. They will be able to help you create a retirement investment plan that fits with your lifestyle and goals. They will tell you how much of your income you should be saving each month, and give you sound investment advice by guiding you to what funds will give you guaranteed returns.<\/p>\n

Understand retirement income options<\/h3>\n

Following on from investing for retirement, it is important for you to understand your retirement income sources and keep an eye out for any financially-savvy options. One example that\u2019s gaining popularity is the \u2018Life Rights\u2019 purchase model, allowing retirees to purchase the right to live in a specific unit in a retirement facility for the remainder of their life.<\/p>\n

3. Don\u2019t stop working into retirement – working retirees are increasingly common<\/h2>\n

While you may be retired and may choose to slow down, this doesn\u2019t mean you should completely stop working. Having something productive to do keeps your mind active and the extra income doesn\u2019t hurt either. For instance, a retired teacher could tutor online for a couple of hours each week, while an ex-marketing professional may offer consulting services to small businesses.<\/p>\n

You can start by thinking about the skills you have and the kinds of things you would like to get up to. If there are any gaps in your skills, you should also consider brushing up on them ahead of time. Fond of creative writing? Consider joining a creative writers\u2019 workshop. Always had a knack for baking? You could always perfect tactics and sell baked goods at farmer\u2019s markets. The options are indeed endless!<\/p>\n

4. \u2018Technophobic retirees\u2019 is a thing of the past, so get used to smart homes and telemedicine<\/h2>\n

Gone are the days when senior citizens would have trouble working technology. Whether it\u2019s video calling loved ones, streaming films, or even ordering groceries online, life is becoming increasingly tech-centric and today\u2019s retirees have to be tech-savvy. What\u2019s more, you can even go a step further and connect all your devices to create a \u2018smart home\u2019. This can make everyday living for the elderly a lot easier and fuss-free.<\/p>\n

On a similar note, you should also embrace telemedicine and virtual healthcare. This phenomenon has witnessed a surge in popularity amidst the COVID-19 pandemic, but it\u2019s likely here to stay beyond the pandemic as well. Not only does it increase convenience by enabling retirees to access medical advice from the comforts of their homes, but it\u2019s also safer than making trips to healthcare providers where viruses can be rife.<\/p>\n

5. Have too much stuff? \u2018Smartsizing\u2019 is the new \u2018downsizing\u2019<\/h2>\n

Moving into a retirement estate with years and years of stuff creates unnecessary clutter. As Marie Kondo says, if it doesn\u2019t give you joy, then it\u2019s probably time to get rid of it. But you can go beyond \u2018downsizing\u2019 your belongings to \u2018smartsizing\u2019 instead. This is a smarter way to know what and how much to chuck away, as you create simplified and well-designed living spaces that are centered on your lifestyle.<\/p>\n

The elements of \u2018smartsizing\u2019 are:<\/p>\n