Mid-Retirement Reflection – Is Your Retirement on Course?

As you move through retirement, it’s important to set aside time to reflect on how you’re doing. While many retirees focus on their health and finances, it’s equally important to consider other aspects of life. As you approach the midpoint of your retirement—typically between the ages of 70 and 80, depending on your longevity—it’s a good time to ask yourself broader questions. These reflections can help ensure you’re making the most of the years you’ve worked so hard to enjoy.

A holistic mid-retirement reflection can help you stay on track. To gain a better understanding of what you should take into consideration, observe the lives of retirees around you and think about the choices they’ve made. Then, reflect on these key areas:

According to a study by the Bureau of Labor Statistics, retirees spend an average of 1.77 hours per day on housework, like cleaning and laundry. The time spent can vary greatly depending on the size of the house, the number of rooms, and the amount of outside maintenance required. If you’re finding household chores more burdensome, downsizing might be a good solution. Not only can it reduce upkeep, but it also provides an opportunity to declutter and simplify your life.

On the other hand, if you frequently have family over or enjoy hosting gatherings, you might need to maintain a larger space. Consider how your home fits your current lifestyle and needs. If mobility or accessibility is becoming a concern, it may be time to consider a single-story home or a modern condominium equipped with features that make moving around easier.

As you reach the midpoint of your retirement, it’s natural to experience changes in your health. Even if you’re in great shape, it’s important to think about the availability and proximity of your healthcare providers, as well as any insurance changes that may be necessary. For example, if you know you’ll need a medical procedure soon, reviewing your health plan options during Medicare’s annual open enrollment period (October 15 to December 7) can help you manage potential costs.

Additionally, many Medicare Advantage Plans offer access to gym memberships and fitness classes, such as those through the SilverSneakers program. Regular physical activity can help prevent age-related health issues and provide a sense of community, which is beneficial for both your physical and mental well-being.

As you reflect on your retirement, consider whether your activities still bring you joy and fulfillment. While solo hobbies may have been enjoyable in the past, you might find them a bit lonely now. This could be an opportunity to join a book club, a walking group, or any other social activity that helps you forge new connections.

Don’t feel obligated to stick with hobbies that no longer bring you satisfaction. As life changes, so might your interests. It could be time to try something new or revive a pastime from years ago that you once enjoyed.

Managing your finances is a continuous process in retirement. Start by examining your budget to ensure your income still aligns with your spending needs. You don’t want to miss out on experiences like travel due to overspending, but you also don’t want to sacrifice financial stability.

This is where financial advisors can be incredibly helpful. They can assist you in making adjustments, confirming whether your current asset allocation is appropriate, and simulating how your portfolio might respond to life changes. If you’ve experienced any significant life changes—such as marriages, divorces, births, or deaths—ensure that these changes are reflected in your estate planning documents and beneficiary designations.

As we age, it becomes more challenging to course-correct if needed. Conducting a mid-retirement reflection is a valuable exercise to ensure that your financial, health, and overall well-being goals are being met. With the proper adjustments, you can continue to enjoy a fulfilling retirement, making the most of the years ahead.

If you have any questions or need personalized advice on your retirement plan, don’t hesitate to contact Jeff Blum at J. Blum & Associates Wealth Management. We’re here to help you navigate the complexities of retirement and ensure you stay on course for a secure and enjoyable future.

The foregoing material is for information purposes only and does not purport to be a complete description of the material referenced herein, nor is it a recommendation. The information has been obtained from sources considered to be reliable, but there is no guarantee that these statements, opinions or forecasts provided herein will prove to be correct. Any opinions are those of J. Blum & Associates Wealth Management and not necessarily those of Raymond James. All opinions are as of this date and are subject to change without notice. There is no assurance that any investment strategy will be successful. Future investment performance cannot be guaranteed, investment yields will fluctuate with market conditions. Every investor’s situation is unique, and you should consider your investment goals, risk tolerance and time horizon before making any investment. Prior to making an investment decision, please consult with your financial advisor about your individual situation.

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