As you transition into senior living, it’s easy to fantasize about days spent relaxing and enjoying the little things without the stress of a daily job. However, before things get considerably easier, you’ll have to put time and careful thought into a rigorous planning period. Ideally, this process will begin early on in your career, when you’ll explore your wants and needs and create a viable strategy for the future. To learn more about retirement planning, consider the following step-by-step guide.

The 5 Phases of Retirement Planning

1. Saving Up

This phase will begin as you become stable in your job, even as early as your 20s and 30s. As soon as possible, make sure you’re signed up to participate in a retirement savings plan through your employer, such as a 401(k). This will ensure that money from your paycheck is set aside for you to use in retirement. If you’re self-employed, you might want to meet up with an accountant who can provide guidance.

2. Preparing

Around age 50, or 15 years before the typical retirement age, you’ll need to start addressing the money you’ve saved throughout your career. Ask your employer to refer you to a benefits specialist that can offer information on Medicare and Social Security, which play a significant role in your post-work life.

3. Early Retirement

From your retirement date until your 70th birthday, you’ll likely be adjusting to senior living. This is the time to discuss your plans with your family, as well as to check in on your savings usage patterns. If the money you set aside is not fulfilling your needs, you may need to adjust your lifestyle or look for additional income.

4. Mid-Retirement

Once you’ve reigned in your spending habits and found a lifestyle that works for you, you can enjoy the majority of your retirement period. Whether or not you’re dealing with health concerns, start thinking about how you and your family will fare should your well-being decline.

5. Late Retirement

When you are no longer self-sufficient or begin facing illnesses, you’ve likely entered the last phase of senior living. At this point, the planning that you did in the previous four stages will carry you through the remainder of your years with ease and contentment.

If you’re looking to make a lifestyle change, but you’re not ready to give up your independence, make a stop on the road to retirement at Longhorn Village. At this Austin, TX-based senior living center, you can enjoy all the benefits of medical help and rehabilitation services while staying physically, socially, and mentally active in a supportive community of peers. For more information about this unique living center, call (512) 266-5600 or visit the website.