6 Things I Really Wish I’d Known Before I Retired

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So, you’re thinking about retirement, huh? Well, let me tell you, it’s not all sunshine and rainbows.

As someone who’s been there and done that, I’ve got a few insights to share.

Retirement can be a mixed bag of emotions and experiences, and there are definitely things I wish I’d known before taking the plunge. From financial surprises to unexpected free time, here are a few nuggets of wisdom that could make your retirement journey a lot smoother.

1. How to make your money last

The transition to retirement requires a shift in money management. Instead of focusing on saving, we need strategies to make those savings last a lifetime.

That’s when a set of expert eyes can be a lifesaver.

One Vanguard study found that, on average, a hypothetical $500,000 investment over 25 years would grow to $1.7 million if you manage it yourself, but more than $3.4 million if you work with a financial advisor. That’s twice as much!

If you’ve got at least $100,000 in investments, check out a free service called SmartAsset. You fill out a short questionnaire and instantly get matched with up to three vetted financial advisors in your area, all legally bound to work in your best interests.

Even if you don’t want help picking investments, an advisor can help lower your tax burden, create a comprehensive financial plan for you, maximize your Social Security, and make sure you’re on the right track. They can also be there if, one day, you’re not.

Using SmartAsset only takes a few minutes, and in many cases you’ll be offered a free consultation. Nothing to lose and lots to potentially gain. Take a minute and check it out right now!

Please carefully review the methodologies employed in the Vanguard white paper, “Putting a value on your value: Quantifying Vanguard Advisor’s Alpha.”

2. Get a $300 bonus from this high-interest bank account

If you’re banking at a traditional brick-and-mortar bank, you’re getting ripped off. They’re charging you for checking account and paying a pittance on your savings.

Better idea? SoFi. They offer a combination checking-and-savings account, and if you set up direct deposit, you’ll currently earn a whopping 4.60% annual percentage rate. That’s eight times the national average.

Better yet, they pay you a cash bonus just for signing up!

Direct-deposit $5,000 or more within the first 25 days, you'll get a $300 bonus. Direct-deposit $1,000 to $5,000, you’ll get a $50 bonus.

Other cool features:

    • Get paid up to two days early
    • No overdraft fees or monthly fees
    • Free use 55,000 ATMs nationwide
    • Free paper checks, if you want them
    • Deposits insured up to $2 million
    • Earn up to 15% cash back using your debit card

Banking has changed. Time for you to change with it.

Check out SoFi right now.

3. Health coverage isn’t enough

According to the U.S. Department of Health and Human Services, 7 in 10 people who turn 65 today will probably need some kind of long-term care.

“But won’t Medicare take care of all that?” Nope. Medicare doesn’t cover long-term custodial care — and paying for it out of pocket could take a huge chunk of your retirement savings. That, plus inflation, could scramble any nest egg.

Solution? Long-term care insurance.

One place to find it is GoldenCare. (Unless you live in the four states where GoldenCare doesn’t operate: Alaska, Florida, Hawaii and Washington.)

At least check it out and see if it’s a fit. Because a little planning today could mean a far more secure tomorrow.

4. Instead of paying your mortgage – get paid

You’ve spent years maintaining and building equity in your home. Now it’s time for your home to pay you back.

A reverse mortgage is an insured loan that lets homeowners 62 and older convert their home equity into cash, but without selling the home. Take the money however you’d like: monthly, lump sum or line of credit. Use it however you’d like: home repairs, bills, traveling or simply living a better life.

Your home remains yours. You hold the title until you die or choose to move elsewhere, provided you maintain the home. When you leave the house, the loan is repaid.

A reverse mortgage can make a huge difference in your quality of life. But they’re not for everyone, so it’s important to get more information. Also important: not all lenders are equal. Be careful who you deal with.

One lender that’s highly rated and happy to answer questions is Longbridge Financial. They’ve earned 4.9 of a possible 5 stars from Trustpilot and ConsumersAdvocate.org said, “By far the best online experience and tools among all the reverse mortgage lenders we reviewed.”

If you’re 62 or over and have equity in your home, it’s time to at least need to see what your options are.

5. Insure against big bills

Home repairs aren’t cheap. Whether it’s a leaky roof or a broken appliance, your castle can quickly crumble and cost you hundreds, or even thousands.

Unless, that is, a home warranty company has your back. Example? First American will protect you from giant bills by covering everything from home appliances to electrical, plumbing, heating and cooling systems — even pools and spa equipment.

They also allow you to customize your plan, so you only pay for what you need.

When something goes wrong, call First American, day or night. The company has a network of pre-screened technicians and typically dispatches an independent contractor within 48 hours.

Hey, if you’re handy and like to repair stuff yourself, that’s obviously the cheapest route. But if that’s not you, a penny spent now could save you big bucks later.

Get your free quote in 30 seconds.

6. Stop putting all your eggs in one basket

Every successful investor knows how important it is to diversify your savings with different types of assets, like stocks, bonds, gold and real estate.

But don’t stop there. If you’re looking to add something completely different, here’s an idea: check out Vinovest. They make it simple, and rewarding, to invest in fine wine and whiskey. The Vinovest team combines insider knowledge and bulk buying power to acquire high-value bottles and barrels at the best prices. By purchasing large quantities directly from vineyards and distilleries, Vinovest secures deals that individual investors can’t match.

Vinovest handles all the details, from authentication to storage and insurance. You just sit back and watch your returns grow. While past returns are no guarantee of future results, Vinovest clients have enjoyed exits up to 30.7%.

Ready to uncork the potential of alternative investments? Join 150,000+ other Vinovest investors and diversify your savings with wine and whiskey. Get more information right now by clicking here.

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