During your career with Uncle Sam, you’ve likely spent time focusing on the financial side of your federal retirement. But have you thought about how you’ll handle the changes to your lifestyle? Will you sell your home and move to another state? Buy an RV and travel the country? Or, live in a 55+ Active Adult Community? Before you jump into an entirely new retirement lifestyle, consider using some of your annual leave to take it for a test run.
Some 55+ Active Adult Communities Offer A Preview
If you’ve been considering buying a home in a 55+ community, call and ask if you can stay as a guest to experience the lifestyle. For example, The Villages® – the largest 55+ community in Central Florida – offers a Lifestyle Preview Plan for up to seven nights in one of their homes.
Rent The RV Before You Buy One
If you’re feeling the urge to buy an RV and hit the road to see the country, you’re not alone. According to a study by the RV Industry Association:
- RV ownership is at a record high of 11.2 million households.
- Half of these owners are 55 and over.
- Roughly one million Americans are living in RVs full time.
- An additional 9.6 million households plan to buy an RV in the next five years.
To make sure the RV life is right for you, take it for a spin before you invest.
“It’s important to experience a new location like a resident living in a home, not like a tourist staying at a hotel.”
Test Drive Living In Other States
If you’re thinking of relocating to another state in retirement, consider using a couple of weeks of your annual leave to stay there in a rental. It’s important to experience a new location like a resident living in a home, not like a tourist staying at a hotel. In the years leading up to retirement, you can try out more than one new location before you sell your home and make a permanent move.
Start Living On Your Retirement Budget
One way to be certain you can live comfortably once you’re no longer working is to start living on your retirement budget before you separate from service. First, calculate how much you’ll receive from your net FERS annuity, Social Security, and TSP distributions. Then try living on that budget for a few months. When you take your retirement budget on a test run, it gives you time to adjust your spending habits and identify any potential retirement income gaps before it’s too late. To learn more, connect with an FRC® trained advisor.
