Although you may have looked forward to your retirement for years, the price of living keeps on going up and the value of your investments seem to be going down. Or there may be things that you really need to purchase, or a trip that you are saving up for. So can you really afford to retire? Perhaps you need to visit your accountant before you decide.

You could also search online and use one of the retirement calculators you will find there. They are quite simple to use, but you will need to put in the correct figures. You may have been offered a lump sum redundancy or retirement package deal that looks sweet, but the trouble with them is that you have all this money at once and it's very tempting to spend up big in the first few years of your retirement.

Instead, you should be investing it in an effort to make more. Retirement years may well last for quite a long time. At least we hope so. But you need money to live on so don't spend it all. If you do take a lump sum, be sure to roll it over to avoid a big tax bill. It's bad enough using your hard-earned money to pay bills, let alone giving it to the taxman when you don't have to.

Some money professionals believe people need to save 12% of their wage from about their mid-thirties on, to fund their retirement adequately. If you start even younger, then you will have the advantage of compounding to aid you in later years.   

About 30% of Americans choose not to have a retirement plan, even though they could have one to which their employers contribute. This type of plan is called a 401k plan. The advantages of it are that you can take it with you from job to job and you are able to invest the money as you choose. A 401k plan also saves your tax bill, since the money goes in before being taxed.

Not such a good idea is that the employee decides how much to save and where to invest it. So if you decide to save only a tiny amount or make a bad investment, you'll lose out. It is wise to look carefully into saving for your retirement. There is much good advice available on the Internet and there are professionals who can help. Just make sure they don't take too big a slice as their reward.

If you can't afford to retire, there are several options. You could do part-time work. This could be in the area of your present work, or it could be something completely different. You may have an absorbing hobby that you could make extra cash from. But remember that you won't always be able to work, so saving is the name of the game.

Once you retire you may decide to move. This decision could be brought about by financial considerations, or be due to the fact that you simply want a different lifestyle. It could be that you only stayed in your present home because it was conveniently situated to your job. So now you no longer go to work, you can live some place you like better. But where?

One thing to think about is your age. You may have stayed in your job longer than many do. So now you feel that to set up home in another area would be a lot of trouble for the few years left that you will be able to remain independent. Some people retire to the country only to find in a few years that they must move back to the city or town due to health problems or simple frailty.

Not everyone remains hale and hearty into their eighties. There will come a time - for some sooner than later - when they will no longer be able to maintain a large garden or even a large home. Maybe their eyesight has failed and they can no longer drive. What do they do then if they are out in the country with no public transport?

So it may be a wise move to go straight into a retirement village. There you will be surrounded by people of a similar age group and so will find friends with whom to share your interests. You won't have to mow the lawn every weekend. There will be no gardening, unless you choose to do a little.
You won't be responsible for the maintenance on your home. Yet you will have the same freedom as if you owned your own home.

In a retirement community, bus trips are often planned. This means you can have a way of getting out and about, even if you can't drive. You don't have to be dependent on your busy family to take you places. And if you fall ill there are health care professionals on hand to look after you.

As you get older and frailer, a place will be found for you in the residential aged care facility attached to the retirement community. This will save another upheaval because you will still be close to the friends you have made, so you'll feel right at home.

You might think it is too early yet to think of going into a retirement community, but such places are a great deal safer for those who live alone and/or are frail. And you are still able to choose which one you want to live in, whereas if you leave it until you are really old, your family may have to make that decision.

Many people look forward to their retirement for years before they are old enough to do so. They daydream about all the time they'll have to do the things they want to do. Or they may think that staying up late and then sleeping in till all hours is what they want most in the world. But do you really want to retire?

For a man especially, the work he does is how he is known. He feels somewhat less a person once this is taken from him, or in the case of retirement, is given up. He is not a mechanic, or a dentist or businessman any more. He is simply ?retired'. For many people, their work gives them an important reason to exist. Once they don't have this work to go to every day, they fall in a heap. How many men do you hear of who actually die not long after their retirement?

You may get a great deal of satisfaction from your job. It gives you something to get up for now that the children have all left home and the grandchildren are old enough to go their own ways. Your friends are there. It's like a second home. Why would you want to retire?

On the other hand, you may have stayed in a job you hate for years simply to get the kids through college. The boss is crabby and someone ten years younger than you was promoted above you only last week. They certainly don't appreciate your input. You feel unimportant and come home with a headache every day. You only go because - well, what else would you do?

If you fit into the latter category; you hate your job but are reluctant to give it up because you hate the idea of retirement, think again. There are many areas where your expertise could be welcomed. How about traveling to a third world country in a voluntary work capacity? That could be the most fulfilling thing you've ever done.

Remember that doing nothing can be really boring. When you are bored, you are not happy. You may even pig out on chocolate so much that you become obese. Then you'd have to give up that bit of sport that is the only thing you look forward to.

But you may have a great plan of all the things you are going to do as soon as you retire. If this is you, make sure you do them. Get out there and have lots of fun while you still can - and forget about growing old!

Semi-retirement is an option that many Americans consider. They may feel that they still have much to offer. They may still be quite fit, both mentally and physically. They have valuable skills and experience that they want to pass on to others. And finances may play a part in their decision, too.

Semi-retirement means that you still work for two or three days a week. This employment can be in the area of your career; your boss may offer you a consultancy position. If you love your job, this is a great way to remain involved, but still retain a certain amount of freedom. It's like having extra days off. If you were actually dreading retirement, working part-time can ease you gradually into the new life-style of having less to do, so it's not such a shock to your system.

There are many part-time positions available for seniors. You can apply for a position in an area that interests you, or you could try something completely different just for the fun of it. You might decide to be a greeter in a department store, or you may be able to get part-time work as a teacher. It doesn't matter, so long as you are happy.

If you are after a bit more variety than your previous job offered, you can try anything as diverse as bartending, starting an Ebay business, becoming a golf ranger, starting your own music band or even a pet-sitting business. You might even take a course that will enable you to get part-time work that you enjoy.

Semi-retirement will help to keep your mind active - important for those entering their senior years. It offers social benefits too. You may have worked with your colleagues for years and to leave completely would make you feel quite alone. It takes a while to develop new activities and friends that can satisfactorily replace the ones you've left behind.

It may be that you haven't quite managed to attain your financial goals for retirement, so to continue working part-time will bring in that extra cash. Even if you do have enough to retire on, more is always better. You can save for that something special or give extra gifts to the grandchildren. You may even choose to fund their college education with the extra money.

Depending on your age, you can earn a certain amount before your Social Security payments are affected. Each person is assessed differently; so a little research into this area will be needed.

Retirement is the ideal time to explore that new hobby. You have no little children to poke inquisitive fingers into it; they are now grown up and busy with their own pursuits and interests. Starting a new hobby can be very satisfying, refresh your mind and help you to meet new friends. But if you've never had time for doing hobbies before, you may need to find out what suits you best.

There are other considerations too. Maybe your eyes are not the best even with those new spectacles, so you will need to choose a hobby that does not require keen eyesight. If your hands are not as steady as you would like, then calligraphy or bird-watching using binoculars, may be difficult. Whittling may not be the best choice if your fingers are painfully crippled with arthritis.

There are many ways to explore what new hobbies are out there. You can go online and find lists of available hobbies and websites to purchase supplies from. You can buy a book on hobbies, or search through the hobby section of your local library. This is an excellent idea, as it will save you money, not only on purchasing supplies, but also on buying the book. You'll also get a good idea of what is needed to take up the hobby of your choice, both in time, effort and materials.

Another idea is to sit in at a club that is based on the hobby you like. Ask if you can go as a guest for one or two sessions just to make sure you like it. Then you won't be out of pocket if you change your mind. You may have a friend who does this hobby. If so, they will be able to tell you what you need and show you what to do. You may have just been curious about it for some reason, but find when you go to do it, that it does not suit you at all.

It's a good idea to try out a new hobby - something that you would not normally do - just to see if you like it. You may be surprised at the results. While you're about it, don't just stop at one hobby. There could be several that you enjoy and which give different benefits. For instance, walking will give you great physical benefits and you can meet new friends if you join a bush-walking club or simply say hello to those you meet. But it may not fill a perceived need for stimulating your mind or the satisfaction of acquiring a new skill. It will not give rein to your artistic side. So you could take up scrapbooking, some other form of art, or even photography, as well. Whatever hobby you decide to take up, enjoyment is the name of the game. 

Once you retire, you may be in need of a little more cash to carry out those renovations you had planned or go on that trip. Wouldn't it be great to find a little hoard of money in a sack under the floorboards? Well, you may not find any under the floorboards, but there are other places to look.

For instance, if you have multiple 401(k) plans and IRA's from working at a variety of jobs over your lifetime, you may be paying much more in fees than you need to. Try merging them all into the one account, that way you'll pay less in fees and be able to keep track of it more easily as well.

Got any old bonds? You may have bought them ages ago, or your parents may have bought them for you and forgotten about it. About two million people own expired saving bonds that could easily be cashed in. Search through those desk drawers or safe deposit box at the bank to find out if you are one of them.

Do you have a number of small loans or even credit cards? If you consolidate all that debt into one larger one, available at many financial institutions, you'll attract a lower rate of interest and also of repayment. If you then invest what you have saved each month, you'll be ahead in no time.

Everyone pays taxes, but there is no need to pay too much. If you file a T-1213 form (Canada only) you can get more tax back from the government. You may as well have it to invest as them, seeing that you earned it.

Make that coffee money earn you $22,000 dollars. Sound too good to be true? If you invest that $4.50 you spend on a large latte each day into RRSP instead of drinking it, in ten years that's how much you'll have. This is using compounding and with an annual return of 6%. Mounts up, doesn't it?

In some cases, it is sensible to rollover your IRA saving into a ROTH IRA. This must be looked at carefully, because it doesn't always work for the best, but it can. You can achieve a considerable savings in the tax you pay. This applies especially to estate tax, but also to other taxable income. Two things to watch are the amount you rollover in any one year, and the tax bracket you are in. Check with a professional who is used to doing this sort of thing to be certain it is suitable for you.

There are many ways in which you can help the community once you retire. Using your time and effort to help out will give you a feeling of great satisfaction and many people will appreciate it. So where do you start? There are many clubs that do good works in the community and are run totally by volunteers. The Lions Club and Rotary are two that have outreach into many countries.

The Meals on Wheels Association is active in many communities, taking meals to those who cannot manage to get their own. They often need volunteers to drive and deliver for them. Fuel costs are re-imbursed if you use your own vehicle, but you may be happy not to apply for this, as the increase in the price of gas is really hurting this charitable organization.

The Red Cross in another organization that depends on voluntary help. You could go collecting for them on their collection day, or volunteer to help out in other ways. There are opportunity shops run by this and many other charitable organizations that are always in need of volunteers to help out. Whether you sort stuff in the back room, or take a turn on the counter, it will be much appreciated.

If you have a love for sport and children, you could put the two together and offer to coach a junior sporting team. Children respond well to older people and you'll get fit running around the oval. Teaching your skills in other areas is another way to help the community. Some organizations that help homeless youth may be glad of your time spent teaching youth new skills so they can get paid work.

You could join Volunteers of America, who have diverse positions available for their volunteers. Helping out in day-car centers, hospitals, homes for disabled, the elderly, or working with juvenile delinquents are just some of the works they are involved with. You can choose to work on a short-term project just to try it out, or you can commit to regular weekly or monthly programs.

Churches often run programs to help others too. You may consider helping out your local church, or you may simply offer to help out your next-door neighbors or your friends. Everyone needs help at some time in their life. If you do decide to go it alone, remember that there are still rules and regulations to be observed. You may need to have the necessary qualifications to do a certain job, or you could be in trouble.

There is no doubt about it, retirement will cause differences in your lifestyle and activities. What you may not be prepared for is how it will affect your family. Your spouse or partner will be the one most affected. Just think; they have spent years without your company during the day and now you are in the house all the time. There may be some adjustments needed.

When you give up work, your mind is till quite active and it is natural to look around for something to fill it. For the first time you may notice exactly how your spouse does the cleaning or the washing up. Maybe it's not how you would do it and so you want to offer her some helpful hints. But wait! She has been doing it this way for umpteen years and it's been fine; why should she change? She may get upset at your quite reasonable suggestions.

Your partner has had to get a life of her own while you were working. Maybe she works herself and is not yet ready to retire. Maybe she has many social activities. She may not want to drop them just because you are now at home all day.  It's important to discuss each one's expectations for this important time in your lives.

You may be looking forward to spending more time together, in which case you'll both need to work out what activities will be dispensed with and what others you may share. Since your spouse may be used to having the house to herself all day, you could set aside your own special space to pursue your hobbies in, rather than spreading out all over the dining table. Maybe you could make a study or office out of that spare room that rarely gets used. Perhaps you should join some sporting or social clubs yourself, or maybe you could join in with your spouse's activities.

Your retirement may also affect your family. If you have been helping them out financially, this might need to stop now you don't have a regular income. They may decide to go back to work - with you providing free baby-sitting services. Don't feel you must accept this unless you want to. One or two days a week might be fine, but you both need to assert your independence.  There are sure to be other ways in which they can save or make money.

Once you have retired life is a whole new ball game. You no longer have to jump out of bed at the crack of dawn to get to the office. No more spending hours in the chaos of peak-hour traffic or getting home too tired to do more than veg out in front of the TV.  You can sleep in till ten, have brunch on the patio, potter about in the shed or garden for the afternoon and do whatever takes your fancy in the evenings. This will last for a few weeks, and then one day you'll realize just how bored you are.

It's time to create a new routine - one that gives you a sense of purpose. We are all creatures of habit, and when we have spent years doing a thing one way, our bodies get used to it. If you are now having trouble dropping off to sleep, it's because your body is out of sync. You've gone to bed at a later hour, slept in, then dozed off on the sofa in the afternoon; in fact you've stuffed up your body clock and now it doesn't know what whether it should be awake or asleep.

So what to do? Create a new routine that resembles the one you had before. Get up at a reasonable time - not quite so early as you used to, but stick to it most of the time. Eat at regular times, too. And eat healthy; no snacking on chocolate and soda - unless it's an occasional treat. Weight can pile on so quickly when you get older, but it takes ages and hard work to get it off.

If you are bored with all that inactivity, join a club or group - a sporting one would help to keep you fit. Many older people favor bowls. Getting out of the house at regular intervals will give you a sense of purpose. Even taking a brisk morning walk is good if you do it regularly, but you need to have interaction with others too.

Decide on a new project. You may like to convert that spare bedroom into a study or home office or just somewhere that you can call your own space. You may decide to paint the entire house. If you do decide on a large project, cut it down into smaller steps so it doesn't become too hard a chore.

Once you are happy with your new routine, stick to it so that your body clock works properly. But don't feel that it is set in concrete. Change is often a good thing and will keep you from getting stale.

You've spent years in the workforce and are looking forward to your retirement, but many people find that retirement isn't what it seemed from afar. They enjoyed their workplace because many of their friends were there and they felt part of things. Their job satisfaction is important to them too. It gave them a great deal of satisfaction to close that deal, or fix that car. So what happens when they leave it all behind them and never go to work again?  It could feel like they've come to the end of their useful life. This can cause a great deal of emotional upheaval and lead to depression.

But remember that this is new stage of your life and you will - hopefully - spend many years in retirement. Think of it as a new beginning rather than an end. The best idea is to plan for lots of activity. Writing your plans down causes them to take on life and seem real. This is not something that might happen one day, but it will happen to you, because you are going to take charge of your own destiny. Exactly what you plan will depend on your interests. You may decide that your idea of heaven is to play golf four times a week. Or you may prefer to take an art class and join that social tennis club your friends are in.

Or you could even opt for voluntary work in some capacity. It may be that you have the skills to offer your old place of work some time in an advisory capacity. This will keep you in touch with your former working life and friends and give you a great deal of satisfaction. It may even bring in some extra cash.

When you start to dream and scheme for your retirement, don't forget to get in touch with the inner you. You may have had some secret wish all your life and never had time to try it out. Now is the time to see if you can bring it to fruition. This will give you meaning and purpose in your life.

Perhaps you always wanted to go to university and earn a degree. It's not too late. Many universities now offer distance, online courses, so you don't have to uproot from your home to attend. Maybe you've always wanted to live on an island or learn the flute. Plan it and then go out and make it happen! Keep your life exciting and stimulating and you'll be happy in your retirement.