December is officially here and if you’ve recently retired, you may find that your holiday celebration might look a little different. Thanks to reduced obligations and increased free time, Arizona retirees may be better able to enjoy the season. However, older adults need to be wary of common pitfalls that can trip up holiday celebrations later in life. Here’s what the holidays look like after retirement.
It's a common mistake for older adults to continue lavishing gifts on their grandchildren after retirement during the holidays. While retirees with plenty in savings think they can afford to splurge, many don't take into consideration how it will affect the long-term value of their portfolio. Having a budget is essential for avoiding overspending on gifts.
Gifts aren't the only thing that might change after retirement. Travel may need to be adjusted. If older adults choose to retire in a different state from their family, the cost of holiday travel may become a cost burden. Seniors may need to budget more for airfare. They may also need to rent a vehicle or book extra nights in a hotel if they want to return home at a more leisurely pace. Because driving extra hours can wreak havoc on aging bodies, the easier and more cost efficient your holiday travel plans are, the better.
Regardless of how or where you’re spending your holidays after retirement, it’s important to make smart financial choices so that you’ll have less to worry about during this busy, festive season. If you’d like more tips on adjusting to retirement or if you’re an active adult seeking an Arizona retirement community to call home, please contact Sharon Mason today!