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Retirement is a Journey, Not a Destination

By U.S. News & World Report

Throughout your working years, you have probably viewed your retirement as a destination. It is a goal you are saving for and will hopefully reach one day. But once you reach this destination, then what?

The perception of retirement as a destination may be why some people approach retirement with dread rather than anticipation. They view retirement as a finish line or as the end of the road. But retirement is simply a milestone you pass on your journey. It’s like crossing the border from one state to the next. The road will continue to unfold before you.

Your life has changed in countless ways from the time you graduated from school and entered the full-time work force until the present. You have probably changed jobs and perhaps changed careers. You may have lived in numerous places, gotten married and raised a family. Friends have come and gone, your hobbies and interests have evolved and your body has changed.

Your retirement could easily last two or three decades. It won’t be a one-dimensional, stagnate state of being. Your life will continue to evolve in many ways after you retire. You may move, the people in your life will continue to shift and you will probably travel to new places and engage in new activities. You may not see your life changing much on a day-to-day basis, just as it didn’t seem to change much during your working years. But whenever you stop and reflect back over a year, five years or ten years, you will be amazed at how much has changed and how your life continues to evolve.

[See: 10 Ways to Celebrate Your Retirement.]

Your retirement journey will probably pass through several phases. They won’t be delineated by specific events or ages, but by gradual transitions. The phases will overlap and some will last longer than others.

The initial adjustment. This is the most dramatic shift. It begins the first day you don’t have to drag yourself out of bed and go into work. During the coming days and weeks, most aspects of your daily routine and your lifestyle will change. Your income and spending habits will change. You will no longer be spending most days with your co-workers, and you’ll be spending a lot more time at home. Your relationship with your spouse may change.

Experiencing so many changes in a short period of time can be stressful and disorienting. You will probably want to allow yourself time to relax and decompress from years of workplace stress. You may want to celebrate your retirement by treating yourself to a nice vacation. But once you have adjusted to the fact that you no longer work, it will be time to create a new daily and weekly routine that includes a mix of physical activity, mental stimulation, socialization and pursuits that bring you happiness and fulfillment.

The go-go years. If you retire in your mid-50s to mid-60s, you will probably still be in reasonably good health and be able to live an active and independent lifestyle. Despite your chronological age, you likely won’t feel old yet.

These are the years you will probably fill with traveling, physical activities and organizations to join. You’ll have plenty of time for gardening and home projects, and you may move to a different place to enjoy your retirement. Your schedule may seem as full as it was when you worked, but being busy and active at this stage of your life is good for you both mentally and physically.

[See: 10 Classic (and Unique) Retirement Gift Ideas.]

The slow-go years. After a while, age will start to catch up to you. You will probably still travel, but your suitcase will seem heavier and your daily itinerary will be lighter. You’ll probably favor shorter trips to closer destinations.

While you may not be able to engage in as much physical activity, there’s still plenty to do. You can continue to stay mentally engaged by taking classes and enjoying concerts, theater and museums. There are still many hobbies and crafts you can enjoy which don’t require strenuous activity. You will probably appreciate more time for relaxation.

The no-go years. Ultimately, you will reach a point where you will have to curtail many of the activities you have enjoyed up to this point. You may require some assistance from family members, friends or hired help, or you may need to move to an assisted living or continuing care facility.

Fortunately, there are still things you can do. You will have more time for reading, enjoying your music or movie collection or working puzzles. If you like to write, you can create your memoir, document your family history or write poetry or fiction. With all of today’s communication media, it is easier than ever to stay in touch with your family and friends and keep up with what is happening in the world.

[See: 10 Ways to Make Extra Money in Retirement.]

Knowing that your retirement will change over the course of many years will raise your awareness of the possibilities you have for the rest of your life. If you have a long list of things you want to do after you retire, you will be better able to plan for what you should focus on during each phase of your retirement. On a more philosophical level, you will be able to appreciate the passage of time and the gifts that each phase of your life has to offer.

Dave Hughes is the founder of Retire Fabulously.

More from U.S. News

10 Ways to Get Ready for Retirement After Age 50

10 Places to Retire on a Social Security Budget

How to Pay Less Taxes on Retirement Account Withdrawals

Retirement is a Journey, Not a Destination originally appeared on usnews.com

Don’t Settle for Student Loans to Pay for Online Education

By WTOP Staff
Online college programs are becoming a more popular choice for prospective students, with one study finding that more than 6 million students enrolled in at least one online course in fall 2015. The popularity of these courses can be attributed in part to their flexibility with working adults' schedules, students' ability to progress more quickly through online programs and, oftentimes, cheaper tuition. [See 10 low-cost online bachelor's programs for out-of-state students.]Online degrees can be beneficial to many college students, but some studies have shown online learners complete their programs at lower rates than students at traditional brick-and-mortar campuses. Individuals with student loans but no degree comprise two-thirds of defaulted borrowers. Though these numbers are not encouraging, just like for traditional programs, there are ways to reduce how much you'll need to borrow for an online program to ensure you won't become one of these statistics. Don't just settle on borrowing student loans to cover the whole cost of your program and living expenses. Instead, start thinking about how to cut costs and cover your balance in different ways, such as the following. -- Grants and scholarships: Even though you are taking an online course, you can still apply and receive grants and scholarships. But your first step should be to complete the Free Application for Federal Student Aid, commonly referred to as the FAFSA, which will allow you to receive a Pell Grant if your expected family contribution is low enough. The EFC criteria and award amounts are adjusted annually, but the 2017-2018 academic year awards range from $606 to $5,920, which could significantly lower the amount you borrow annually. Your next step is to apply for scholarships. You can start by checking online scholarship search engines, such as the Salt Scholarship Search, College Board's BigFuture and Peterson's. But don't forget to take advantage of local organizations and your school's financial aid office. Both may offer scholarships that you can't find with a national scholarship search. [Review these 10 sites to kick off your scholarship search.]For instance, organizations like the Elks Club, Knights of Columbus or the Rotary Club typically offer scholarships annually to local students. Just because you're going to school online doesn't mean you're ineligible. Visit your local library for scholarship listings, and ask around town. You might be surprised how many local organizations offer scholarships. While these scholarships typically aren't large, every little bit counts. Each dollar you receive in a scholarship is a dollar you don't have to borrow and pay interest on. -- Work-study: Another option for online students may be work-study awards. Not all students enrolled in online programs are eligible, but students at some schools -- including, for example, SUNY Empire State College and Liberty University -- are. Work-study awards are not given upfront like scholarships and grants. In most cases, they are an offer to earn up to the awarded amount if you secure an eligible work-study job. While there is a misconception that all work-study jobs must be on campus, students can work for off-campus, nonprofit or public employers as long as the work is in the public's interest. You may be able to work for a for-profit employer if the job is relevant to your course of study. No matter who the outside employer is, it will need to have an established agreement with your college for you to receive work-study funds. Remember, to be eligible for federal financial aid, you must be enrolled and pursuing a degree or certificate. If you're not working toward a credential, Pell Grants and work-study won't be option, but you may still be able to take advantage of private scholarships -- just be sure to read the eligibility criteria carefully. [Explore what to know about financial aid in online programs.]-- Pay as you go: One of the great benefits to enrolling online is the flexible schedule, which can allow you to complete your college coursework around your responsibilities. But prospective students often overlook using their part- or full-time job earnings as an option for paying for college. Almost 80 percent of college students in 2015 worked at least part time while attending classes, according to the National Center for Education Statistics. By budgeting and thinking strategically about your college costs, you can likely reduce your dependence on student loans by paying a portion out of pocket. Many -- but not all -- online programs are less expensive than traditional programs and often have shorter payment periods. Six, eight or 10 weeks are common course durations. Because of the frequency of payments in an online setting, you may be well-placed to pay as you go and possibly avoid borrowing altogether. Attending college online and avoiding student loans may be challenging, but if you are willing to put in the effort, you can limit the amount you need to borrow. More from U.S. News Q&A: Understanding Student Loan Discharge Eligibility Student Loan Refinancing Isn't Right for All Borrowers
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