If you have reached retirement age, you may feel that things have suddenly become challenging. This is particularly true if your work has played a defining role in your life. Retirement is wonderful, but it is a huge life change. Be prepared to enjoy it using these tips.

Determine just how much money you will need in retirement. Studies show that the average American requires at least 75 percent of their normal income to survive during retirement: that’s 75 percent of the salary that you are earning right now. People who don’t earn that much right now will need closer to 90 percent.

People that have worked their whole lives look forward to retiring. They think retirement will afford them the opportunity to do everything they couldn’t do when they were younger. However, careful planning is necessary to make retirement as comfortable as it can possibly be.

Use your retirement free time to get yourself in great shape. It’s critical for older folks to keep bones and muscles strong, and exercise can help your heart out too. Take time to participate in regular workouts so that you can stay healthy and enjoy retirement for a long time.

While saving as much as possible towards retirement is key, thinking about the types of investments to make is also important. You must make sure that your portfolio is well-diversified so that you don’t run into trouble from making only one type of investment. Doing so reduces financial risks.

Try to wait a couple more years before you get income from Social Security, if you’re able to. Waiting means your allowance will go up. This is most easily accomplished when you’re still actively working or if you can collect from various retirement sources.

Reduce your expenditures prior to retirement. While you may think the future of your finances are already planned out, things can and will happen. You may run into some unexpected financial challenge.

If you’re someone who is over 50 years old, you can get into making catch up contributions onto the IRA you have. There is typically a yearly limit of $5,500 that you can save in your IRA. Once you reach 50, however, the limit will be increased to about $17,500. This will allow older people to save up.

Make friends with other retirees. Finding a friendly group of individuals who are also retired can help you enjoy your free time. With these friends, you can all enjoy retirement activities together. It’s also an adequate support group for when you need one.

Now you should have some ways to get the most from your retired years. You will have the ability to live every day in the way you truly want to live it. Use the advice here to create a great retirement for yourself.

There are tremendous opportunities for small businesses and social entrepreneurs to support their communities through community foundations, donor advised funds and other means of giving back. Find the neighborhoods in Minneapolis, Minnesota where you can make the most impact on improving your community.