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Eco-Friendly Retirement Planning Tips for Green Building Professionals

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You have worked hard as an eco-friendly contractor for many years. You have done your part to create new buildings while minimizing your carbon footprint as much as possible.

However, you will eventually no longer be able to do this job. The contracting profession takes a huge toll on your body. You might need to retire sooner than many other professionals. You will also face some mental health issues even if you follow these tips.

How do you plan to retire? You are going to have to save for retirement and practice eco-friendly habits that save money.

Preparing to Retire as a Green Building Professional

Retirement is a time in your life when you have the opportunity to do more of the things you enjoy. This can involve anything from taking up a new hobby, spending more time with friends and family, or travelling and enjoying evenings out. Unfortunately, these activities can cost money. You are going to find that funding your new-found freedom requires some careful planning.

Eco-friendly contractors often make decent money during their lifetime. They might make more than traditional contractors in some areas, since people concerned about sustainability will often pay a premium. However, they don’t make enough to afford a highly affluent lifestyle that some people would like.

You’ll need to think about the type of lifestyle you want to have in retirement in order to be able to afford it and live comfortably. Here are some tips on post-retirement life planning to consider.

Establish your likely income

Predicting your income can be hard, but you need to have a rough idea what you’ll have coming in to see if it measures up to your anticipated needs. You might have several workplace pensions from the course of your career, or you might have invested privately as well, so you’ll need to think about whether to keep them separate or combine them into one pension pot.

You will also need to add in the Social Security income that you will receive. However, you will only get this once you reach the age for Social Security eligibility. If you were born between 1943 to 1954, then the eligibility age is 66. However, it will likely be older if you were born later.

Finally, you may have other assets such as property which may contribute an income for you, so these all need to be factored in.

Plan for the future

You’re planning for a long and happy retirement but being prepared for all eventualities is a wise decision. You can’t predict the future, so having a funeral plan in place can put your mind at ease by making sure that your family won’t have the burden of planning and paying for your funeral when you pass away. Funeral plans enable you to pre-arrange your funeral in the way you would like and pay for the services of a funeral director at today’s prices. Sourcing a plan with a member of the Funeral Planning Authority will ensure you’re fully protected by a regulated provider, and that your money is safe so you can enjoy your retirement worry-free.

Consider your living situation

Often, when people retire, it puts other aspects of their life into perspective. You may be tied to a certain location because of your job, for example, whereas retiring frees you up to explore other places or travel. Many people find downsizing is a good option for them in retirement, as often their children have moved out by this stage and they no longer need as much space. Downsizing is also better for the planet, since you won’t use as much energy to heat and cool your home.

Think about whether you’re truly happy in your home or whether you’d like to move and speak to estate agents and mortgage advisors to gather advice to help you make the right choice for your circumstances.

Find Eco-Friendly Ways to Save Money

You are also going to need to find ways to save money in order to stretch your income during retirement. You will find that leading an eco-friendly lifestyle will make it easier to be frugal. As an eco-friendly contractor, you should probably have a better idea on how to do this. Here are some tips:

  • Install solar panels to save on energy costs. With rising electric bills, you can pay for them in as little as eight years. You will be helping the planet and your wallet at the same time.
  • Use tax credits to buy a hybrid car. Hybrid cars are clearly better for the planet, but they cost so much more that it can take a while to save enough to pay for the initial investment. However, you might be able to pay for them by getting a tax incentive. The federal government currently offers a $3,000 tax credit for hybrid cars.
  • Lower consumption. Being an eco-friendly consumer also involves buying fewer things. This is also going to be better for your wallet for obvious reasons.
  • Take fewer trips. This is going to lower your carbon footprint. Also, with gas prices around $5 a gallon due to recent supply chain shortages, it will also be financially prudent.

A sustainable lifestyle is going to be better for your savings and the planet. These tips will help.

Divide any assets

By this stage in your life, you’re likely to have accumulated assets that you’ll want passed on to your loved ones in the event of your death. Having a will in place gives you the opportunity to determine who will receive your belongings, whether that’s your home, your money, or sentimental pieces that you want passed on such as jewellery or art. Wills and estate planning are easy to arrange and less complex than many people realise, but they’re essential documents to have in place to ensure that your beneficiaries receive the items you want them to have. It also means you can establish any specific wishes, such as giving money to charity.

Get a health check

You want to enjoy your retirement to the full, and since prevention is better than cure, having a check-up with your GP can put your mind at rest that you’re fit and healthy to enjoy your retirement years. The NHS Health Check programme provides checks for major conditions to prevent the likes of diabetes, heart or kidney disease, stroke, and certain types of dementia. Providing you don’t already have risk factors; you can have a check every five years to assess your risk of age-related illnesses and receive support on reducing or managing them.

Enjoy Your Retirement as an Eco-Friendly Building Professional

After dedicating years of your life to being an eco-friendly building professional, the day will come when you have to retire. Planning for your retirement is an essential aspect of financial planning. Whether that’s simply making sure you have enough to fund the lifestyle you hope to have, putting plans in place for when you pass on, or considering the ways you’d like to live during your retirement, it’s helpful to have peace of mind that you’ve got things figured out after you stop working.

You don’t want to have to make sacrifices when you finally retire simply because you didn’t plan ahead when you had the chance. Planning lets you set aside money to do the things that matter most to you and your family, so you can really enjoy this special time.

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