The tax breaks you receive in your retirement accounts don’t come for free. When you hit age 70 ½, you generally have to start withdrawing money from those accounts, even if you don’t want to.
Fortunately, you have plenty of options that can provide you with some tax advantages, offer you a lifetime stream of income or help you leave a legacy to future generations.
Having a sense of purpose could add years to your life, according to a study published in 2014 in Psychological Science. Researchers from Carleton University in Ottawa, Ontario, and the University of Rochester in New York, tracked the physical and mental health of more than 7,000 American adults ages 20 to 75 for 14 years, and found that those who felt they had a purpose or direction in life outlived those who did not.
Accumulating enough money to retire is an achievement that deserves to be celebrated. You can finally take a long-awaited trip around the world, or invite your colleagues and family members to join you for a retirement party. Or maybe you want to retreat from the working world in a little cabin by a lake where no one will bother you. Here’s how to commemorate your retirement.