Some people plan for retirement, and others simply retire. Especially in these times, it can be very tempting to take off a few years, or stop working altogether. Besides having enough money, what else should you be thinking about?
Retire with purpose rather than get away from a problem. What will you be doing when you’re not working? Many say “well, I know what I won’t be doing!” OK, I get it, but you know of people who retired, relaxed, and died shortly thereafter. Those who know what they want to do, and then get out and do it, tend to enjoy their retirement most.
Retire healthy. Besides the financial benefits, getting rid of unhealthy habits can allow you to live life more fully.
Retire - where? Is your current home one you can live in as you age? If you needed a wheelchair, would you have easy access and are all the doors wide enough? Have you calculated the cost of repairs and maintenance? Is it in the area you want to remain? A home is one of your greatest expenditures. It pays to think ahead about this ahead of time!
Retire with confidence. Many people don’t know how much they don’t know. Having a retirement income strategy is very different than preparing for the entirety of retirement. You may regret not having considered how long you might live (most people think they’ll be gone far sooner) or having understood how to best plan for your family and your estate considering taxes, debts, potential health care expenses, and when it’s best to take social security (regardless of what “they” say).
The sooner you think about your retirement and prepare for it, the more likely you will be exactly sure when your time to retire has come! Questions? Give us a call 256-417-4870