Retirement means different things for different people. For one, it could mean long-awaited freedom from working 9 to 5 for the last 50 years, and a chance to unwind and catch up on relaxation. For another, it could finally mean the opportunity to travel the world. And for still another, it could mean spending time with grandchildren while their children work full time. No matter what retirement may mean to you, it is within your grasp to spend your golden years as you desire.
Approaching Retirement
Now that you finally have the opportunity to retire, how will you embrace this newfound freedom? It can be downright scary settling into a lifestyle in which you no longer have to work. Perhaps you’re wondering what you’ll do with yourself. Maybe you’re worried about how you’ll fund your retirement lifestyle, especially if you plan on traveling. What will you do for health insurance? Will you be able to live as you were accustomed to or will you have to cut way back just to afford daily living? Taking time out to address these questions as you face retirement is crucial. Sit down with a professional to address these questions and more about your financial situation and how you can better prepare yourself for a successful retirement. Consulting a professional on anything from life insurance and disability to health insurance and 401k plans is critical in developing your long-term financial goals, according to Guardian. If you have medical conditions, you may also need to prepare moving to a senior assisted living facility.
Considerations
If retirement to you means doing all the traveling you never had a chance to do when you were younger, this will be a big part of your financial goals going forward. It’s never too early to start researching where exactly you’d like to go and how much it will cost you. Be as specific as possible. Plan out your vacation well in advance and incorporate that into your retirement plan. If you plan on seeing all of the 50 states and love road trips, figure in the cost of an RV purchase, gas and how much it will cost you all told. Also, how long will this journey take you? Other people will focus less on travel and more on philanthropic ventures. If you feel as though you would like to volunteer your time working with children or teaching classes at the local college, put your feelers out now before you actually retire. Make connections with others in the field and let your interests be known.
Questions to Ask
As you prepare for this next phase of your life, ask yourself some basic questions: What’s your ideal retirement age? What’s your realistic retirement age? What’s your attitude towards retirement? This includes considering whether you want to be extremely active and fill your days with activities and travel, or whether you want to just sit back and take it easy, according to U.S. News and World Report. Does your vision of retirement gel with your spouse’s? This can be a big factor, as many people have opposing views as to what would make them happy in their golden years.
What retirement means to each person depends on their personal views toward life, what preparations they’ve made and their visions for the future. Take the time now to explore each of your options.
