What Does Retirement Mean to You?
Retirement means different things based on your financial outlook...are you planning to run a business when you retire, do you have passive income such as real estate, or will this be your sole source of funds? Regardless of your reality...one thing is true — retirement planning shouldn’t start at retirement; it should start well before. And if you are right at the door, it’s even more important to start an analysis now.
Things to Consider When Planning for Retirement?
- What lifestyle do you want to have?: Whether it’s travel, a new hobby, or spending more time with the people you love, what are your retirement goals and do these goals cost money? Keep in mind, if you are doing it now (traveling and dining out at the best restaurants), you will likely want to continue doing it in retirement...and do MORE of it! It’s best to meet with an appropriate financial professional to help you clarify your goals and assess the financial cost of living in retirement.
- Analyze your current position: To plan a meaningful retirement, you need to know where you currently stand. This requires an in-depth financial inventory of your personal or household income, assets, liabilities etc, to use as part of your retirement planning process.
- Develop & implement your plan: Next, consider working with an appropriate financial professional to create a retirement plan that aims to address your goals and current position. By doing so, you should have a better understanding of your investments, how you need to fund your retirement lifestyle, how to handle any shortfalls with strategic diversification.
The goal of your retirement planning approach is to make your transition to retirement as seamless and stress-free as possible. - Understand your pension and benefit decisions: Be well informed and aware of your options. Whether you have Government or Employer pension and benefits, be aware of when to apply, how to apply, what to do with your funds, and much more. You may want the support of an appropriate non-biased financial professional to assist you in understanding your benefits.
- Partnerships in retirement and beyond: A long and fulfilling retirement takes multiple facets of your financial picture into consideration: health care, long-term care, insurance, legacy planning, and charitable giving. Your financial professional should provide advice in any of these areas as well as provide ongoing reviews with you about any changes or updates needed to address your evolving retirement lifestyle needs.
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