Five Retirement Issues

Five Retirement IssuesEveryone should consider five fundamental retirement issues if they are going to retire anytime soon! Savings, income, expenses, health, and time management. If you have a plan for each that meets your needs in retirement, you are well on the way to a successful and satisfying retirement. Many people only think about retirement once they are heading out the door. Either voluntarily or forced out in a corporate restructuring or downsizing. Don’t wait; develop your plan now!

Five Retirement Issues

Have You Saved Enough

How much income will your savings generate? Post-investment advisors assume 4%. It can be drawn down each year. This number assumes a reasonable probability that your savings will last well into retirement. Will you have enough when you add income from other sources, such as pensions? If not, keep working and beef up your savings.

Verify Your Income

How much income will you have in retirement? Add up the income from your savings, pension, investments etc. How does this number compare to your current income? If not enough should you work longer, save more etc?

Review Your Budget

Review your budget now and how it will change post retirement. What expenses will disappear? Will you have new expenses? Travel, new car, home renovation, upgraded and health issues come to mind.

Time Management

Most people will have up to ten hours every day to fill which were originally filled by work. How will you fill these hours after you retire? Many people find it difficult after all the travel and the Home projects are completed. What is your long term time management plan?

How is Your Health

Your health can play a huge factor in retirement. Not only in terms of enjoyment but also from a budget perspective. Be realistic and plan accordingly.


Leave a Reply

Your email address will not be published. Required fields are marked *

This site uses Akismet to reduce spam. Learn how your comment data is processed.