Mixed messages about retirement are everywhere. Most people are confused about what they will do in retirement. They just float along through life and hope for the best. The message here is that you can love retirement, have a great time, be fulfilled and satisfied while living comfortably. All you need to do is do a little planning and preparation before you retire to have the type of lifestyle that you really want to have. We cover a few Money Moves for a Happier Retirement in this post that are based on experience as well as many years of research.
Some people ask, “What will I do with my time?”. Will I be bored, will I keep working and what about all of the people from work that will be missed? Some people are so ready to get away from work that they really don’t care what they will do. The sad reality is that they may end up being bored to death literally! Then there is the big elephant in the room! Do I have enough money to live my life in retirement the way that I want to ? If you do not do a little planning and saving, they you probably will not live a happy retirement and certainly not in the manner you expected.
Money Moves for a Happier Retirement – Start Planning
Start planning for retirement! When will you retire? What debts will you have when you retire? What will you do in retirement? Travel, work, babysit the grand kids, or just take up the hobbies you never had time to do? There are some basic things you can do to begin answering these questions.
The first step is hire a financial planner who can walk you through the financial side of things. You may want to meet with several in order to get several opinions. They should be reviewing your income in retirement, your expected savings at retirement, your life style plans while retired and your overall health relative to how much money you will need while retired. This will take several iterations before you settle on a final plan since there really is a lot to think about.
Visualize what you will do in retirement since this is a really big issue for many people. Even if you are an avid golfer, you cannot golf all the time. What hobbies will you take up? what will you do with all of that time.
How much money is available from your employer retirement fund? This is probably a first step. Find this out and then figure out how much more you will need to live the lifestyle that you really want to have while retired. The early you begin planning and take action the better off you will be in retirement!