Retirement is not as far off as it ever seems. The more you put off your preparations for it, the harder it can be to enjoy the kind of life you want after you’re done with work. If you’re passing another decade milestone, then you need to seriously consider what kind of retirement life you want to be living and what you should be doing in order to make it a reality. Here are a few plans that you should be making as you get closer to the day you stop working.
When you want to retire
The first question should be when are you going to retire? For the majority of people, this question is going to be defined by answering the follow-up question “when can I afford to retire?” There are plenty of retirement calculators and tips that can help you get a good idea of when it’s OK to retire based on your current income and retirement plans. However, for other people, you might have some flexibility to decide when you want to stop working, rather than having to work up to a point that it’s best for your physical health to stop. To that end, you need to look more at what kind of retirement lifestyle you want to live, as well as what kind of wealth planning you want to continue after your retirement.
Where you want to be
The biggest lifestyle choices that you can make with your retirement, such as what amenities you’re going to have access to, what quality of the environment you’re going to be in, and how close you are to family, will all be determined by where you choose to live. You might choose to live in a house that you have bought, for instance. Or you can look at assisted living facilities like La Posada to make sure that you’re well taken care of, no matter what age you are. Look at what living situation is most likely to benefit you when you reach your age of retirement, and then start looking for the places to live that help you meet the needs you’ll have then.
How you’re going to handle wealth building
If you’re able to build wealth that can help you afford the kind of retirement lifestyle that you want, then you might have enough to keep going and building wealth. This can be used to safeguard against all kinds of unforeseen costs, to help provide a sizeable estate for your family, or even to boost your living expenses with dividends. Retirement advisors like Tanager Wealth may be able to help you keep growing your wealth even when you’re well beyond the point of making money from your employment, alone. Since your financial situation is going to change majorly when you stop working, you should make sure that you handle your wealth changes, as well.
How much you’re going to retire
For most people, the point of retirement is going to come suddenly, taking the step from working to non-working at a set date. However, if you’re able to put together the funding that you need to start scaling back your work life a little earlier than most, then you might also want to take a look at making the transition to retirement a more gradual thing. This can be done so you can start to enjoy a different work-life balance as you get closer to your retirement. Sites the Semi-Retire Plan can help you look at how to make that transition. What’s more, some people prefer to have some form of work-related responsibility as they get older.
How much you need to save
When considering all of the options above, the biggest question on your mind should be “how am I going to save for retirement?” The first step is, of course, to simply start saving money. Putting enough money aside to max out your retirement contributions, as well as to put towards IRAs and other savings programs as soon as possible is going to help you make sure that you’re able to enjoy the kind of retirement you want. Even if you’re only putting aside a little at a time right now, you’re going to be able to benefit much more from exponential growth as time goes on.
Your retirement doesn’t have to look like anyone else’s. Consider what you want and make sure that you’re starting to put together the plans to help you get there. The tips above can help you get started.