You might have been planning your retirement for years, but your situation can change as the finish line approaches. If you’re getting ready to retire, ask yourself the following four questions. There are no right and wrong answers, but your replies should help you think about your retirement in a whole new light.
Am I really finished with my career? During a really bad week at work, retirement might be all you can think about. But overall, perhaps you really enjoy your career. The office environment can be fun and engaging, or you might reap a sense of satisfaction from a job well done. Remember that retirement will remove daily stresses, but you will also lose the parts of your career that you enjoy.
What will I do all day? Once again, don’t let your current daily stresses cloud your judgment. Right now, it might sound like fun to relax on the couch and watch CNN all day. But in reality, you will probably feel restless and bored if you don’t have a plan for your daily activities in retirement. Spend some time thinking about this issue before you retire, and decide upon some activities to keep yourself busy and socially engaged.
Where do I want to live when I retire? After paying on a mortgage for thirty years, the obvious path might be to retire in your current home. But as you grow older, you might wish you lived closer to family, that you could enjoy a different climate, that your home is more low-maintenance or it provides easier access to your favorite pastimes. You can always move, of course, but it’s easier to plan for that now rather than later.
Do I have my finances in order? For most people, this is the most important question of all. Many people have retired, thinking themselves to be financially prepared, only to find themselves underwhelmed with the lifestyle they can afford. Remember to consider the cost of health care, which is rising steadily every year, and factor in unexpected surprises such as long-term nursing care.
If you want to discuss your retirement readiness, call our office to schedule an appointment. We can review your plans with you, and make suggestions to help you get on the right track toward a secure retirement.