Thinking about Retirement?
By Joe Kosek
Most people believe that retirement should allow them a reward for their hard earned work. However, a successful retirement does not just happen; it requires proactive and detailed planning. In planning for your retirement, considering the following five questions could ensure you a comfortable retirement.
- Do you have a plan?
What do you dream of doing in retirement? Do you want to travel? Do you want a second career? Do you want to pursue a hobby? Are you into golf, gardening, etc.? What is your goal or retirement dream? You can begin to work toward that goal.
- Do you have the money?
It’s great to dream, but you must have the financial means to get there. Will you have enough money to live comfortably and enjoy your retirement years? Think about your retirement dream then figure out if you have enough money to live your dream. This exercise may cause you to change your goal or cut back on your expenses to make your dream come true.
- Is moving a good option?
- nearness to family members;
- housing cost;
- access to affordable healthcare;
- weather conditions; and
- Should you sell your home?
Even if you are not leaving your area in retirement, should you consider selling your current home? This becomes particularly relevant if your mortgage has been satisfied and your home has increased significantly in value.
- Do you have an estate plan?
An estate plan is a map. The map reflects the way you want your personal and financial affairs to be handled in case of incapacity or death. Taking the time to prepare an estate plan now will save your family time, expense and anguish in the event of your capacity or death. Failure to properly plan will result in a larger portion of the assets of your estate being used to pay taxes, court costs, and attorney’s fees.
Retirement planning is a challenge, but pondering the previous five questions can greatly assist your success in retirement.