January 24, 2013 § Leave a comment
I like a plan. But my favorite plan is a realistic plan. Especially when we are planning for retirement. I want you and I to be very cozy with our feet firmly planted on the ground for our future.
Realist Retirement Date?- If you have generally picked- or even if you have been very specific – about when you will retire, is your planning realistic? Sometimes, life surprises you and your choices are become more narrow. There are jobs losses along life’s path or financial setbacks that change the timing.But if you, like most, have a choice about when you will stop working, is it really going to work? Will there be money? What will your budget be? How will your income work with your bills?
If you haven’t gotten this far in your planning, create a budget for retirement. Some best-guess numbers are a good place to start.
What kind of lifestyle can I anticipate after I retire? -Your retirement lifestyle will depend on your budget, your health, and your dreams. You may not be able to be lavish in your spending but you may still explore the areas of the world that interest you. You can have a wonderful retirement with a tiny budget because you live a fulfilled life of giving, volunteering filled with friends, old and new. You can travel if you use creativity to help. Do you have special knowledge that might make you a great teacher of languages, history, or other specialties usable for someone traveling and needing a guide or a teacher? Can you house sit, pet-sit and visit cities far away? Think, use your imagination, to brainstorm alternative ways to explore interesting places with a limited budget.
What will I be able to provide for my heirs? – If leaving a financial legacy is critical to you, what steps are you taking to protect the assets you hope to leave? You may be hoping that heirs behave a particular way with their inheritance. Though every detail cannot be controlled, there are steps that may be taken to provide guideline for the asset’s use.
All these ideas and suggestions boil down to the one concrete step: make a plan. Talk your dreams over with your particular someone if you have a partner. Discuss ideas with friends to see how you might have a beautiful, full-time of your life while squeezing the most from your budget. (CR 8945)