It is a great idea to start planning your finances for when you retire. Retirement planning essentially means you decide what type of lifestyle you want when you are done working, before you retire, and making sure you have a plan in place to financially pay for your lifestyle.
How much do you need to retire?
That all depends on the type of lifestyle you want. If you are content in the house you have and your passion is gardening, you may not need a lot of money to sustain that lifestyle. If you like to travel and want to own a few properties around the world, then you will likely need more money to sustain that lifestyle. So it's really all about what you want.
What's on your bucket list?
Here are a few questions to ask yourself to get started
- When do I want to finish working?
- How much money will I need when I retire?
- Have I accounted for inflation?
- Have I adjusted my current savings plan in the past 3 years?
- Will I sell my home & move? If so, where to?
- Do I want to rent or own a vacation home?
- Do I plan on any major purchases or renovations in my home?
- Do I want to travel? If so, how often and how far?
- Do I want to work part-time?
- What hobbies will I pursue? What will they cost?
- Do I want to spend all my money or do I want to leave an estate?
- Am I confident with my current retirement plan?
> Check out the article "Where will you live in Retirement?"
Get started today by talking to an advisor. Call us at 250-260-1104.