Most people think retirement planning has to do with having enough money to continue their current lifestyle through to the end of their lives. And that is certainly an important thing to focus on.
But what about the life you will live in retirement? What will that look like?
Will you live in your current home? Would you like to consider time away in a warmer climate for six or so weeks in the dead of winter? Should you buy a second home or rent one? Who will take care of your primary residence when you are away? Who will pay the bills to keep that house going, like the utilities, the mortgage, the taxes?
Would you like to take some time at the beginning of your retirement years to check off some of those items on your bucket list? Can you really do those things? If so, how much might that cost?
Does learning some new skills interest you? Would that require some full degree program or could you get a certificate in that discipline? Do you want to pay for that yourself or get some type of financial assistance? Would it produce income for you or are you just doing it for the love of learning something new?
Without a reason to set the alarm clock every day, five days a week, what will you do to occupy your time? I have clients who have said they are busier than they were when they were working. Does “busy” mean productive? Are they happy or just killing time?
There are no right answers to the above, but you certainly must consider these questions when you look at retirement. Retirement is not just an economic event. Build one that will call you to get out of bed in the morning, excited with what the day will bring.
Let us help you if you are looking for a life in retirement which matches up with the financial resources you have.