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You've planned and saved for it for years. Now retirement is almost here. Are you mentally and emotionally ready? The average retired person spends more than 40 hours a week watching TV. Do you see retirement as a time when you simply stop working or as a new chapter in your life? Here are some questions to consider and discuss with your financial advisor.
Do you have friends or coworkers who are already retired? Ask them how they created their visions of retirement. What challenges did they face? What were the biggest surprises? Anything they wished they knew before they retired? Begin documenting your thoughts and share them with your financial advisor.
Many say that they have a hard time finding purpose and fulfillment when they leave their careers. How do you find fulfillment today? How can you continue to make an impact in retirement? It could be sharing your talents with your children or grandchildren. Or maybe you want to teach a class, consult or volunteer.
If you're sharing your life with someone, do you share the same vision for your retirements? Have you talked about it? What trade-offs are you willing to make? If you plan on being a caregiver to a grandchild or your parents, be sure to set boundaries. To effectively care for others, you have to first take care of yourself.
Once you have an idea of how you'd like to spend your days in retirement, you'll have a better picture of how much you'll need to spend doing it. Retirement should be a time to enjoy what you've worked so hard to achieve. Together, you and your financial advisor can develop a retirement income and spending strategy.
There are no "right" answers to any of these questions. Use them as a guide to start thinking about what retirement might look like for you. Then, reach out to your financial advisor. Together, you can develop a strategy for this exciting new chapter of life.
From outliving your money to unexpected health care costs, there’s a lot you cannot plan for when it comes to retirement. Learn the financial strategies that could help you overcome the biggest risks to living the retirement of your dreams.