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Start planning now for the lifestyle you want and what you’ll need financially to get there
For different people, a happy and fulfilling retirement can mean different things.
It might entail switching from a full-time career to fulfilling part-time work for you. Or maybe you see yourself going to the golf course more often, starting a garden, or spending more time with your family.
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Once you’ve decided what will provide you with retirement peace of mind, it’s critical to understand how to get there financially. We’ll help you get started with some simple steps.
Step 6: Decide if you want (or need) to work
The age group in the labor force that is expanding the fastest is those 65 and over, according to the U S. Bureau of Labor Statistics. For many older workers, it comes down to a simple cost-benefit analysis: unless you are financially secure for life, you will need to find ways to stretch your limited resources or continue working in some capacity in order to contribute to your retirement goals.
Therefore, as you calculate your retirement objectives, consider whether and how much work you’ll need to do.
Don’t wait until you retire to make the decision. Consider the benefits and drawbacks of working now. Should you pursue a career change or stick with your current line of work? The sooner you are at ease with your decision-making and its potential financial impact, the more secure your retirement planning will be.
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Things We Wished We Knew Before Retirement
FAQ
What is the $1000 a month rule for retirement?
What should I do 3 months before retirement if I?
How do I plan for my first 6 months of retirement?
Get engaged with groups/charities/friends in your retirement location, and put together plans for your first 6 months of retirement. We’ve booked 4 camping trips and a cross-country train ticket on Amtrack, all for the first 4 months of our retirement.
When should you start a pre-retirement checklist?
If you’re within 5 years of retirement, this “Ultimate Pre-Retirement Checklist” post is for you. In it, I lay out a complete checklist, starting 5 years out from retirement.
What should I do if I’m retiring early?
Consider living on your projected retirement income for 1-2 years prior to retirement as a “trial run”. Begin evaluating post-retirement insurance options. Consider buying an independent life insurance policy. If you’re retiring early, figure out how you’ll bridge your spending needs to retirement accounts.
What should I do After retirement?
Ramp up your “outside work” activities, and spend some serious time thinking about what you want your Purpose to be post-retirement. Get engaged with groups/charities/friends in your retirement location, and put together plans for your first 6 months of retirement.