Making Retirement Dreams a Golden Reality—a How-To Guide
Whether your idea of golden years perfection is training for an Ironman, launching a business, watching a ball game in every U.S. state, or simply spending more time with family and friends, retirement offers a unique opportunity to replace the nine-to-five with something vivifying, meaningful, and new.
Are you ready to get from here to there? Read on.
How do you want to spend your retirement years?
It’s important to remember that retirement planning is never a one-size-fits-all endeavor. How could it be? We’re all individuals with varying fiscal resources and responsibilities.
Which is to say, before you can plan for your retirement, you have to define it—and its costs.
Here are a few examples of pursuit and price tag:
Build out the costs associated with your second act
What financial barriers may get in the way of your dream retirement? The cost of out-of-state Patriots tickets? Sky high real estate costs in your favorite beach town? Airline tickets to visit your grandkids a few times a year? As they say, forewarned is forearmed. Knowing your retirement plans up-front allows you to save more effectively for it during your income-earning years.
While you’re calculating costs, keep these considerations in mind:
Subtract the career-related costs you’ll no longer be paying
Here’s some good news: There are career-related costs many retirees can eliminate once they’re no longer trekking to the office, ranging from commuting expenses and dry cleaning to lunches out with colleagues. Retirees also often pay less in income taxes, can avoid peak travel costs, and—with proper planning—may even have the mortgage paid off.
Which expenses will you no longer incur once you cut ties with the office?
Tally Your Expected Retirement Income
Retirement income can come from many different sources, including:
Your financial planner can help you calculate the expected short- and long-term payout for each account if the information is not readily accessible from your investment company.
Add it up
Once you determine just how much money you’ll need to realize your ideal retirement, it’s time to set a plan in motion to both cover your basic needs and make those dreams a reality. A seasoned financial planner can provide you an outside perspective and offer a range of options to help you make the most of your resources—now and in the future.
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