Plan Ahead For a Happy Retirement
You’ve worked hard to get where you are. You went to school, to college, and started a family. Perhaps you immigrated to another country where your hard-earned credentials didn’t count. So you either worked your way up in a completely different field or, like many others, you may have had to start all over again.
Resilient as ever, you did it. Your family was counting on you. You put your kids through school, ditto for grad school … and you might have helped foot the bill for their weddings too. Now your kids have kids of their own, and lives of their own. And retirement is approaching.
But do you feel ready?
Preparing for retirement
While there is no hard or fast rule about when and how to retire, the earlier you begin to make a plan, the better. Nevertheless, planning for retirement means different things to different people. It also differs depending on what life stage you’re at. Then there’s the cultural component. Retiring while Desi has a whole other flavor to it and is often part of a larger family discussion. All of this goes to show that planning for retirement is far from one-size-fits-all.
Assess your finances
Depending on how far or close you are from your desired age of retirement, your savings plan will differ. You might decide to coordinate your pension plans with your spouse, or you might look into ways to convert your retirement account into income. Maybe your home is your nest egg and it might make sense for you to downsize and cash in on that. Managing your assets by maximizing your income and minimizing your tax impacts for the present and the future will be important. Find a financial advisor, if you don’t already have one, to help you clarify these sorts of questions.
Include your family in the discussion
Speak to your family and involve them in your retirement planning process as early as possible. This can make the process less taxing all around. Given that you may be a part of the “Sandwich Generation,” caring for both your children and older parents, speaking to your family is crucial and may also help to clarify your plan.
Finances aren’t everything
Most retirement experts agree that your life retirement plan should drive your financial retirement plan.
This means that it’s crucial to think about what you’ll do and how you’ll spend your time when you retire. Don’t just focus on how you’ll spend your money. This new stage of your life brings a new freedom, and it is this that you should spend your time planning for.
Do you want to volunteer? Will you travel? Want to garden? Sitting down to consider your priorities will guide you in creating your plan. Then you can decide how your finances can help put your plan into action.
Decide what’s vital to you and then go from there. Financial security is important, but it’s not the only thing to consider. In a recent study conducted by Merrill Lynch, 81% of retirees indicated that good health outranked financial security as the most important factor for a happy retirement.
So find out what’s important to you, speak to your family, get some help, and plan ahead. This will help keep the stress at bay and ensure that you go into your retirement happy and healthy. You’ve earned it!
Interested in staying active and energized throughout your retirement? Contact us at Priya Living to find out more about our communities and our rich variety of programs.