Retirement? Ready or Not!
The greatest focus for individuals and couples as they approach retirement age is their finances. However, one needs more than just money to ensure a successful retirement; consider where you’ll live, what you’ll do to keep busy, and how will these things change as you age.
An approaching retirement can prove a highly stressful time. Much of the upcoming period is unknown. In a popular movie a stay-at-home wife, who is now joined at home all day by her recently retired husband says to him, “we agreed to ‘death do us part’, but no one said anything about breakfast, lunch AND dinner,” this is not only funny but also true. Couples need to navigate retirement waters together.
Understanding “retirement readiness” is essential. Finances matter, absolutely. But there are other factors to consider like:
- Vision – what will your retirement look like, what will guide your decisions?
- Interests – retirement could be a year-round vacation, but at the very least most people will have 1,500 to 2,000 hours to fill that were formerly consumed by working.
- Lifestyle – Not specifically activities like your dedicated interests, but how you will live, where and what will fill your days when you are not directly busy.
- Social – who will you spend your retirement years with, what will you be doing?
- Health – a key factor to understanding your financial needs is your health status that will indicate length of life, vigour, and expenses anticipated to maintain or regain your health.
- Home and Accommodation – is your home appropriate for your retirement years, will you be traveling and need carefree living, or will your home be filled with family, extended family and friends?
- Legacy – toward and at the end of your life will you leave a legacy for your family and those who matter to you, will your executor be able to fulfill your wishes?
If you would like to take a look at your retirement plan… or put one together for the first time, reach out and schedule a meeting with your financial advisor.