Planning-for-Retirement - An Essential Effort

Planning-for-retirement is a very necessary exercise because you will spend the rest of your life there. Without a thoughtful plan you will have no idea how much it will cost to get there and live there. There is really no good reason to not invest the necessary time and resources to affirm that you have the best retirement plan possible.

Retirement planning will be different for you than it is for me. My plan included growing my own business and working well past my 65th birthday but not necessarily in my career profession. And as I can attest it needs to be flexible and reflect thoughtful consideration of all options because change in our lives is one of the few things that is constant.

At a minimum the plan must include a retirement budget of anticipated income and projected expenses. It should reflect your current situation and anticipated needs and wants. Do you want or need to permanently leave the workforce? Or do you want or have to continue working? Your budget must be based on the best information available, the services of both a professional legal consultant and a financial consultant are recommended.

My retirement planning includes continuing to work on a part time basis to supplement income but just enough to not interfere with quality of life. Having a happy life beyond our career depends on having quality time for family and friends but it also means, at least to me, having a fulfilling job and networking opportunities. An environment that would provide safety and security-at-home is also important.

In developing my own plan, I investigated places to live. My preference was a rural or country setting. My wife’s view was that we could live in the country as long as we were within ten miles of the nearest shopping mall and medical facility. She graciously offered that she wouldn’t mind living in a community that had a golf amenity.

Some considerations in planning-for-retirement would be:

  • When to retire
  • Home retirement is a consideration.
  • Is proximity to family important to you? How close is close enough.
  • Is your chosen or home state senior friendly with reasonable tax policies.
  • Availability of healthcare providers.
  • Preparation of an estate plan including, at a minimum a will and advance directives.
  • Is climate important to you?
  • Should you consider any potential security issues?
  • Are there opportunities for retirement jobs with availability of senior friendly employers.
  • Cost of living including relative cost of real estate.
  • Does the area have the types of recreation that is important to you?
  • Should you consider a continuing care retirement community?
  • What is the availability and cost of active retirement communities, retirement apartments or HUD apartments.

For ideas on planning a retirement party follow this link. Your friends may appreciate the help.

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In the end it's not the years in your life that count but the life in your years. Abraham  Lincoln

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Retirement-budget - your financial road map

Precautionary measures for security-at-home

Home-retirement may be our best option.

Retirement and Estate Planning preparation for good results.

Considering our retirement options

Practice safety-at-home avoid injury

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