The Big Questions to Ask Before Hitting Retirement
Retirement may not be an option for you right now, but it’s one of the things in our lives which requires a lot of planning. Shockingly, one in three Americans has less than a thousand dollars in their retirement funds. If you want to live happily ever after during your retirement, you need to sit down and do some planning right now because retirement is more than just having enough in the bank. What does retirement look like for you? Here are five essential questions you should ask yourself if you are thinking of retirement:
When Are You Planning To Retire?
There’s no ideal age for retirement as it differs from person to person. While you may want to retire early, there might be someone you know who wants to work until he or she reaches the age of sixty-five. Before you decide on how much to save for your retirement, you need to define your retirement age first. This totally depends on your life goals and professional goals. The rule is very simple — the earlier you stop working, the bigger your savings should be. Things you should take into consideration in this regard are your health, your current income, your age, your lifestyle choices, your career, and, of course, your family. However, before deciding anything, make sure to ask yourself the next question.
When Is Your Spouse Going To Retire?
Of course, this applies to people who are married or are in some sort of a committed relationship. For married couples, it is advisable to ask the other of his or her retirement plans. In some cases, our significant others would want to retire earlier so that they can take a sabbatical. Additionally, they might also have health problems that would hinder their productivity at work as they age. Before we decide anything for ourselves, we should also consider our spouses, and ask them about their plans, too. Aside retirement plans, couples can also discuss financial goals together, common aspirations, and travel goals, among others. The bottom line is you both need to be in sync when it comes to planning for retirement.
Are You Eligible For Federal Medicare?
Having a good health insurance plan is important, especially if you are planning your retirement. If you are going to retire at the age of sixty-five, you will be entitled to Medicare. However, you need to consider other health insurance plans if you are going to retire early. Also, are you eligible for social security benefits? If you and your spouse are eligible for social security benefits, how might it affect your present and future earnings?
Where Are You Going To Live After Retirement?
You might have heard countless stories of people moving to Panama after retirement, and there’s a reason for it. Like many other South American countries, Panama also has a significantly low cost of living. However, the living standard is pretty high, and if you are lucky, you might get a retirement home somewhere in Panama for a bargain price. Also, the people are generally welcoming, and the language difference is no problem. Be wise when choosing where to live after your retirement. If you are like the majority, you might want to spend the rest of the life with your dear ones nearby. But if you have itchy feet, moving to a new place might be a good idea. Tony Robbins, life coach and author, once indicated that saving up to twenty percent of current costs of living and investing a significant amount every month for attaining post-retirement financial freedom is indeed a good idea.
Will You Still Be Working?
Not all retired people lead a life devoid of activities. Beyond fishing, reading, and playing chess, there’s actually a lot to do after retirement. You may choose to go for a part-time job or work on a small project to utilize your spare time. If you and your spouse are considering working part-time even after retiring from your day job, you could turn your hobby into a weekend gig, or a more serious pursuit. This will ensure that your bank account gets the much-needed boost from time to time. Perhaps, you can fund your long-awaited summer trip to Europe with the money you earn on the side.
Retirement planners are there to help out people who are clueless about what to do after their retirement. If you are planning your retirement now, you may get in touch with them as well. Whether or not you have a solid plan for retirement, just remember to ask yourselves these questions, and you can use them as a guide to make your retirement even better.
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