What do you see yourself doing in the future? Some people view retirement as an opportunity to begin a new job. Others see it as a good opportunity to travel. Others intend to spend more time with their families and friends. Here are six things to think about when retirement planning.
What is the most important thing you need to get done?
What would you do if you could only do four or five activities in retirement? Answering this question may lead you to create a "shortlist" of life goals, and while these goals may have little to do with money, your financial decisions may be critical to achieving them.
What would make you feel more energized?
Some retirees have no specific aims in mind. Ambition may return after a few weeks or months of rest. They begin to consider what activities or trips they could partake in to make these years memorable. Others have known what ambitions they will pursue for decades... yet when the time comes to pursue them, those dreams may emerge differently than expected, or even be replaced by new ones. Time is your most significant possession in retirement. You might discover that as you have more free time and opportunities for introspection, your old dreams give birth to new ones.
With whom should you spend your time?
Here's another important decision you'll have to make in retirement. For many retirees, the quick answer to this question is "family." There are nuclear families, mixed families, and extended families nowadays; some people consider their acquaintances or coworkers to be family.
How much do you think you'll spend?
We may not be able to control all of our retirement expenses, but we can control some of them. It's possible that you've considered reducing your home. Downsizing has the potential to result in either no mortgage or a more manageable mortgage payment.
Is it possible for you to leave a legacy?
Many of us want to give our children or grandchildren a solid start in life, but leaving an inheritance is more difficult than most people imagine. Tax regulations are continually changing, and tactics that worked in the past may no longer be as effective now.
What steps are you taking to get ready for retirement?
This is the most crucial of all the questions. If you feel you need to do more planning for the future or rethink your current strategy in light of recent life events, speaking with one of our financial advisors who specializes in retirement strategies can help. Connect with us today to get started.
Remember that this article is for educational purposes only and is not a substitute for expert advice, so consult your tax or legal advisor before making any changes to your overall estate strategy.
The content is developed from sources believed to be providing accurate information. The information in this material is not intended as tax or legal advice. It may not be used for the purpose of avoiding any federal tax penalties. Please consult legal or tax professionals for specific information regarding your individual situation. This material was developed and produced by FMG Suite to provide information on a topic that may be of interest. FMG Suite is not affiliated with the named broker-dealer, state- or SEC-registered investment advisory firm. The opinions expressed and material provided are for general information, and should not be considered a solicitation for the purchase or sale of any security. Copyright 2021 FMG Suite.