What Will You Do When You Retire?
It used to be that when people pictured retirement, they had visions of what amounted to a permanent vacation. Sitting on a lake and fishing for the rest of their days, or spending endless time on a beach, or simply staying home and doing whatever they wanted.
Times have changed, and like many things, so has the concept of retirement. Now, for example, a certain percentage of people don’t wish to retire at yesterday’s standard age of 65; they wish to continue their careers as they actually love what they’re doing, perhaps retiring much later. Others have a whole other career in mind, something they would enjoy doing that is different than what they did during their working years.
Retirement can be a time when you fulfill some of your dreams. Maybe there was a hobby that you never got to take up, like building a boat, or remodeling your home. Perhaps there are craft items you always wanted to make, or even art pieces you have always yearned to create but never could. It could be the time to take up that musical instrument you never learned to play, or a pursuit such as theater that you haven’t thought about since you were a teenager.
It can also be a time to give back. Perhaps you would like to pursue volunteer work that you are passionate about, but never had enough time for. Such volunteer work might even involve travel to foreign destinations, which could obviously never have been done during your working years.
Whatever it is you’d like to be doing after retirement, now is the time to fully examine such goals and give serious thought to how you will be supported during that time. If you know you’re not going to be making an income, where is an income going to come from? Do you already have investments in place that are going to pay off during your retirement, or should you start making arrangements for them now? Are you planning on living from savings accumulated during your working years? If so, are you salting enough away that you will have enough when you retire?
It’s your life, your retirement and your dreams. Try to make sure it all comes true the way you want it to by putting in the proper retirement financial planning now.
Material contained in this article is provided for information purposes only and is not intended to be used in connection with the evaluation of any investments offered by David Lerner Associates,Inc