Have you found yourself thinking about retirement lately?
Your retirement is an incredibly exciting stage of your life. While it is easy to get caught up in the excitement, it is hard to conceptualize that retirement will be 52 weeks a year. When beginning to consider your retirement goals, creating a retirement map can be an invaluable tool to help guide you to a financially stress-free retirement.
To begin your retirement map, you must ask several questions: (1) what do you want to accomplish in retirement, (2) how much will your retirement cost, and (3) how will you pay for your retirement?
Everyone has a different idea of the ‘dream retirement’. Will you use your retirement to travel the world? Will you write a book or take up a new sport? Will you become a fixture on the golf course, the beach or the ski hill? Will you start a new business venture? Or perhaps you are not entirely sure. A common theme that surfaces when I ask clients what they want out of their retirement, is travel. Travel can include visiting your children 3 times a year, touring Europe or living on a beach in Maui for a month. Giving thought to your retirement beyond these short-term travel plans is important. These discussion points can allow you and your partner to discuss both your personal and joint goals. Reflecting upon what is important to you and your family can help outline the true costs associated with retirement.
Your map is not set in stone but rather guides the decisions you make today to meet your financial needs in retirement. At Money Advisor Wealth Management, we consider your day-to-day expenses as well as funds you require to meet your retirement goals. This inquiry can pose numerous questions such as: Will you still have children living with you and needing your financial assistance? Will you have university education to pay for your children or grandchildren? Will you be investing in a new business venture? Working through multiple options will assist in developing a realistic plan for your retirement.
The next step towards mapping out your retirement goals is to identify your sources of income. Paying for your retirement can take many forms. Some may retire on a full pension, some may continue to work part-time. Others may have invested in their retirement savings plan since their teenage years, others may have entered the retirement savings game later in life. Having a realistic idea of your expenses and sources of revenue can assist in creating a retirement wealth plan. We work with you to create dependable revenue streams that will lead you through the retirement of your dreams. This map integrates into your overall financial plan.
Retirement is an exciting journey. Ensuring you have a financial plan in place will help guide your way to a successful and fulfilling retirement.
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