When the time comes for you to retire, what is your plan? Is this a question you’ve asked yourself? Chances are it’s something you haven’t considered beyond a destination to visit or time spent with family. Most people don’t give retirement too much thought until one-five years before it happens. The earlier you begin to plan your retirement, the better your life will be after it happens. Consider where you want to live, trips you would enjoy, and what your finances will be like before it’s too late to change them much.
Many people consider travel as a top priority when they retire, but then fall into one of two traps. They either think that doing the research now may be a waste, since the landscape could change over time or think that picking a country or one location is sufficient planning for now. For instance, France is roughly the size of Texas, but it is divided up into several unique regions. Paris is a wonderful place to visit, but there is so much more that the country has to offer. Take the time at your leisure to read travel books and talk to a travel agent. Who knows, you may even find some places you’d like to visit before you retire.
Social security is not what it was for our grandparents’ generation. These days, people need to have multiple sources of income if they are going to retire comfortably. Meet with an investment broker or someone at your bank to discuss options for investing your money. If your company offers stock options or a 401K, meet with someone in human resources to gather information about electing to put in some of your paycheck every pay period to your future. You are never too young to begin planning for your future.
The older you become, the more you realize the need to downsize your home and live somewhere comfortable. Priorities shift with age, and living among a community of people your age becomes important. Florida has a large population of senior citizens. Consider rental homes in Tampa as an option if you decide to live down there. If you enjoy it, you may decide to invest in purchasing a property, or you may find renting is less stressful. Discuss several options with your spouse or family as to where you could live upon retiring.
Planning ahead for retirement takes just a few hours here and there to process information and discuss with your family. The gains, however, are very worthwhile.