While it’s never too early to start thinking about retirement, a frequent misconception is that it simply means putting as much money away as possible. Of course, financial savings are an essential part of a sound retirement strategy, but that shouldn’t be the primary focus.
According to a retirement planning
expert, a non-financial aspect of retirement planning is essential: your retirement vision or how you envision yourself living once you’re no longer working.
The author of The No-Regrets Retirement Roadmap, financial advisor Anthony Delauney, CFP, says one’s retirement goal is what “impacts emotions in retirement.” According to Delauney, it covers activities that a retiree may want to do in retirement.
While the items on one’s retirement wish list may not be directly financial, they certainly have financial consequences, which is why Delauney is so keen on urging folks to create one for themselves. He claims that recognizing what (and whom) a person values in life can help them plan their retirement, which will question how they set up their financial plans.
For example, transitioning from a homebody to a globetrotter after retirement will necessitate financial planning to make that lifestyle viable. However, before making any decisions, it’s critical to assess whether that’s something that someone wants for themselves.
So, where do you begin when sketching out your retirement plans? “It’s critical for people to take a step back and consider what brings them consistent joy in their lives,” Delauney says. When you take a non-financial approach to retirement planning, you should focus on those joy-producing people, activities, and places.
Many people have a structure that they follow over their working years. They may wake up and go to bed at the same time, begin working at a specific hour, and have such a long to-do list that they don’t have much free time. At the same time, Delauney advises maintaining some structure in retirement (whether through volunteering, part-time employment, or hobby groups). How individuals arrange their lives is ultimately up to them and their vision.
Consider the following three retirement scenarios as an example:
1. Prefer staying at home, spending time with one’s family, and traveling occasionally.
2. Wishing to sell one’s existing house and buy a retirement home where one can reside while volunteering at a local shelter.
3. Want to spend as many years as feasible in a different country each season.
Each of these three eventualities has its own set of financial consequences. According to Delauney, this reality emphasizes the importance of identifying a retirement vision early in life. When you know how you want your retirement to appear, you can estimate how much it will cost to make your retirement vision a reality.
Contact Information:
Email: [email protected]
Phone: 9568933225
Bio:
Rick Viader is a Federal Retirement Consultant that uses proven strategies to help federal employees achieve their financial goals and make sure they receive all the benefits they worked so hard to achieve.
In helping federal employees, Rick has seen the need to offer retirement plan coaching where Human Resources departments either could not or were not able to assist. For almost 14 years, Rick has specialized in using federal government benefits and retirement systems to maximize retirement incomes.
His goals are to guide federal employees to achieve their financial goals while maximizing their retirement incomes.
