12 Feb 4 Questions To Ask When Planning Your Retirement
Have You Thought About Retiring? Here Are Some Important Questions To Ask Yourself When Planning Your Retirement.
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Who do you want to spend your time with? Which people — partner, spouse, family, old and new friends, co-workers, — will give you the most pleasure and meaning in life?
What will you be doing after you retire? Will you continue to work? Do you want to travel the globe? Are there hobbies you’d like to pursue now that you have more time? What about volunteering? Or do you want to spend more time with family and friends? What gives you the most joy, meaning and purpose in life?
When will you stop working? Will it be when you’re tired of your current job? Or when you no longer need the money? Or maybe you’ll keep working until you’re no longer physically able to work? Will you stop working abruptly or phase down? The answers for each person will depend on how much money you need for living expenses, whether you enjoy your work and whether you have a “bucket list” of other things you want to do.
Will you live in your current house? Or will you downsize to something that’s in the same general location? Maybe you’d like to move far away or be close to children and grandchildren. Or do you plan to go where your work takes you?
Why is it important to ask yourself these questions? The answers will dictate how much money you’ll spend on living expenses, which in turn tells you how much retirement income you need.
For some people planning their retirement, one of these questions is the most important, and your answer to it may dictate or influence your answers to all the other questions. For others, you’ll need to consider all these questions at the same time, because they all influence one another.
But don’t go it alone. Instead, discuss these questions with your spouse, partner, family and close friends — people who care about you and are in the same boat. Be open to their points of view without judgment — you might be surprised at the insights you’ll gain. The discussions will also bring you closer together to your family and friends. It’s a great use of your time!