In this series, we will ask top experts for their retirement advice on the most common retirement questions from our readers. Every portfolio is different, but when it comes to your retirement planning, many people have the same retirement questions and make the same retirement mistakes.
How do I pick my retirement date?
Be able to answer these three questions:
The first question is about money, the second question addresses whether or not you’re ready to leave your primary career and move on to new experiences, and the third question relates to how you’ll meaningfully use the gift of time that retirement brings (and keep in mind that might be a gift of 30 or more years).
How much money will I need in retirement?
You’ll need what it will take to live a satisfactory lifestyle. Separate your needs from your wants so you can have a Plan A, a Plan B, a Plan C, and perhaps even a Plan D. This will give you more flexibility and help ensure a happy and successful retirement, even if you must ratchet down your expectations. Be sure to factor longevity (assume you’ll live into your 90s) and inflation into your planning.
What is the biggest mistake people make in their retirement planning?
Not considering the non-financial aspects of this transition. Be sure you’ve thought about social support, universal design concepts in your current or future home, and what you’ll do with 168 hours a week. Most of us like to have some structure in our lives, interaction with others, intellectual stimulation, and a belief that we contribute and make a difference. For many of us, work provides that. How will that be replaced? Travel? Volunteering? A new career? Hobbies? Sports? More time with family and friends? Moving to a new location? All of the above?
Source: http://blog.equifax.com/retirement/planning-for-retirement-beyond-your-savings-strategy/
How do I pick my retirement date?
Be able to answer these three questions:
- Do I have enough?
- Have I had enough?
- Do I have enough to do?
The first question is about money, the second question addresses whether or not you’re ready to leave your primary career and move on to new experiences, and the third question relates to how you’ll meaningfully use the gift of time that retirement brings (and keep in mind that might be a gift of 30 or more years).
How much money will I need in retirement?
You’ll need what it will take to live a satisfactory lifestyle. Separate your needs from your wants so you can have a Plan A, a Plan B, a Plan C, and perhaps even a Plan D. This will give you more flexibility and help ensure a happy and successful retirement, even if you must ratchet down your expectations. Be sure to factor longevity (assume you’ll live into your 90s) and inflation into your planning.
What is the biggest mistake people make in their retirement planning?
Not considering the non-financial aspects of this transition. Be sure you’ve thought about social support, universal design concepts in your current or future home, and what you’ll do with 168 hours a week. Most of us like to have some structure in our lives, interaction with others, intellectual stimulation, and a belief that we contribute and make a difference. For many of us, work provides that. How will that be replaced? Travel? Volunteering? A new career? Hobbies? Sports? More time with family and friends? Moving to a new location? All of the above?
Source: http://blog.equifax.com/retirement/planning-for-retirement-beyond-your-savings-strategy/
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