Here is a simple question for you to think about…have you begun planning for your retirement? If the answer is no, what is stopping you?
Starting your retirement plan at a young age is extremely beneficial. However, when something is years away, it may fall to the bottom of your to-do list. Everyone has a different vision for his or her retirement. Some want to travel, purchase property or just like the option of living comfortably in their retirement.
Your dreams for retirement may be realized through proper planning. Such planning requires careful preparation and realistic goal-setting – determining where you are now, where you would like to be in the future and what you may need to help get you there.
What Will Your Retirement Look Like?
- At what age do you plan to retire?
- Given your life expectancy, how many years are you likely to spend in retirement?
- What are some of your goals and aspirations for that phase of your life?
- What are some of the challenges you are likely to face?
- Have you discussed these with your financial advisor?
- Have you made retirement planning part of your overall financial plan?
- What will happen if you need long term care during your retirement?
To be able to enjoy all of the benefits a retirement should bring, those are questions you have to answer and get started planning.
An important part of the process is thinking about what you want to do with your life and with your money. Whatever your retirement goals are, you’ll need to take shorter-term objectives into consideration as you plan. If you’re raising a family, you may be considering buying a new house or sending one or more children to college. Both are goals that could affect your future.
As concern grows over the future of Social Security, diminishing corporate-sponsored pension plan benefits and rising healthcare costs, developing an effective retirement plan could be one of the most important moves you will ever make. And the earlier you begin laying the foundation for your long-term future, the better your prospects of achieving your goals.
So, to return to my original question…have you begun planning your retirement?
Jodi Perez, the author of this article is the co-owner of Independent Financial Services in Land O’ Lakes. With over 100 years of combined experience among its dedicated staff, Independent Financial Services provides a variety of financial services to its clients, including comprehensive financial planning, ongoing active money management and investment management. The all-women firm specializes in four key areas: women and investing, retirement planning, divorce planning and small business solutions. Visit www.independentfinancialservices.net for more information.
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Certified Financial Planner Board of Standards Inc. owns the certification marks CFP®, CERTIFIED FINANCIAL PLANNER™ and federally registered CFP (with flame design) in the U.S., which it awards to individuals who successfully complete CFP Board’s initial and ongoing certification requirements.
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