The Retirement Transition
JOIN THE CLUB – Approximately 10,000 people in the U.S. turn 65 every day, so covering the planning for those retirement years is a major issue in this country. Unfortunately, there are many people who get laid off or become disabled before they choose to retire. Others retire without a direction for the next phase of their lives, and business owners wait too long to plan for the sale of their business.
WHAT’S NEXT? Walking the dog, seeing the doctor once in a while, and going to the store are nice activities, but that will become boring really quickly. Here are some ideas for people to consider before the transition is required or chosen as well as for those looking for more ideas on how to spend the next 15 to 30 years of their lives.
- Start to make a list of things you may want to do, with whom, where, when and for how long.
- Consider the cost to make these things happen and plan for it in your annual budget.
- Know how much you can spend each year without a big risk of running out of money if you live longer than you expect. PlanPrep can help you know what your personal, maximum spending benchmark is.
Make sure the activities are within your comfort zone. Some activities may require research and expert advice. This is a process, so start jotting down your ideas today.
REVIEW – Plan a time to review your notes on a regular basis, and make changes as your thoughts develop. You may want to experience some of these activities before making a commitment that could be costly or difficult to undo. PlanPrep help you position your money based on when you’ll need it for your objectives.