Living the Dream (Article)

Living the Dream

You’ve been dreaming about retirement since the day you started working, but have you started planning what your life will look like after retirement? If not, you need to start. Sit down with your significant other and start planning. Retirement is a time to relax and enjoy the things you like to do most with the people you love the most. The better you plan for your future the more content you’ll be.  Here are three common questions to reflect on and discuss with your family:

What is your income requirement? If you can’t answer this question, it is going to be very difficult to have a retirement plan that you can be confident in. If you don’t know where to start, begin with your current take home pay minus any savings. From there you go line by line and try to estimate changes. For example, transportation costs could go up or down in retirement depending upon your current commute and retirement travel plans.

Where will the income come from? Do you have pensions or passive income? If you will be drawing from your retirement savings, have you identified the bucket of money that you will be using first and invested it appropriately when considering your timeframe?

What are you going to do for health insurance? Even if you are going to be eligible for Medicare, you will still want to get an estimate on your Medigap or Advantage plan. If you are not eligible, seeing an independent health insurance broker will help you estimate costs.

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