“Life can only be understood backwards; but it must be lived forwards.”
~ Soren Kierkegaard
Knowing when and how to end your career and transition into the next chapter of life in retirement may seem like a simple goal to accomplish. The confidence needed to go from a life of work to a new leisurely life of golf, sailing or other hobbies or spending your days with friends and family should take time and patient planning. Are you financially, socially and emotionally ready to change your life? Retirement can be anything you are ready for.
The financial considerations are, of course, the most important factor for most people to consider. The typical, steady cash flow of traditional income changes to other forms of income and spending habits. Retirement is in some ways what your whole career has been planning for. Utilizing savings, investments and having a solid plan to help you live a comfortable life for hopefully at least the next 20 years should be the goal.
One major objective that should be considered is paying off debts. Do you have any loans, credit lines, mortgages or any other long term debt connected to your finances that would be best paid off or best left alone? At the best case, attempt to utilize your retirement funds for life costs instead of worrying about making large payments during your retirement years.
Healthcare is, of course, a serious consideration in this changing world. Other plans should include investigating long term care facilities and nursing home care in your area. Have a plan and of course be proactive in taking care of your health now more than ever.
Retirement can be an exciting time for you and your family. It can open up many doors to a new life of exploring the world while enjoying much needed time rediscovering yourself with friends and family. Learn how to best evaluate your time, money and resources to live a long and healthy life.
Kelly D. Scott
better leaders ● decisions ● results