As we plan for retirement, we are often uncertain about life “after work.” Talking with those who are already retired, exploring how you will spend your time and having something to retire to will help you make a smooth and successful transition.
While having adequate income in retirement is clearly important, having a successful retirement depends on much more. If you only look after the financial aspect of retirement planning, you could be dissatisfied with how your retirement turns out.
Prior to retirement people generally worry about their:
After they retire, this list is sometimes reversed. People can’t just retire from work; they need to retire to something. Discovering what that something is will be a key ingredient in your recipe for retirement success.
It’s no surprise that finances are a major worry prior to retirement. People are concerned with their ability to maintain their existing lifestyle on their retirement income. They are also worried that the rising cost-of-living does not significantly erode the purchasing power, of their retirement income.
Here are some tips to help you plan for your retirement income:
Use the Retirement Planning Checklist to track your progress and the guidance provided in the remainder of Make the Transition to help plan your retirement.